First and Last Mile Delivery Market to Surpass US$ 1,100 Mn by 2026
According to the report, the global First and Last Mile Delivery Market is projected to surpass US$ 1,100 Mn by 2026, expanding at a CAGR of 14.77% during the forecast period.
According to the report, the global first and last mile delivery market is likely to be driven by a range of macroeconomic and industry-specific factors. Asia Pacific is expected to be at the forefront of global demand, with the market in the region expanding at a CAGR of 18.23% between 2018 and 2026.
The first and last mile delivery of product distribution is vital to any merchant. The first mile always indicates the movement of goods from retailer to courier service or anyone who supplies the goods to the end-user or final distributer, while last mile denotes the final stage of movement of goods to its final customers.
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Supply chain management providers are adopting innovative and latest technologies in order to enhance their availability, elasticity, sustainability, and efficiency. Several customers are willing to pay additional or extra charge for delivery or for immediate delivery, which in turn is projected to fuel the demand for first and last mile delivery in the near future. Adoption of cyber physical system-based service and use of sophisticated and metaheuristic algorithms are boosting the productivity of fist and last mile delivery solutions. Digitization in supply chain, such as integration of major technologies such as smart logistics and warehousing, and critical analysis of information are anticipated to increase the demand for first and last mile delivery in different industries. This, in turn, is likely to propel the first and last mile delivery mile market during the forecast period. Furthermore, increase in urbanization which leads to a more concentrated consumer market, drastic change in consumer behavior, and increase in use of digital platforms for purchase are likely to propel the first and last mile delivery market during the forecast period.
In terms of vehicle type, the global first and last mile delivery market has been bifurcated into light duty vehicle, medium duty vehicle, and heavy duty vehicle. In terms of revenue, the light duty vehicle segment accounted for a major share of the market in 2017. Moreover, retail price, acceleration, fuel economy, interior volume, and ease of operation of light duty vehicles in urban areas prompts most logistic companies to prefer light duty vehicles. Road logistics and transportation activities are increasing across the globe. However, road transport contributes to significant share of carbon emission globally. Stringent emission norms and development of electric vehicles by OEMs are likely to boost the light duty vehicle segment during the forecast period.
In terms of end-use, the first and last mile delivery market has been segregated into chemicals, pharmaceutical & healthcare, FMCG, food and beverage, hi-tech product industry, and others. The FMCG segment is anticipated hold a major share of the market during the forecast period. Shift of preference of urban consumers from essential to premium products, attractive supply chain solutions provided by logistic companies, increase in accessibility of online stores, and expansion of e-commerce industry are projected to fuel the FMCG segment during the forecast period.
In terms of region, the global first and last mile delivery market has been segmented into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. China is a major exporter and importer of goods. Moreover, positive economic environment, introduction of new infrastructure and the rise of e-retailing in China are anticipated to expand the logistic industry in the country, which in turn is expected to drive the first and last mile delivery market in China during the forecast period. Furthermore, expansion of the e-commerce industry in India and increased government spending on development of infrastructure are anticipated to propel the First and Last Mile Delivery Market in the country during the forecast period.
Prominent players operating in the global first and last mile delivery market include Cargo Carriers Limited, FedEx Corporation, United Parcel Service Inc., Tuma Transport, Swift Transport, Interlogix Pty. Ltd., Transtech Logistics, Procet Freight, Concargo Private Limited, J&J Global Limited, DB SCHENKER, DHL Global Forwarding, TNT Express, Kerry Logistics Network Limited, and KART.
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