Green Logistics Market Advances with Sustainability-Focused Supply Chains - Global Report 2024

"The Business Research Company recently released a comprehensive report on the Global Green Logistics Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

According to The Business Research Company's, The green logistics market size has grown strongly in recent years. It will grow from $1201.35 billion in 2023 to $1290.66 billion in 2024 at a compound annual growth rate (CAGR) of 7.4%. The growth in the historic period can be attributed to environmental regulations and legislation, corporate social responsibility (CSR) initiatives, rising fuel costs and energy efficiency concerns, growing consumer demand for sustainable products, supply chain resilience and risk management.

The green logistics market size is expected to see strong growth in the next few years. It will grow to $1744.57 billion in 2028 at a compound annual growth rate (CAGR) of 7.8%. The growth in the forecast period can be attributed to government policies and regulations, technological advancements in green transportation, increasing consumer awareness and demand, corporate sustainability commitments, rising fuel prices and carbon taxes. Major trends in the forecast period include integration of artificial intelligence and machine learning, expansion of electric and alternative fuel vehicles, adoption of blockchain technology for transparency, development of circular economy practices, emphasis on collaboration and partnerships.

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Market Drivers and Trends:

The rise in the adoption of EVs is expected to propel the growth of the green logistics market going forward. An electric vehicle (EV) is a mode of transportation powered by electricity stored in rechargeable batteries or other energy storage devices. The adoption of electric vehicles is driven by increasing environmental awareness, government incentives, advancements in battery technology, and a growing demand for sustainable transportation solutions. Electric vehicles significantly contribute to green initiatives by reducing carbon emissions, improving energy efficiency, and aligning with sustainability goals. For instance, in April 2023, according to the International Energy Agency, a France-based intergovernmental organization, the worldwide sales of EV trucks in 2021 was 41000, which increased to 59500, including plug-in hybrid electric vehicles (PHEVs) and battery electric vehicles (BEVs). Therefore, the rise in the adoption of EVs is driving the growth of the green logistics market.

Major companies operating in the green logistics market are focused on innovative, rapid technological advancements such as AI-powered carbon emission trackers to help companies meet their supply chain sustainability goals. AI-powered carbon emissions refer to the environmental impact of artificial intelligence technologies on carbon emissions and energy consumption. For instance, in October 2022, DispatchTrack Software Pvt. Ltd., a US-based web-based delivery and logistics management platform, launched AI-Powered CO2 tracking. This innovative system is designed to help companies meet their supply chain sustainability goals by providing real-time carbon emissions measurement and optimization capabilities. The AI-powered CO2 tracking feature enables companies to understand their carbon output on a per-route, per-stop, and per-vehicle basis, optimize routes to reduce CO2 emissions and visualize the impact of their sustainability initiatives. Through utilizing AI technology, DispatchTrack's route optimization engine identifies green delivery options that use efficient routes with fewer miles driven and less fuel spent, eventually helping last-mile delivery companies lower fuel consumption by at least 10%.

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Major Key Players of the Market:

Deutsche Post AG, United Parcel Service of America Inc, CEVA Logistics, Fujitsu Limited, FedEx Corporation, Bollore Logistics, GEODIS Yusen Logistics, XPO Logistics, YUSEN LOGISTICS CO. LTD, Agility Public Warehousing KSCP, Mahindra Logistics Ltd, KLG Europe, 20 cube Logistics Pte Ltd, Transervice Logistics Inc, DSV A/S, AI Futtaim Logistics, Hupac Group, Express Freight Management, Go Green Logistics, Peter Green Chilled, The Green Group, Westerman MultiModal Logistics, EcoTransIT World, Clean Cargo Working Group, Green Mountain Energy Company

Green Logistics Market 2024 Key Insights:

• The green logistics market size is expected to see strong growth in the next few years. It will grow to $1744.57 billion in 2028 at a compound annual growth rate (CAGR) of 7.8%.
• Surge In Electric Vehicle Adoption Propels Growth Of Green Logistics Market
• Innovative AI Solutions Revolutionize Green Logistics Efficiency
• Asia-Pacific was the largest region in the green logistics market in 2023

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