PUBLISHER: The Business Research Company | PRODUCT CODE: 1428141
PUBLISHER: The Business Research Company | PRODUCT CODE: 1428141
A parcel delivery vehicle is an automobile specifically designed for transporting packages or items swiftly from a sender to a receiver, facilitating courier services and cargo transportation.
The primary categories of parcel delivery vehicles include class 2a, class 2b, class 3, and class 4. Class 2a vehicles encompass trucks with gross vehicle weight ratings ranging from 6001 to 10000 pounds, varying in types such as light-duty, medium-duty, and heavy-duty vehicles with different weight capacities such as 3.5-5 tons, 6-7.5 tons, and >8 tons. These vehicles serve for both manual and autonomous operations and are utilized by various end-users, including courier firms, food delivery services, fleet management companies, medical couriers, warehouse service providers, and e-commerce enterprises.
The parcel delivery vehicle market research report is one of a series of new reports from The Business Research Company that provides parcel delivery vehicle market statistics, including parcel delivery vehicle industry global market size, regional shares, competitors with a parcel delivery vehicle market share, detailed parcel delivery vehicle market segments, market trends and opportunities, and any further data you may need to thrive in the parcel delivery vehicle industry. This parcel delivery vehicle market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The parcel delivery vehicle market size has grown strongly in recent years. It will grow from $112.41 billion in 2023 to $121.91 billion in 2024 at a compound annual growth rate (CAGR) of 8.5%. The growth observed in the historical period can be credited to the expansion of e-commerce platforms, increasing urbanization, evolving consumer expectations, the proliferation of courier services, and the optimization of last-mile delivery strategies.
The parcel delivery vehicle market size is expected to see strong growth in the next few years. It will grow to $170.25 billion in 2028 at a compound annual growth rate (CAGR) of 8.7%. The anticipated growth in the upcoming period can be attributed to the widespread adoption of electric vehicles, the integration of autonomous and drone delivery systems, the implementation of data-driven logistics, the emphasis on customizable vehicle designs, and the focus on secure and contactless delivery methods. Major trends expected in the forecast period encompass innovations in last-mile robotics, the incorporation of green technologies, the development of multi-modal delivery networks, the utilization of modular and adaptable vehicle configurations, as well as the introduction of mobile parcel lockers and hubs.
The parcel delivery vehicle market is set to experience growth, driven by the rising development of e-commerce and internet shopping platforms. E-commerce platforms enable online buying and selling, while internet shopping platforms allow customers to make purchases directly from sellers using a computer browser and the Internet. The expansion of these platforms is contributing to the growth of the parcel delivery vehicle market, as these vehicles are crucial for the door-to-door delivery of products ordered through e-commerce or online shopping websites. Data from the United Nations Conference on Trade and Development in May 2021 showed that online retail sales as a percentage of all retail sales increased from 16% to 19% in 2020. Additionally, a report from Morgan Stanley in June 2022 highlighted that global e-commerce grew from 15% to 21% of total retail sales from 2019 to 2021, accounting for about 22% of total sales. This trend emphasizes the significant impact of e-commerce growth on the parcel delivery vehicle market.
The parcel delivery vehicle market is also expected to benefit from the increasing adoption of electric vehicles. Electric vehicles (EVs) are powered by electric motors and store electrical energy in batteries or other storage devices. The adoption of electric vehicles for parcel delivery is driven by their environmental benefits, helping companies reduce their carbon footprint and meet sustainability goals, especially in urban areas with strict emission regulations. The lower operating costs, including reduced maintenance expenses and potential government incentives, make electric vehicles an economically viable and attractive option for parcel delivery fleets. According to the Global Electric Vehicle Outlook report by the International Energy Agency (IEA) in May 2022, electric vehicle sales doubled in 2021 compared to 2020, reaching around 6.6 million units. The first quarter of 2022 saw a further increase, with 2 million electric cars sold worldwide. This growing adoption of electric vehicles is a key driver for the growth of the parcel delivery vehicle market.
The parcel delivery vehicle market is experiencing a trend of product innovation, with major companies introducing advanced and unique solutions to enhance their positions in the market. One notable example is LOXO, a Switzerland-based autonomous vehicle and services company, which launched LOXO Alpha in December 2022. LOXO Alpha is an innovative autonomous delivery vehicle designed as a small, electrically powered box with compartments for parcels. It utilizes a variety of sensors, including radar systems, lidar, sonar, and cameras, along with robust algorithms to achieve a 360-degree field of view. This enables the vehicle to identify people and objects, ensuring optimal safety during autonomous operations. LOXO Alpha aims to have a minimal carbon footprint, offering benefits such as reduced delivery expenses for companies and lower shipping costs for consumers.
Major companies in the parcel delivery vehicle market are developing advanced solutions specifically tailored for last-mile delivery. Last-mile delivery vehicles play a crucial role in transporting goods and packages from distribution centers to the final destinations of end consumers. An example of this innovation is seen with ePowerTrucks, a UK-based electric vehicles company, which introduced the X-Cell series and X-Cell Micro in July 2021. The X-Cell series features top speeds of up to 50mph, a range of up to 120 miles, and a 500kg payload capacity, making it suitable for courier, postal, and last-mile logistics applications. The X-Cell Micro, with a top speed of 25mph, caters to light loads and offers customizable options such as refrigeration and adaptable cargo boxes. These advancements in last-mile delivery vehicles contribute to the efficiency and flexibility of parcel delivery services.
In January 2023, Ideanomics Inc., a United States-based producer of electric commercial delivery vehicles, completed the acquisition of VIA Motors Inc., the manufacturer of commercial electric parcel delivery vehicles, for an undisclosed sum. This acquisition allows Ideanomics Energy to be the preferred provider of charging solutions for VIA Motors. This collaboration enables customers to efficiently utilize various charging solutions such as AC and DC chargers, advanced wireless charging systems, and containerized charging, optimizing the usage of their newly acquired VIA work vehicles.
Major companies operating in the parcel delivery vehicle market report are Toyota Motor Corporation, Ashok Leyland, Daimler AG, Ford Motor Company, General Motors, Honda Motor Co. Ltd., Hyundai Motor Company, Tesla Inc., Nissan Motor Co. Ltd., Kia Corporation, Renault Group, BYD Motors Inc., Isuzu Motors Limited, Mitsubishi Motors Corporation, Iveco Group, Jeep, Mahindra & Mahindra Ltd., MAN Truck & Bus AG, Navistar International Corporation, Peugeot S.A., Rivian Automotive Inc., Mack Trucks Inc., Kenworth Truck Company, Freightliner Trucks, Alkemy SpA, London EV Company Limited, StreetScooter Engineering GmbH, FCA Group Marketing S.p.A.
North America is expected to be the fastest-growing region in the forecast period. The regions covered in the parcel delivery vehicle market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
The countries covered in the parcel delivery vehicle market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Spain, Canada.
The parcel delivery vehicle market consists of sales of walk-in trucks, cargo vans, box trucks, temperature-controlled vans, and jeeps. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Parcel Delivery Vehicle Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on parcel delivery vehicle market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for parcel delivery vehicle ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The parcel delivery vehicle market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of covid 19 on supply chains and consumption patterns.