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Green/Sustainable Logistics Market to reach over $1.97 Trillion by the year 2031 - Exclusive Report by InsightAce Analytic
The term "sustainable logistics," sometimes known as "eco-logistics," is incorporating environmental factors into supply chain management and logistics procedures to reduce environmental impact and advance sustainability. To achieve sustainability, companies must adapt their supply chain management processes to make more efficient use of resources.
This idea extends beyond the environmental footprint to include the economic and social sustainability of a company's logistics activities. The goal is to minimize the negative externalities associated with business activities for the environment, the economy, and society as a whole. The expansion of the green/sustainable logistics market share is driven by factors like the rise in EV adoption in the logistics sector and the increase in corporate social responsibility (CSR) efforts by logistics organizations.
Furthermore, the green/sustainable logistics industry is boosting due to the spike in EV use in the logistics sector. However, the market's expansion is hampered by the growing reliance on fossil fuels for transportation.
Since electric cars (EVs) have the potential to produce less pollution and motor noise than conventional internal combustion vehicles (ICVs), their adoption in city logistics has accelerated in recent years. This move towards electric vehicles is consistent with logistics' growing emphasis on eco-friendly methods. Additionally, logistic firms have taken aggressive steps to reduce their environmental impact as businesses prioritise sustainable practices.
Due to its historical reliance on oil and other fossil fuels, goods transportation has made shippers' and logistics businesses' operating costs much higher. Additionally, it adds to the emissions of harmful substances such as particulate matter, nitrogen oxides, carbon dioxide, and black carbon. Communities close to ports and freight hubs face health hazards as a result of these emissions, which are significant contributors to climate change.
The primary obstacles that deter potential investors include reliance on fossil fuels, namely for transportation, a lack of infrastructure, and the high costs associated with adopting green procurement. The costlier green procurement is anticipated to be the main obstacle facing the Green/Sustainable Logistics Market. The time-consuming process of measuring carbon emissions and producing reports on them is hindering the demand for sustainable logistics in the global market.
In terms of worldwide Green/Sustainable Logistics Market share, Asia Pacific led. Growing countries like India are embracing new digital technologies and embracing the fourth industrial revolution, which is driving the expansion of the region's market.
Regional market expansion will also be fueled by integrated end-to-end logistics operations in nations like India over the projection period. If environmental criteria are not met, fines are enforced by the government. Because electric cars emit no emissions into the environment, their use is increasing in this region, which is driving the global sustainable logistics business.
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