On-demand Logistics Market to Reach $80.6 Billion, Globally, by 2031 at 20.8% CAGR: Allied Market Research
Expansion of the e-commerce industry globally and the increase in demand for fast delivery of packages drive the global on-demand logistics market. Region wise, the market in Asia-Pacific was the largest in 2021 and would dominate during the forecast period.
PORTLAND, Ore., Nov. 16, 2022 /PRNewswire/ -- Allied Market Research published a report, titled, "On-demand Logistics Market by Service Type (Transportation, Warehousing, Value Added Services), by End User (B2B, B2C, C2C), by Application (Retail and E-commerce, Healthcare, Manufacturing, Documents and Letters, Others): Global Opportunity Analysis and Industry Forecast, 2021-2031." According to the report, the global on-demand logistics industry generated $12.4 billion in 2021, and is estimated to reach $80.6 billion by 2031, witnessing a CAGR of 20.8% from 2022 to 2031. The report offers a detailed analysis of changing market trends, top segments, key investment pockets, value chain, regional landscape, and competitive scenario.
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Drivers, Restraints, and Opportunities
Expansion of the e-commerce industry globally and the increase in demand for fast delivery of packages drive the growth of the global on-demand logistics market. However, poor infrastructure and higher logistics costs hamper the global market growth. On the other hand, development of aerial delivery drones that function smoothly in geographically challenging areas is likely to present new growth opportunities for the global market in the coming years.
The COVID-19 pandemic contributed to the growth of the e-commerce industry globally. Due to lockdowns and social distancing, there was no access to physical marketplace, causing people to purchase goods or products online. This led to the growth of the e-commerce sector and the on-demand logistics market.
While the business to business (B2B) logistics industry came to a halt, business to customer (B2C) emerged during the pandemic, due to the growth of the online retail and e-commerce industry.
The growth of the e-commerce sector is expected to continue in the post pandemic period. Moreover, with the revival in trade, the on-demand logistics market is expected to grow at a fast pace during the forecast period.
The transportation segment to maintain a progressive revenue growth during the forecast period
Based on service type, the transportation segment was the largest market in 2021, contributing to over three-fourths of the global on-demand logistics market share, and is expected to maintain its leadership status during the forecast period. This is owing to increasing trade related contracts and technological advancements in the transportation sector over the forecast period. On the other hand, the value-added services segment is projected to witness the fastest CAGR of 24.7% from 2022 to 2031, as these services provide advantages for both customers and service providers. Customers have the opportunity to receive something above and beyond their basic needs whereas providers benefit from an increased rapport with clients, which could translate into more revenue.
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The B2C segment to maintain its dominance during the forecast period
Based on end user, the B2C segment held the largest market share of nearly half of global on-demand logistics market in 2021 and is expected to maintain its dominance during the forecast period. Moreover, the same segment is projected to witness the largest CAGR of 21.8% from 2022 to 2031. This is due to the fact that the exchange of services or products in B2C becomes easier, which eventually leads to the growth of the segment. Moreover, the increased online purchasing activities across the globe has also enabled companies to develop quick product delivery model, which catalyze the growth of the segment.
Asia-Pacific to maintain its dominance by 2031
Based on region, the market in Asia-Pacific was the largest in 2021, capturing nearly one-third of the global on-demand logistics market share, and is expected to lead the trail during the forecast period. The increase in online shopping activities and the need for product delivery within a shorter time span have made companies to offer same day on-demand delivery services to local customers, which has supplemented the growth of the market in the region. However, the market in North America is likely to manifest the fastest CAGR of 22.1% during the forecast period. The increasing demand for foreign goods in different parts of the region acts as one of the major forces which supplements the growth of the market across the region. Moreover, the rise in adoption of e-commerce among the higher spending power population, surge in investments by companies on same-day delivery of consumer goods, and integrated use of technology in express delivery operations are major factors driving the growth of the market in the region.
Leading Market Players
Uber Technologies Inc.
United Parcel Service of America, Inc.
XPO Logistics Inc.
Deutsche Post DHL Group
A1 SameDay Delivery Service, Inc.
Jet Delivery, Inc.
Power Link Expedite Corporation
Flirtey Holdings, Inc.
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SOURCE Allied Market Research