U.S. parcel volume is declining after peaking during COVID-19, says new data from Pitney Bowes Inc.

In 2022, U.S. parcel volume declined 2%, reaching 21.2 billion. That’s down from 21.7 billion in 2021. Carrier revenues exceeded all previous years’ figures, totaling $198 billion. That’s a 6.5% increase from $186 billion in 2021. Pitney Bowes forecasts U.S. parcel volume by 2028 to reach 28 billion, with a 5% CAGR from 2023-2028.

The latest Pitney Bowes index shows 58 million parcels were generated in the U.S. each day, on average, in 2022. That totals around 674 parcels per second, on average. Per-capita parcel volume for the U.S. declined from 65 to 64, with an average of 162 parcels shipped per U.S. household in 2022.

Carriers collectively generated $198 billion in parcel revenue last year. Of that, the United Parcel Service generated the highest carrier revenue with $73 billion. FedEx Corp. ($65 billion) generated the second-largest revenue. The U.S. Postal Service ($31 billion) followed. Amazon Logistics generated $24 billion, and the combined revenue from “others” reached $4 billion.

“Amidst the challenges posed by the pandemic, carriers showed commendable resilience, a testament to the carriers’ ability to adapt,” says Shemin Nurmohamed, president of sending technology solutions. “The industry’s record-breaking revenues showcases its capacity to meet and overcome the challenges presented to brands as economic challenges mount and consumer behavior continues to shift.”

Tale of the tape

In 2022, U.S. parcel volume declined to 21.3 billion. That’s down 2.2% from 21.7 billion parcels generated in 2021. It reflects the COVID-related base effect and softening in the ecommerce share of retail.

U.S. parcel revenue increased to $198.1 billion in 2022. That’s up 6.5% from $186 billon in 2021. Inflation and fuel surcharges drove the increase.

Pitney Bowes expects U.S. parcel volume growth to shift from double-digit to single-digit and reach between 24-32 billion parcels by 2028.

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