How are the Rapid Advancements in Technology Fuelling Growth of Last Mile Delivery Market?

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The last mile delivery market is expected to witness a CAGR of 20.3% during the forecast period (2020–2030) due to the surging use of omnichannel retailing and increasing penetration of the internet in developing countries, such as India, Indonesia, and Thailand. Moreover, the booming e-commerce industry due to the soaring trust among online customers, improving website experience, and rising comfort level for online shoppers will facilitate the market growth. Owing to these factors, the market value is projected to rise from$15.7 billion in 2019 to $117.9 billion by 2030.


One of the key factors fueling the growth of the last mile delivery market is the increasing investments in last mile delivery startups by various venture capitalists, which is helping the former expand their business. For instance, in October 2018, Deliv, a U.S.-based company, received funding of $40 million. Similarly, in 2019, a Hong Kong-based on-demand logistics company, Lalamove, raised $300-million funding in its series D round to expand its operations in the Asia-Pacific (APAC) region.

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Moreover, the usage of the real-time tracking technology will facilitate the last mile delivery market progress in the forecast years. The technology offers users real-time insights into their packages’ location, whereas delivery-partner-centric real-time tracking solutions provide a holistic view of the logistics efficiency to the businesses and encourage them to be customer-centric. The e-commerce sector has flourished because of the real-time tracking technology as it has become vital for e-commerce companies and logistics service providers.

The categories under the service segment of the last mile delivery market include business-to-business (B2B) and business-to-customer (B2C). Of these, the B2C category is expected to register the faster growth during the forecast period due to the changing customer purchasing behavior, growing technical knowledge about the use of online platforms and smartphone apps, and increasing adoption of omnichannel and organized retailing. Moreover, the surging population of the middle-class, rising internet penetration, and expanding e-commerce and logistics companies will boost the market growth.

The Latin American, Middle Eastern, and African (LAMEA) market will register the fastest growth during the forecast period due to the rapid economic development in countries like Brazil and Mexico. The logistics and e-commerce industry in these countries is expected to observe a considerable improvement in the forecast years, which will, in turn, facilitate the market growth. Brazil is expected to register the highest adoption of last mile delivery services in this region owing to the existence of a highly adaptive customer base and constant technological innovations.

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Thus, the surging investments in logistics startups and increasing integration of the real-time tracking technology in this industry will fuel the market growth in the foreseeable future.

 

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