Growing adoption of electric vehicles (EVs) in the logistics industry. EVs are a cleaner and more efficient alternative to traditional combustion engine vehicles, and their adoption is increasing in the logistics industry.
PORTLAND, Ore., July 3, 2023 /PRNewswire/ — Allied Market Research published a report, titled, “Green Logistics Market by End Use (Healthcare, Manufacturing, Automotive, Banking and financial services, Retail and E-Commerce, Others), by Business Type (Warehouse, Distribution, Value added services), by Mode of Operation (Storage, Roadways Distribution, Seaways Distribution, Others): Global Opportunity Analysis and Industry Forecast, 2022-2032″. According to the report, the global green logistics industry generated $1.3 trillion in 2022, and is anticipated to generate $2.9 trillion by 2032, witnessing a CAGR of 8.3% from 2023 to 2032.
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Prime determinants of growth
Factors such as an increased corporate social responsibility (CSR) activity by logistic companies, growing adoption of EVs in the logistics industry, rise in environmental regulations and legislation, and increase in adoption of artificial intelligence (AI) in the global logistics industry boost the growth of the green logistics market. However, dependency on fossil fuels, majority for transportation, the high costs of implementing green procurement practices discourage potential investors and lack of infrastructure are anticipated to hinder market growth. On the other hand, increased environmental consciousness among end-use industries, the increased demand for smart green warehouses, and rise in development of lidar drones for last mile delivery and warehouses provide a remarkable growth opportunity for the market players operating in the market.
Report Coverage & Details:
|
Report Coverage |
Details |
|
Forecast Period |
2023–2032 |
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Base Year |
2022 |
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Market Size in 2022 |
$1.3 trillion |
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Market Size in 2032 |
$2.9 trillion |
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CAGR |
8.3 % |
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No. of Pages in Report |
279 |
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Segments covered |
End Use, Business Type, Mode of Operation, and Region. |
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Drivers |
Increased corporate social responsibility (CSR) activities by logistic companies Growing adoption of EVs in the logistics industry Rise in environmental regulations and legislation Increase in adoption of artificial intelligence (AI) in the global logistics industry |
|
Opportunities |
Increased environmental consciousness among end-use industries The increased demand for smart green warehouses Rise in development of lidar drones for last mile delivery and warehouses |
|
Restraints |
Dependency on fossil fuels, majority for transportation Lack of infrastructure The high costs of implementing green procurement practices discourage potential investors |
Covid-19 Scenario
The COVID-19 crisis had created uncertainty in the market, owing to a massive slowing of the supply chain, falling business confidence, and increasing panic among the customer segments.
Governments of different regions announced a total lockdown and temporary shutdown of industries, thereby adversely affecting overall supply chain operations.
Countries around the globe have posed stringent restrictions ranging from days to months of lockdown periods. Owing to this pandemic, many businesses halted and are waiting for market conditions to improve.
Attributed to the lockdown and social distancing impact, the demand for online retailing was increased compared to offline retailing. In addition, there was increasing demand for healthcare and FMCG supplies such as hospital supplies, gloves, sanitizers, vaccinations, and perishable food items, propelling the growth of the green logistics during the pandemic.
The Manufacturing segment to maintain its leadership status throughout the forecast period
Based on end use, the manufacturing segment held the highest market share in 2022, accounting for nearly one-third of the global green logistics market revenue and is estimated to maintain its leadership status throughout the forecast period due to increase in demand for procuring raw materials and handing them over to manufacturers for production. However, the retail and E-commerce segment is projected to manifest the highest CAGR of 9.4% from 2023 to 2032, owing to surge in multimodal transportation adoption and the growing influence of E-commerce platforms.
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The Distribution segment to maintain its leadership status throughout the forecast period
Based on business type, the distribution segment held the highest market share in 2022, accounting for nearly three-fifths of the global green logistics market revenue and is estimated to maintain its leadership status throughout the forecast period, as businesses across various industries are recognizing the importance of reducing carbon emissions and minimizing their environmental impact. However, the value-added services segment is projected to manifest the highest CAGR of 9.3% from 2023 to 2032, owing to an increase in the adoption of eco-friendly picking, packing, and quality control processes, as well as specialized insurance coverage.
The Storage segment to maintain its lead position during the forecast period
Based on mode of operation, the storage segment accounted for the largest share in 2022, contributing to more than one-third of the global green logistics market revenue, and is estimated to maintain its leadership status throughout the forecast period, as there is a growing emphasis on sustainable infrastructure development, leading businesses to implement eco-friendly storage solutions such as energy-efficient systems and sustainable building materials. However, the seaways distribution segment is expected to portray the largest CAGR of 9.2% from 2023 to 2032 and is projected to maintain its lead position during the forecast period. Cost efficiency is a significant driver for seaways distribution, as shipping goods by sea is often more cost-effective, particularly for long-distance or bulk shipments. In addition, the growth of global trade has increased the demand for efficient supply chain connectivity, leading to the adoption of seaways distribution to reach diverse customer bases across continents
Asia-Pacific to maintain its dominance by 2032
Based on region, Asia-Pacific held the highest market share in terms of revenue in 2022, accounting for around one-third of the global green logistics market revenue. Also, the same region is expected to witness the fastest CAGR of 9.9% from 2023 to 2032 and is likely to dominate the market during the forecast period. This is owing to the huge population of Asia-Pacific and the Asian countries are investing in electric vehicles, clean energy sources, and smart transportation systems.
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Leading Market Players: –
FedEx Corporation
DSV
Agility Public Warehousing Company K.S.C.P. and Subsidiaries
GEODIS
Deutsche Post DHL Group.
YUSEN LOGISTICS CO., LTD.
Bollor SE
CEVA Logistics
XPO Logistics, Inc.
United Parcel Service of America, Inc.
The report provides a detailed analysis of these key players of the global green logistics market. These players have adopted different strategies such as partnership, agreement, acquisition, expansion and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
Similar Reports We Have on Logistics Industry:
United States Green Logistics Market Report 2023-2035
South Korea Green Logistics Market Report 2023-2035
Japan Green Logistics Market Report 2023-2035
Asia-Pacific Green Logistics Market Report 2023-2035
Global Logistics Market Report 2023-2035
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