NEW YORK, Nov. 30, 2021 /PRNewswire/ -- The global two-wheeler logistics market revenue stood at $57,260.0 million in 2020, and it is predicted to surge to $355,631.2 million by 2030, according to the market research study published by P&S Intelligence. The market is expected to demonstrate a CAGR of 20.0% from 2020 to 2030. The major factors driving the market are the cost-effectiveness and convenience of these services, expanding e-commerce industry, and incorporation of the real-time tracking technology.
The expansion of the e-commerce industry is one of the major market growth drivers. E-commerce sales accounted for nearly 16% of all retail sales in 2020, registering an increment of around 19% (in value) from the previous year. Additionally, e-commerce sales are predicted to account for approximately 18% of all retail sales across the world by 2021, primarily because of the growing popularity of home deliveries and rising customer requirement for convenience. According to the U.S. Department of Commerce, customers spent nearly $514 billion on online shopping in 2018, recording a surge of 14.2% from 2017.
Key Findings of Two-Wheeler Logistics Market Report
The scooter category held the largest share in the two-wheeler logistics market in the past, under the vehicle type segment. Moreover, this category is predicted to retain its market dominance in the coming years owing to scooters' low weight, large storage space, and ability to easily navigate busy roads.
The electric category, within the propulsion type segment, is predicted to exhibit the faster growth in the future. Logistics companies are increasingly adopting electric vehicles (EVs) in order to reduce their greenhouse gas emissions and carbon footprint.
Geographically, the Asia-Pacific (APAC) region dominated the two-wheeler logistics market in the past. This is ascribed to the growing focus of regional logistics companies on efficient order management through a platform that allows them to hire drivers for deliveries and pickups.
The APAC region is witnessing a digital revolution with the development of advanced technologies, which is also supporting the growth of the market in the region.
Market players are focusing on collaborations and partnerships to gain a competitive edge.
DoorDash Inc. entered into a partnership with PetSmart LLC in June 2021 for facilitating the on-demand delivery of pet supplies and various accessories from over 1,500 PetSmart locations in Canada, Puerto Rico, and the U.S.
The COVID-19 pandemic has propelled the market, as people preferred ordering food items and essential products, such as pharmaceuticals and groceries, during the lockdown period. Moreover, a large number of organizations use two-wheelers for product deliveries as they are more fuel-efficient than four-wheelers and can easily snake through traffic.
On-Demand Logistics Market - Together, North America and APAC are expected to account for over 80% share in the on-demand logistics market by 2030. However, the APAC region is estimated to witness the fastest growth in the market during the forecast period.
Connected Logistics Market – Globally, North America witnessed the highest adoption of connected logistics systems and solutions in the past. The fastest growth in the demand for connected logistics systems is expected to be observed in the Asia-Pacific region in the coming years.
IoT in Logistics Market - Geographically, North America was the leading IoT in logistics market throughout the historical period. This is because the region is home to some of the biggest retail companies, such as Walmart Inc. and Amazon.com Inc., which are in a persistent need for efficient logistics services, thus creating a great demand for IoT solutions, for enhancing their operational efficiency.
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