LONDON, Dec. 05, 2023 (GLOBE NEWSWIRE) -- As per The Business Research Company’s parcel delivery vehicle global market report 2023, the global parcel delivery vehicle market is on a trajectory of robust growth, expected to surge from $103.44 billion in 2022 to $112.41 billion in 2023, exhibiting a remarkable compound annual growth rate (CAGR) of 8.7%. The parcel delivery vehicle market is poised to further expand to $154.8 billion by 2027, maintaining a CAGR of 8.3%.
Drivers: The surge in e-commerce and internet shopping platforms emerges as a key driver. As online retail sales continue to climb, accounting for 19% of all retail sales in 2020, and global e-commerce increases to 21% of total retail sales by 2021, the demand for efficient parcel delivery vehicles intensifies. Door-to-door delivery for products ordered online propels market growth, creating lucrative opportunities for players in the sector.
Industry Leaders: Toyota Motor Corporation, Daimler AG, Ford Motor Company, General Motors, Tesla Inc., and others are at the forefront, shaping the future of parcel delivery vehicles. Stay tuned for innovations, sustainable solutions, and transformative strategies in this dynamic parcel delivery vehicle market.
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Trends: Innovation takes center stage as major players like LOXO and Ideanomics invest in product innovation. LOXO's autonomous delivery vehicle, LOXO Alpha, showcases the industry's commitment to cutting-edge solutions. Additionally, Ideanomics' acquisition of VIA Motors positions the company as a key player in electric commercial delivery vehicles, reflecting the industry's shift toward sustainable and advanced technologies.
Segments and Leading Regions: The parcel delivery vehicle market is segmented by type (Class 2a, Class 2b, Class 3, Class 4), vehicle type (Light Duty Vehicle, Medium Duty Vehicle, Heavy Duty Vehicle), gross weight (3.5-5 Ton, 6-7.5 Ton, >8 Ton), operation (Manual, Autonomous), and end-use (Courier Companies, Food Delivery Companies, Fleet Management Companies, Medical Courier Companies, Warehouse Service Providers, E-Commerce). North America emerges as the fastest-growing region, spearheading the market's ascent in the forecast period.
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For industry players seeking to capitalize on this growth, understanding market dynamics is crucial. The comprehensive report provides actionable insights into key trends, player strategies, and regional opportunities. Leverage this information to navigate the evolving landscape, drive innovation, and strategically position your business for success in the burgeoning parcel delivery vehicle market.
Parcel Delivery Vehicle Global Market Report 2023 by The Business Research Company provides insights on the parcel delivery vehicle market size, parcel delivery vehicle market segments, parcel delivery vehicle market trends, drivers and restraints, major competitors’ market positioning, revenues and market shares.
The Business Research Company has published over 6,500+ industry reports, covering more than 2,500+ market segments and 60 geographies. The reports draw on 1,500,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders.
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