Express and small parcel market to grow by 9.2% y-o-y


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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:

  • Ti forecasts that the global express parcels market to reach €565,962m in 2024, growing 9.2% over the year. The market will continue to be driven by e-commerce growth.
  • Forecasting out to 2028, the global parcels market is expected to reach €736,624m, growing at a 5-year CAGR of 7.3% between 2023 and 2028.  
  • The global international parcel market is expected to expand at a faster rate in 2024 as cross-border e-commerce and international trade grows in importance. Despite this, the domestic parcel market will continue to dominate the market.
  • B2C is expected to continue dominating over the B2B market
  • Ti’s forecast data for global parcel volumes shows a continued strong growth trajectory from 2023 to 2028
  • UPS, FedEx, and DHL maintained their positions as the top three players in the parcel delivery market. Smaller companies like SF Express, La Poste, and Yamato experienced relatively lower growth rates or declines, suggesting potential challenges in maintaining market share against larger competitors.

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.

If you have any questions about the report then please contact Michael Clover: [email protected]

About Ti Insight (Ti): Ti is the world’s leading source of market intelligence for the logistics and supply chain industry, providing data and analysis through its market reports, Global Supply Chain intelligence (GSCi) database and expert consultancy services.

Web: ti-insight.com

Twitter: @Ti_insight

Linkedin: Transport Intelligence

 

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