As per the recent report by Global Market Insights Inc., the parcel delivery vehicle market size will surpass USD 210 billion by 2032.
With multiple features of parcel delivery vehicles like the potential to boost productivity, cut costs, and boost safety, will drive market growth. The advent of e-commerce and the growing demand for last-mile delivery options are fueling the demand for autonomous delivery vehicles. The demand for quick and dependable delivery services is rising, encouraging parcel delivery companies to develop new ways to meet user requirements. The need for autonomous vehicles in parcel delivery vehicles will influence market expansion in the coming years.
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Use of electric vehicles for parcel delivery
By propulsion type, parcel delivery vehicle market share from the electric segment is expected to cross USD 30 billion by 2032. New developments in electric battery technology will help meet the increasing demands of parcel delivery vehicles. Many governments have made significant investments in the electrification of delivery fleets as a result of growing concerns about environmental sustainability and stringent regulations, which has further spurred the growth of this market.
Requirement for quicker deliveries to influence Class 3 vans sales
In terms of type, the parcel delivery vehicle industry share from the class 3 segment will record over 7% CAGR from 2023 to 2032. To improve last-mile delivery services, logistics and courier delivery businesses are actively working to expand their current fleet of class 3 vans. These businesses have increased their delivery capacity and invested in their fleet owing to the growing demand for quicker and effective deliveries. The need for class 3 vans is expected to rise over the coming years in order to fulfill the supply needs prevailing worldwide.
Courier companies using BEVs as parcel delivery vehicles
On the basis of end-use, parcel delivery vehicle market share from the courier companies segment is expected to surpass USD 45 billion by 2032. The demand for BEVs or FCEVs among courier services is rising along with the growing trend of reaching carbon neutrality and zero carbon emissions. Businesses that choose electric parcel delivery cars will not only help the market flourish but will also help the sector as a whole advance technologically. The need for zero-emission regulations is predicted to influence market development over the coming years.
Rise in last-mile delivery options in Asia Pacific
Regionally, Asia Pacific parcel delivery vehicle industry size is predicted to record nearly 9% CAGR from 2023 to 2032. As living standards and disposable money increase in countries like India, China, and Japan, the market for parcel delivery trucks in the Asia Pacific will grow rapidly. This trend has also been fueled by the expansion of e-commerce and online purchasing, which has raised the demand for last-mile delivery options.
Key players in the global parcel delivery vehicle market
The global parcel delivery vehicle market is highly competitive, with several key players operating in the industry. These players include Jeep, Ford Motor Company, General Motors, Nissan Motor Co., Isuzu Motors Limited, Honda Motor Company, and Rivian. Companies are working on developing new strategies to improve market position.
In September 2022, Electric Last Mile Solutions was purchased by Mullen Automotive, enabling the California-based firm to build its first electric vehicle. The cash acquisition worth USD 240 million provides Mullen the capacity to produce up to 50,000 EVs annually, enabling a quicker launch of the Mullen FIVE and Bollinger B1 and B2 retail vehicles.
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Table of Contents (ToC) of the report:
Chapter 1 Methodology & Scope
1.1 Market definitions
1.2 Base estimates & calculations
1.3 Forecast calculation
1.4 Data Sources
1.4.1 Primary
1.4.2 Secondary
1.4.2.1 Paid sources
1.4.2.2 Public sources
Chapter 2 Executive Summary
2.1 Parcel Delivery Vehicle market 360º synopsis, 2018 - 2032
2.2 Business trends
2.2.1 Total Addressable Market (TAM)
2.3 Regional trends
2.4 Propulsion type trends
2.5 Type trends
2.6 End-use trends
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Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
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