Courier and Local Delivery Market size to grow by USD 23.18 million | Market Research Insights highlight the increasing demand from medical and healthcare industries as Key Driver | Technavio
NEW YORK, Jan. 19, 2022 /PRNewswire/ -- According to the research report "Courier and Local Delivery Services Market in the US by Delivery Type and Parcel Type - Forecast and Analysis 2021-2025", the market will witness a YOY growth of 2.50% in 2021, at a CAGR of almost 4% during the forecast period. The report is segmented by delivery type (ground, express, and deferred) and distribution channel (B2C, B2B, and C2C).
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Global courier and local delivery services are fragmented and the vendors are deploying various organic and inorganic growth strategies to compete in the market.
The growing competition in the market is compelling vendors to adopt various growth strategies such as promotional activities and spending on advertisements to improve the visibility of their services. Some vendors are also adopting inorganic growth strategies such as M&As to remain competitive in the market.?
The report analyzes the market's competitive landscape and offers information on several market vendors, including:
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Key Segment Analysis
The courier and local delivery services market share growth in the US by the ground segment will be significant during the forecast period. The courier and local delivery services market in the United States is highly competitive, with established competitors as well as start-ups. In terms of service customization and pricing differential, these players have a high level of competitiveness. In the US courier and local delivery services industry, however, the intensity of new player entry is greater than the frequency of acquisition. To boost the effectiveness of courier and local delivery operations, established players are implementing IT capabilities into their services.
The B2C sector by parcel type is another segment that is driving the courier and local delivery services market. The retail grocery market is also seeing an increase in demand for courier and local delivery services. With the growing popularity of internet shopping, purchasing food online is a cost-effective and handy choice for individuals. As a result, numerous e-retailers are boosting their investments in online food sales. As a result, courier and local delivery service providers in the United States are likely to compete in terms of personalized grocery products.
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Key Market Drivers & Trends:
The expanding B2C e-commerce market is one of the primary reasons driving growth in the courier and local delivery services market in the United States. The rise of the e-commerce business is being fueled by rising Internet penetration and rising buying power parity across the United States. In North America, the United States is the leading contributor to the e-commerce market. The major suppliers who provide courier delivery services to the B2C e-commerce business in the United States are the United Parcel Service of America and FedEx. To achieve a competitive advantage in the market, e-tailers are cutting lead times. Each end-user has a different demand for courier and local delivery services. This is because customers are willing to pay a premium for expedited product delivery. Changes in e-tailer and end-user requirements are driving up demand for courier services in the B2C e-commerce business.
Another key element boosting the expansion of the courier and local delivery services market share in the United States is automation. In the United States, autonomous logistics is likely to gain traction in the courier and local delivery services markets. This is because growing fuel, maintenance, and labor costs are reducing logistic companies' profitability. Autonomous logistics is projected to increasingly replace manual labor as it gives more precise results and reduces labor errors. Furthermore, it cuts the time it takes for logistics activities by about 80% to 85%. The involvement of robotics in logistics operations is expected to improve the efficiency of vendors in the courier and local delivery services market in the US by around 25%-27%.
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