Global Courier Services Market Forecast 2023-2032: Estimated Market Size And Growth Rate
The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032
As outlined in The Business Research Company’s Global Market Report for Courier Services 2023, the worldwide courier services market is poised for expansion. It is projected to climb from $411.52 billion in 2022 to $438.5 billion in 2023, demonstrating a compound annual growth rate (CAGR) of 6.6%. The forecast anticipates the courier services market will attain $559.2 billion in 2027, with a CAGR of 6.3%.
Asia-Pacific held the largest courier services market share.
Courier Services Market Driver
The burgeoning e-commerce sector is set to drive the courier services market’s expansion. E-commerce encompasses online trade involving product and service exchange, payment, and essential data transmission. Courier services are pivotal in the e-commerce realm, ensuring prompt and dependable product delivery to customers while effectively managing inventory. In the first quarter of 2022, U.S. e-commerce retail sales reached $234.45 billion, subsequently surging to $253.12 billion in the first quarter of 2023, according to the United States Census Bureau, a department of the U.S. Department of Commerce. Hence, the courier services market benefits from the e-commerce industry’s rise.
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Key Courier Services Market Segments
The global courier services market is segmented –
1) By Service Type: B2B (Business-To-Business), B2C (Business-To-Consumer), C2C (Customer-To-Customer)
2) By Destination: Domestic, International
3) By End-Use: Services, Wholesale and Retail Trade, Healthcare, Industrial and Manufacturing, Other End-Uses
Courier Services Market Prominent Players
Major players in the courier services market are United Parcel Service Inc., Deutsche Post AG, FedEx Corporation, Japan Post Co Ltd., The United States Postal Service, DB Schenker, SF Express Co. Ltd., DSV A/S, Nippon Express Co. Ltd., International Distributions Services plc, The Yamato Transport Company Ltd., SG Holdings Co. Ltd., TFI International Inc., Qantas Courier Limited, ZTO Express Inc., PostNL NV, Purolator Inc., Singapore Post Ltd., OnTrac Inc., Delhivery Ltd., Lone Star Overnight LLC, Blue Dart Express Limited, LaserShip Inc., Spee-Dee Delivery Service Inc., Dicom Express & GoJIT, Yunda Holding Co Ltd., DTDC Express Limited, ShipBob Inc., Eastern Connection Operating Inc., and Dash Courier.
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Prominent Courier Services Market Trend
Technological advancements are a prominent trend in the courier services market. Leading courier service providers adopt new technologies for market sustainability. For example, United Parcel Service Inc., a U.S. logistics firm, introduced a Warehouse Execution System in April 2020, leveraging smart warehouse tech. This system streamlines order processing and fulfillment, ensuring timely deliveries, particularly for customers with varying order frequencies. Additionally, it enhances the innovation and efficiency of distribution centers.
The Courier Services Global Market Report 2023 provides comprehensive insights on the courier services market size, trends and drivers, opportunities, strategies, and competitor analysis. The countries covered in the courier services market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA, and the major seven regions are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
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