The Express and Small Parcels 2024 report from Ti Insight – the leading provider of market research to the global logistics industry – shows a situation where parcel carriers are no longer able to maintain revenues through price management, as has been the case in the latter part of 2022 and into 2023. Particularly in developed economies, carriers are posting data that show a decline in both volume and revenue for some of their service lines. For some regions, this largely means a shift away from premium services to deferred or standard services.
According to Ti market data, there is regional disparity in parcel market growth between North America, Europe and Asia Pacific. The market cannot be viewed as a whole without understanding the contribution of the different global regions. At a high level, global parcel market value growth at 3.8% in 2023 is being supported by Asia Pacific and China.
The Express and Small Parcels 2024 Report is written by industry researchers, analysts, and utilising data from Ti’s GSCi knowledge portal, a data powerhouse with over 1 million pieces of data and analysis.
Nia Hudson, Research Analyst at Ti, says: “Emerging markets are really driving growth in the global parcel market, somewhat offsetting poor performance in European markets. North America sits somewhere in the middle, having experienced a resumption of growth in 2023 (3.2%) following a slight decline in 2022. We’re expecting a significant jump in growth in 2024 of 9.2% y-o-y (2023: 3.8%), driven by e-commerce amid declining inflation and a normalised economy.”
Report highlights include:
The full report – available here – also analyses the competitive landscape in the Contract Logistics market and offers in-depth market projections and forecasts: an essential tool for business leaders making critical decisions.
