First and Last Mile Delivery Market worth US$ 1.6 Billion 2029 with a CAGR of 17.6 %
The First And Last Mile Delivery of product distribution is essential to any merchant. The first mile always includes the movement of goods from retailer to courier service or anyone who supplies the goods to the end-user or final distributer, while last mile includes the final stage of movement of goods to its final customers. First-mile operations get the product from the manufacturer via a courier to a carrier. Last-mile operations finishes when the goods are delivered. In eCommerce, the first mile means the processes involved in taking a product from the e-retailer or warehouse, to a middle mile location. Nowadays, all the things and product can be directly delivered to consumers in time without any barriers. For instance, Amazon has increased their last-mile efforts in order to increase delivery speed and can capable of delivering product on the same day of order. Other main usage of last mile delivery in logistics industry UPS and FedEx, these both are currently dominating in the US. In supply chain management, the last mile is the crucial part in the transportation of people and packages from hubs to their final destinations. The global first and last mile delivery market accounted for US$ 4.81 billion in 2020 and is estimated to be US$ 17.31 billion by 2030 and is anticipated to register a CAGR of 13.8%.
The report "First and Last Mile Delivery Market, By Cargo Type (Dry Goods, Postal, and Liquid Goods), By Vehicle Type (Light Duty Vehicle, Medium Duty Vehicle, and Heavy Duty Vehicle), By End-use (Chemicals, Pharmaceutical & Healthcare, FMCG, Hi-tech Product Industry, Food and Beverage, and Others), and Region - Global Forecast to 2029"
Key Highlights:
· On June 2019, FedEx Corporation has recognized as one of the 50 most community-minded companies in the United States.
· On November 2018, Swift Transport Company LLC has announced that it has expanded its employee education program and also offers free tuition to Southern New Hampshire University
Key Market Insights from the report:
The first and last mile delivery market accounted for US$ 0.4 billion in 2020 and is projected to register a moderate CAGR of 17.6 % over the forecast period. The market report has been segmented on the basis of application, end-user, and region.
· By cargo type, the global first and last mile delivery market is segmented into dry goods, postal, and liquid goods.
· By vehicle type, the global first and last mile delivery market is bifurcated into light duty vehicle, medium duty vehicle, and heavy duty vehicle. Light duty vehicle type segment accounted for a major share in terms of revenue, owing to retail price, acceleration, fuel economy, interior volume, and ease of operation of light duty vehicles in urban areas.
· By end-user, the global first and last mile delivery market is classified into chemicals, pharmaceutical & healthcare, FMCG, Hi-tech product industry, food and beverage, and others. The FMCG end-use segment is anticipated to hold a major share of the market during the forecast period. Shift of preference of urban consumers from essential to premium products, attractive supply chain solutions provided by logistic companies, and increasing accessibility of online stores fuel growth of FMCG segment over the forecast period.
· By region, China is a major exporter and importer of goods, owing to positive economic environment, introduction of new infrastructure and the rise of e-retailing. China is anticipated to expand the logistic industry in the country, which in turn is expected to drive growth of global market in China over the forecast period. Furthermore, expansion of the e-commerce industry in India and increased government spending on development of infrastructure are anticipated to propel growth of the target market in the country over the forecast period.
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The prominent player operating in the global first and last mile delivery market includes Cargo Carriers Limited, FedEx Corporation, United Parcel Service Inc., Tuma, Shawn Transport, Swift Transport Company LLC, Interlogix Pty. Ltd., Transtech Logistics, Procet Freight CC, Concargo Private Limited, and J&J Global Limited.
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