NEW YORK, Jan. 30, 2020 (GLOBE NEWSWIRE) -- Valued at $9.1 billion in 2019, the global on-demand logistics market share is projected to reach $75.0 billion by 2030, growing with a CAGR of 21.1% between 2020 and 2030. The e-commerce category in terms of application held the largest market share in 2019. This is attributed to the fact that several e-commerce companies, such as Amazon.com Inc., Flipkart Online Services Pvt. Ltd., and Walmart Inc., are intuitively opting for on-demand logistics to meet the rapid surge in the demand high sales period.
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The recent trend observed in the on-demand logistics market is the inflow of heavy investments. Within few years of its beginning, the market has perceived an upsurge in the number of start-ups. These start-ups are receiving funding from several venture capitalists in order to expand their businesses. For instance, Deliv, the U.S. based company, with recent funding of $40 million in October 2018, has raised a total of $80.4 million in over five rounds. Also, in July 2018, a Hong Kong–based company, GoGoVan, announced that it has raised $250 million in the first phase of its new round of funding, which was led by U.S. based venture capital firm InnoVision Capital. The company has plans to use the funding to expand its service offerings and grow into new markets.
Currently, due to low production, low market demand, cost factors and many other issues, several companies are unable to reflect consistent volume for shipping, which leads to no long-term contracts with logistics companies. Owing to this, businesses these days are switching to on-demand logistics services. These services are flexible, as user companies are not bound by any contract to follow. It enables the organizations to pay for exactly what they require. The service providers either operate their own fleet of vehicles or are in collaboration with brokerage team to offer the transportation, which saves the time of users to search vehicles for the deliveries.
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Furthermore, for individual customers, online goods transport companies offer on-demand transportation solutions to cater to all the goods movement in both partial-load and full-load capacity, at convenient prices and time. In most of the cases, when a customer books for transport, through convenient brokers, the cost incurred for transportation is hidden. On the other hand, in on-demand logistics, service providers charge on the basis of distance to be traveled, and the structure of cost incurred is transparent. Such factors boost the growth of the on-demand logistics market, globally.
Together, North America and APAC are expected to account for over 80% share in the on-demand logistics market by 2030. However, the APAC region is estimated to witness the fastest growth in the market during the forecast period. This can be due to most populated countries China and India, which have massively growing consumer base and exhibit greater growth opportunity in the near future. Moreover, with the increasing technological enhancement, growing consumer awareness regarding more convenient logistics options, along with the overall growth in the logistics industry driven by the advancement of the e-commerce industry, is further expected to contribute to the massive growth of the on-demand logistics market in this region.
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The global on-demand logistics market is currently in its nascent phase, with major players, including Lalamove EasyVan (Thailand) Co. Ltd., Uber Freight LLC, Deliv Inc., MENA 360 DWC-LLC (Fetchr), Shadowfax Technologies Pvt. Ltd., Deliveree (Thailand) Co. Ltd., Bringg Delivery Technologies Ltd., Shippify Inc., Stuart Delivery Ltd. (STUART), and GoGo Tech Ltd. (GoGoVan).
Currently, major players in the on-demand logistics market are involved in funding, geographic expansions of their businesses, and different partnerships in order to remain competitive globally. For instance, in February 2019, Lalamove, a Hong Kong–based on-demand delivery and logistics startup, raised $300 million in a series D funding round, which increases its valuation to more than $1 billion. The company covers 130 cities of the mainland of China with two million drivers. Furthermore, it also covers 11 cities in Vietnam, Malaysia, Singapore, Thailand, and the Philippines. The company plans to use the new capital to expand into Southeast Asia and India.
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