The huge investments being made by various venture capitalists in last-mile delivery services are fueling the expansion of the global last mile delivery market. The market is witnessing a sharp surge in the number of start-ups that are being heavily funded by various venture capitalists for expanding their businesses. Because of these reasons, the last mile delivery market is predicted to exhibit a CAGR of 20.3% between 2020 and 2030, according to P&S Intelligence.
Depending on application, the last mile delivery market is classified into package delivery, e-commerce, and others. Out of these, the e-commerce category recorded the highest growth in the market during the past few years. This was because of the presence of a large customer base and the changing buying behavior of people and their huge expectations regarding product deliveries. People are increasingly expecting free shipping and fast product deliveries and the availability of goods at affordable and competitive prices.
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Geographically, the last mile delivery market is predicted to demonstrate the fastest growth in the Latin America, Middle East, and Africa (LAMEA) region in the forthcoming years. This will be because of the rising gross domestic product (GDP) and the increasing disposable income of the people living in the developing nations of LAMEA such as Mexico and Brazil. Additionally, the increasing number of last mile grocery and food delivery start-ups and the rising popularity of omnichannel retailing are propelling the advancement of the market in this region.
The players operating in the global last mile delivery market are increasingly focusing on business mergers and strategic partnerships for remaining competitive. For instance, Microsoft Corporation and FedEx Corporation launched a collaboration with each other in May 2020 for enhancing their operations. Moreover, this collaboration is aimed at combining the global logistics and digital network of FedEx and the intelligent cloud solutions of Microsoft. This collaboration will allow the companies to have greater control and gain better insights into the movement of products across the world.
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The COVID-19 pandemic is severely hampering the progress of the last mile logistics industry. Moreover, the imposition of lockdowns and the shrinking of workforce have caused disruptions in the last mile delivery market. However, the increasing internet penetration and digitization and the rising number of product delivery orders, on account of the growing popularity of online shopping, especially during the pandemic, are fueling the expansion of the market.
Market Segmentation by Service
Market Segmentation by Application
Market Segmentation by Region
By country – U.S. and Canada
By country – Germany, the U.K., Italy, France, Spain and Rest of Europe
By country – China, Japan, India, South Korea, and Rest of APAC
By country – Mexico, Brazil, Argentina, and Rest of LAMEA