Dublin, Sept.  10, 2024  (GLOBE NEWSWIRE) -- The "Courier, Express, and Parcel (CEP) Market - Forecasts from 2024 to 2029" report has been added to  ResearchAndMarkets.com's offering.The courier, express, and parcel (CEP) market is projected to grow at a CAGR of 7.99% over the forecast period, from US$ 563.751 billion in 2024, and is expected to reach US$827.984 billion by 2029.

The market is projected to grow at a significant pace with the growing urbanization and expanding middle-class population, especially in the emerging economies of the world. The growing mergers & acquisition (M&A) activities among the market players further provide an opportunity for extending the business's scope and burgeoning the market growth in the forecast period. The expanding e-commerce industry is propelling the market demand for CEP services. The growing national and international trade is further creating more opportunities for the market players to grow in the future.In addition, the rapid rise of online shopping leads to a rise in the requirement for productive delivery service options. For instance, in 2022, 91% of EU individuals aged 16-74 utilized the Internet, with 75% buying or ordering products or services for private use. The extent of e-shoppers expanded from 55% in 2012 to 75% by 2022, with the Netherlands, Denmark, and Ireland having the most elevated shares with 92%, 90%, and 89%, respectively, of internet users who bought or ordered online services or goods.Furthermore, the emergence of disruptive start-ups is providing an opportunity for the market to thrive in the forecast period. Additionally, growing labor costs and technological advancements, such as the utilization of autonomous vehicles for deliveries, are predicted to surge the market's growth in the forecast period.This is mainly due to the increasing government focus on developing the manufacturing sector in the region owing to the evolving lifestyle of the individuals, expanding middle-class population creating a high consumer base, and increasing disposable income. Many international companies are looking to set up their bases in the region, hence further providing strong growth prospects for international trade. The motivation to promote domestic manufacturing further provides an impetus to burgeoning the market growth in the forecast period, promoting domestic trade in the region. The growing regional retail industry further provides strong growth prospects for the market during the forecast period.

The rapid growth in e-commerce is anticipated to boost the courier, express, and parcel (CEP) market expansionThere is continuous growth observed in the e-commerce industry that has further raised the growth of parcel delivery as well. Additionally, with the growing adoption of e-commerce retailing and the increase in digitization, the volume of parcels has also increased with time, owing to the evolving customer expectations for faster and more flexible delivery. ITA reported that there is a constant increment in the B2B e-commerce industry accounting for U$21,019 billion in 2022 and will rise to US$36.16 trillion industry by 2026.Moreover, retailers are taking several initiatives by making investments in the supply chain to move their products much closer to the end-consumers, thus minimizing delivery times and reducing transportation costs. To achieve this, efforts are being made to transform supply chains from single-node to multi-node networks.The presence of tech-savvy customers, with high penetration of mobile devices like smartphones, has further raised the chances of enhanced market growth with growing e-commerce. For example, tech-savvy customers demand additional features with a large focus on control over the delivery experience. This has further raised prospects for adding novel features like the ability to select and modify delivery windows, i.e., the delivery period, the ability to keep track of the deliveries in real-time, and communication with drivers when needed.The retail industry segment is anticipated to grow at a significant paceThe market for the retail segment will propel in the coming years owing to the expansion of e-commerce worldwide. The parcel shipment across different countries will grow multifold as more and more customers opt for online shopping. This is majorly due to the convenience and variety offered by online shopping.Additionally, with the globalization of trade, large as well as small retailers are anticipated to partner with CEP companies for prompt delivery of orders, thereby supporting market growth. Further, the CEP providers will innovate and optimize their delivery networks to satisfy the needs of e-commerce giants such as Amazon, which highly prefers on-demand and same-day delivery of items. Moreover, as per upcoming trends in the market, the focus on robotics, automation, data analytics, and artificial intelligence will expand. This results in package tracking, improvement in operational efficiency, and delivery speed for enhanced customer experience.Furthermore, the key developments in the market by major players are expected to boost the long-term growth of the retail segment. For instance, in 2022, DHL Parcel UK, a leading player in the CEP market, announced its partnership with ZigZag, a technology platform specializing in e-commerce returns. This will enable around 100 retailers under the ZigZag network, such as GAP, Superdry, and Selfridges, to get access to Just Right Returns service from DHL in addition to convenient, fast, and high-quality return solutions. Therefore, this will strengthen customer trust and satisfaction with hassle-free return processes.The rapid growth of urbanization will have a significant impact on shaping the retail sector under the CEP market. The higher density of residential and commercial areas will drive the need for more consumption and online shopping demand, thereby further accelerating the growth of CEP services during the forecast period. For instance, as per World Bank data in 2023, around 57% of the global population forms part of the urban population compared to 55% in 2018.The United States region is predicted to contribute substantially to market growthThe United States is anticipated to hold a significant market share in the projected period, owing to its increasing digitization and advanced technological development. This is expected to have a favorable impact on sales of the e-commerce sector in the United States, which will majorly drive the demand for CEP services in the country.Moreover, the presence of key players in the United States further expands its growth prospects for the coming years. For instance, companies such as DHL, FedEx, and Shipbob are additional driving factors for the CEP market in the country. Furthermore, innovation in terms of discounts, incentives, and marketing strategies by big e-commerce players is expected to provide additional impetus to market growth. For instance, Amazon provides free 2-day shipping on all items and free same-day delivery on some specific items to its customers who take Amazon Prime membership.Furthermore, as per the estimates from the U.S. Census Bureau, e-commerce as a percentage of total retail sales in the United States has reached around 15.6% in the fourth quarter of 2023 from 14.9% in the first quarter of the same year. This reflects lucrative prospects for the expansion of courier, express, and parcel-related services with increased penetration of e-commerce channels in the country till the forecast period. Additionally, such a rise will also propel retailers to bring optimization in their supply chains for improvement in delivery services, thereby providing utmost customer satisfaction.Key Attributes:

Key Topics Covered: 1. INTRODUCTION2. RESEARCH METHODOLOGY3. EXECUTIVE SUMMARY

4. MARKET DYNAMICS5. COURIER, EXPRESS, AND PARCEL (CEP) MARKET BY CUSTOMER TYPE

6. COURIER, EXPRESS, AND PARCEL (CEP) MARKET BY ITEMS

7. COURIER, EXPRESS, AND PARCEL (CEP) MARKET BY DESTINATION

8. COURIER, EXPRESS, AND PARCEL (CEP) MARKET BY TRANSPORT MEDIUM

9. COURIER, EXPRESS, AND PARCEL (CEP) MARKET BY END-USER

10. COURIER, EXPRESS, AND PARCEL (CEP) MARKET BY GEOGRAPHY11. COMPETITIVE ENVIRONMENT AND ANALYSIS

12. COMPANY PROFILES

Courier, Express and Parcel (CEP) Market Forecast Report

The courier, express, and parcel (CEP) market is projected to grow at a CAGR of 7.99% over the forecast period, reaching US$827.984 billion by 2029. The market is driven by urbanization, middle-class population growth, e-commerce expansion, and technological advancements like autonomous vehicles. Major players are engaging in mergers & acquisitions to expand their business. The retail segment, fueled by e-commerce growth, is expected to grow significantly. The United States is anticipated to contribute substantially to market growth due to increased digitization and technological advancements.