The global courier market reached a value of EUR 518.5 billion in 2023, growing by 3.8% year-on-year, according to data from the analytical company Transport Intelligence.
In 2022, the courier and express delivery services market recorded a decrease in value by 0.9% compared to 2021. Despite challenging market conditions and an economic slowdown in North America, and especially in Europe, the sector’s revenues showed growth in 2023. The North American courier market was 3.2% larger than the previous year, while in Europe it shrank by 0.8% compared to 2022.
Regional variations
An interesting trend was observed in Europe. While 2022 saw a decline in volumes, which impacted the revenues of courier operators, they quickly began to neutralize these declines by increasing service prices. The price increase was justified by a general rise in costs. However, due to the strong slowdown in 2023, even this price increase could not compensate for the decline in revenues.
In contrast, the slowdown was not felt in the Asia-Pacific region, where the courier services sector grew by 7.2% year-on-year. In the largest market, China, the increase was as much as 11.7%.
The Asia-Pacific market constitutes the largest part of the global courier market, valued at EUR 199.9 billion, representing approximately 38.6% of the world market. Right behind it is the North American market (EUR 192.2 billion), with a share of approximately 37.1%. Together, these two regions account for over 75% of global revenues in the courier sector.
The European market is clearly lagging with revenues of EUR 102.4 billion, translating to 19.8% of global shares. The rest of the world’s regions together account for less than 5% of global revenues in the courier sector.
From 2019 to 2023, the sector’s average annual growth was 6.9%. While in 2019 the courier and express delivery services market was worth EUR 396.4 billion, four years later it had grown to EUR 518.5 billion. During this period, the largest growth was recorded in the Asia-Pacific area, which grew at an average annual rate of 9.4% between 2019 and 2023. North America, growing by 7.3%, also experienced more dynamic growth than the global average.
A strong rebound will take time
Future forecasts indicate significant acceleration in the development of the courier market. Analysts from Transport Intelligence predict that this year, growth will be 9.2% year-on-year, with the sector’s value reaching EUR 565.9 billion.
Dynamic growth is expected to continue in the coming years. The five-year forecast until 2028 assumes an average annual growth of 7.3%, increasing the value of the global market to EUR 736.6 billion.
A key factor supporting market expansion will be global GDP growth and the resulting increase in international trade. Both in 2024 and 2025, the global economy is expected to grow by 3.2%. The average annual expansion for the years 2023-2028 is expected to be 3.1%.
However, the direct expansion of online trade is expected to have the greatest impact on the development of courier services. According to Transport Intelligence, online sales are expected to grow by 9.7% in the UK, 14.8% in the United States, and 9.2% in China this year.