Overview and Scope
A parcel delivery vehicle refers to an automobile that aids in parcel delivery, a transport service that quickly transports packages or items from the sender’s location to the receiver. These are designed to carry out specialized functions, such as delivering couriers, and transporting freight or cargo.
Sizing and Forecast
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 in the historic period can be attributed to e-commerce expansion, urbanization, consumer expectations, rise of courier services, last-mile delivery optimization.
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 growth in the forecast period can be attributed to electric vehicle adoption, autonomous and drone delivery integration, data-driven logistics, customizable vehicle designs,focus on secure and contactless deliveries. Major trends in the forecast period include innovations in last-mile robotics, incorporation of green technologies, multi-modal delivery networks, modular and adaptable vehicle configurations, mobile parcel lockers and hubs.
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Segmentation & Regional Insights
The parcel delivery vehicle market covered in this report is segmented –
1) By Type: Class 2a, Class 2b, Class 3, Class 4
2) By Vehicle Type: Light Duty Vehicle, Medium Duty Vehicle, Heavy Duty Vehicle
3) By Gross Weight: 3.5-5 Ton, 6-7.5 Ton, >8 Ton
4) By Operation: Manual, Autonomous
5) By End-Use: Courier Companies, Food Delivery Companies, Fleet Management Companies, Medical Courier Companies, Warehouse Service Providers, E-Commerce
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
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Major Driver Impacting Market Growth
The rising development of e-commerce and internet shopping platforms is expected to propel the growth of the parcel delivery vehicle market going forward. E-commerce platform refers to any website that enables online purchasing and selling. Internet shopping platforms are electronic commerce that allows customers to purchase directly from sellers using a computer browser and the Internet. The rising development of E-commerce and internet shopping platforms is boosting the parcel delivery vehicle market as they are utilized in the door-to-door delivery of products ordered on e-commerce or online shopping websites. For instance, in May 2021, according to the United Nations Conference on Trade and Development, a Switzerland-based intergovernmental organization, online retail sales as a percentage of all retail sales climbed from 16% to 19% in 2020 due to the growth of e-commerce. Furthermore, in June 2022, according to an article published by Morgan Stanley, a US-based investment management and financial services company, global e-commerce increased from 15% to 21% of total retail sales from 2019 to 2021, accounting for approximately 22% of total sales. Therefore, the rising development of e-commerce and internet shopping platforms is driving the growth of the parcel delivery vehicle market.
Key Industry Players
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.
The parcel delivery vehicle market report table of contents includes:
1. Executive Summary
2. Parcel Delivery Vehicle Market Characteristics
3. Parcel Delivery Vehicle Market Trends And Strategies
4. Parcel Delivery Vehicle Market – Macro Economic Scenario
5. Global Parcel Delivery Vehicle Market Size and Growth
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32. Global Parcel Delivery Vehicle Market Competitive Benchmarking
33. Global Parcel Delivery Vehicle Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Parcel Delivery Vehicle Market
35. Parcel Delivery Vehicle Market Future Outlook and Potential Analysis
36. Appendix
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