Categories: Market Research

First and Last Mile Delivery Market Forecast 2024-2033: Growth Rate, Drivers, And Trends

The First and Last Mile Delivery by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s First and Last Mile Delivery, The first and last mile delivery market size has grown rapidly in recent years. It will grow from $171.4 billion in 2023 to $189.56 billion in 2024 at a compound annual growth rate (CAGR) of 10.6%. The growth in the historic period can be attributed to e-commerce boom, consumer demand for speed and convenience, environmental concerns, investments in delivery infrastructure, rise of on-demand services.

The first and last mile delivery market size is expected to see rapid growth in the next few years. It will grow to $278.56 billion in 2028 at a compound annual growth rate (CAGR) of 10.1%. The growth in the forecast period can be attributed to integration of autonomous vehicles, expansion of same-day delivery services, customization of delivery options, increased collaboration in urban mobility, implementation of sustainable practices. Major trends in the forecast period include autonomous delivery vehicles, micro-fulfillment centers, rise of electric and low-emission vehicles, integration of advanced route optimization, real-time visibility and tracking, contactless delivery solutions.

Rising e-commerce is expected to propel the first-and last-mile delivery markets going forward. E-commerce refers to the buying and selling of goods and services, over an electronic network, most commonly the internet. The first-and last-mile delivery service is a conduit between the supplier and the end customer, where it helps both party during a transaction. The rise in e-commerce will drive the first-and last-mile delivery market growth. For instance, according to Forbes, an American business magazine, in the US, e-commerce sales reached $870 billion in 2021, up 50.5% from the previous year and 14.2% from 2020. In the US, e-commerce accounted for 13.2% of retail sales in 2021. Furthermore, In June 2022, an article published by Morgan Stanley, US-based investment management and financial services company, states that 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 e-commerce is driving the first and last-mile delivery market.

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The first and last mile delivery market covered in this report is segmented –

1) By Type: Dry Goods, Postal, Liquid Goods

2) By Vehicle Type: Light Duty Vehicle, Medium Duty Vehicle, Heavy Duty Vehicle

3) By End Use: Chemical, Pharmaceutical And Healthcare, Fast-Moving Consumer Goods, Hi Tech Product, Food And Beverage, Other End Uses

Technological advancements are a key trend gaining popularity in the first- and last-mile delivery markets. Major companies operating in the first- and last-mile delivery markets are focused on developing new technological solutions to strengthen their positions. For instance, in July 2021, LogiNext, a US-based technology firm that provides a SaaS-based delivery automation platform launched the integrated last-mile delivery platform MILE. It is uniquely designed with an interconnected ecosystem of web applications and mobile apps, ensuring a seamless last-mile delivery experience. The portal collects all orders, and then the AI-powered route planner generates trips for drivers on their LogiNext driver’s app. It is a plug-and-play product that allows enterprises to go live instantly to automate delivery management.

The first and last mile delivery market report table of contents includes: