Introduction of Courier and Local Delivery Services:
The expansion of the e-commerce sector and the rising need for quick package delivery have fueled the rise of the world market for courier services. The key driver fueling the growth of the courier services market in the B2C segment is the rise in consumer preference for making purchases utilizing e-commerce platforms.
These developments empower businesses to offer better-tailored solutions and services, which, in turn, contribute to the growth of the courier and local delivery services industry.
The Growth of the E-commerce Sector to Provide Viable Market Output
One of the key drivers fueling the market's expansion is e-commerce. India is one of the three fastest-growing markets for parcel delivery due to the rapid growth of its online/e-commerce business, large additional cash, and greater internet penetration. Additionally, it is anticipated that during the projected period, the post-Covid era's enhanced cross-border trade will stimulate market demand due to the rising industrialization in emerging nations. While the Courier and Local Delivery Services market is expected to develop, the high operating expenses related to CEP services are a hindrance.
- The Indian e-commerce sector is anticipated to reach USD 76.8 billion by 2023 and USD 350 billion by 2027, according to the India Brand Equity Forum (IBEF). U.S. e-commerce retail sales, according to estimates from the U.S. Census Bureau, reached a total of USD 196.7 billion in the first quarter of 2021 before increasing to USD 231.4 billion in the same period the following year.
Additionally, recent strategic moves by significant market participants, like introducing new services and acquisitions, will affect the expansion of Courier, Express, and Parcel (CEP).
The surge in growing demand of technological advancement propels the growth of Courier and Local Delivery Services with the penentration of Internet of things (IoT), GPS tracking, and others. Henceforth, crowdsourced delivery models has a great expectations including with the utilization of digital technologies.
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