What Has Been the Growth Trajectory for the Parcel Delivery Vehicle Market in Recent Years?
The parcel delivery vehicle market has seen considerable growth due to a variety of factors.
•The market size for delivery vehicles has seen substantial growth in the past few years. It is projected to increase from $118.73 billion in 2024 to $127.73 billion in 2025, exhibiting a compound annual growth rate (CAGR) of 7.6%.
Factors such as the rise of e-commerce, urban expansion, evolving consumer expectations, surge in courier services, and enhancements in last-mile delivery optimization have all contributed to the historically observed growth.
How Does the Forecast Look for the Parcel Delivery Vehicle Market?
The parcel delivery vehicle market is expected to maintain its strong growth trajectory in upcoming years.
• The market size for parcel delivery vehicles is projected to undergo significant expansion in the coming years, reaching a value of $187.48 billion in 2029. This represents a compound annual growth rate (CAGR) of 10.1%.
The expected expansion during the forecast period can be associated with factors like adoption of electric vehicles, integration of autonomous and drone delivery, analytics-oriented logistics, the advent of customizable vehicle designs, and an emphasis on safe, contactless deliveries. Future trends encompass innovations in last-mile delivery robotics, adoption of sustainable technologies, the development of multi-modal delivery networks, versatile vehicle configurations, and the introduction of mobile parcel lockers and hubs.
What Are The Leading Drivers Of Growth In The Parcel Delivery Vehicle Market?
The expanding evolution of e-commerce and online shopping platforms is anticipated to drive the growth of the parcel delivery vehicle market for the foreseeable future. The term e-commerce platform is used to describe any website that facilitates online buying and selling. Online shopping platforms are forms of digital commerce that enable consumers to directly buy from vendors using an internet browser and the web. This growth in e-commerce and online shopping platforms is causing a surge in the parcel delivery vehicle market, as they are utilized for door-to-door delivery of products bought on these platforms. For example, the United States Census Bureau, a US governmental agency, reported in August 2024 that U.S. retail e-commerce sales for the second quarter of 2024 clocked an estimated $282.3 billion. This was a 5.3% increase compared to the first quarter of the prior year. Thus, it's this upward trend in e-commerce and online shopping platforms that's accelerating the expansion of the parcel delivery vehicle market.
How Are The Segments Defined Within The Global Parcel Delivery Vehicle Market?
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
Subsegments:
1) By Class 2a: Light Commercial Vehicles (LCVs), Small Vans
2) By Class 2b: Medium Commercial Vehicles (MCVs), Larger Vans
3) By Class 3: Heavy Commercial Vehicles (HCVs), Box Trucks
4) By Class 4: Trucks Over 7.5 Tonnes, Delivery Trucks
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How Are New Trends Expected To Influence The Growth Of The Parcel Delivery Vehicle Market?
The increasing popularity of product innovation is an influential trend in the market for parcel delivery vehicles. Major corporations in this market strive for product and solution novelty to maintain their market standing. For example, LOXO, an autonomous vehicle and service enterprise based in Switzerland, launched the LOXO Alpha in December 2022. This unique self-driving delivery vehicle, essentially an electrically powered box with parcel compartments, utilizes a range of sensors. Features include unique radar systems, lidar, sonar, a camera, and powerful algorithms, collectively providing a 360-degree field of view that identifies people and objects while prioritizing safety. It leaves no carbon footprint and provides added benefits such as reduced delivery costs for corporates and lower shipping charges for customers.
Who Are the Key Players in the Parcel Delivery Vehicle Market?
Major companies operating in the parcel delivery vehicle market include:
• Toyota Motor Corporation
• Ashok Leyland
• Daimler AG
• Ford Motor Company
• General Motors
• 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.
What Is The Most Dominant Region In The Parcel Delivery Vehicle Market?
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
