New York, United States , April 17, 2024 (GLOBE NEWSWIRE) -- The Global Green Shipping Market Size is expected to Reach a Significant Share by 2033, Growing at a 7.9% CAGR during the forecast period of 2023–2033.
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Green shipping prioritizes environmentally friendly transportation, warehousing, and distribution to reduce environmental impact. It entails eco-friendly practices such as route optimization, electric vehicle use, and efficient waste management. This approach strikes a balance between economic efficiency and environmental stewardship, benefiting businesses around the globe. Green shipping includes recycling, waste disposal, and reverse distribution, all of which help to reduce CO2 emissions, costs, and supply chain efficiency. Companies use green shipping systems to reduce congestion, pollution, and transportation costs. The infrastructure supports the entire green shipping system, which includes land, air, and water transportation. Developing new technologies that are aligned with common business requirements in the current scenario would significantly contribute to the market's growth over the forecasted timeframe. The growth of digitization in global shipping is expanding the size of the global green shipping market. The growing use of artificial intelligence (AI) in the global logistics industry is expected to boost the future market for green logistics. Furthermore, corporations, particularly those with high transportation volumes, implement climate-protection measures such as limiting carbon emissions to the atmosphere. However, the high cost of green procurement, combined with a lack of infrastructure, is expected to slow the green shipping market's growth over the forecast period. Measuring and reporting on carbon emissions to the environment takes time, reducing demand in the global green shipping market.
Browse key industry insights spread across 200 pages with 110 Market data tables and figures & charts from the report on the "Global Green Shipping Market Size, Share, and COVID-19 Impact Analysis, By Service Type (Value Added Services, Warehousing, Distribution, Transportation, Reverse Logistics, Packaging), By Mode of Operation (Storage, Seaways Distribution, Roadways Distribution, Airways Distribution, Railways Distribution), By End Use (Healthcare, Manufacturing, Automotive, Banking & financial services, Retail and E-Commerce, Others), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033."
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The distribution segment dominates the global green shipping market with the largest revenue share over the anticipation timeframe.
Based on the service type, the global green shipping market is categorized into value added services, warehousing, distribution, transportation, reverse logistics, and packaging. Among these, the distribution segment is dominating the global green shipping market with the largest revenue share over the anticipation timeframe. This segment, which accounts for nearly three-fifths of global green shipping market revenue, is expected to maintain its leadership position throughout the forecast period, as businesses in a variety of industries recognize the importance of reducing carbon emissions and minimizing environmental impact.
The storage segment is witnessing significant CAGR growth of the global green shipping market over the anticipation timeframe.
Based on the mode of operation, the global green shipping market is categorized into storage, seaway distribution, roadways distribution, airways distribution, and railways distribution. Among these, the storage segment is witnessing significant growth in the global green shipping market over the anticipation timeframe. This segment accounts for more than one-third of global green shipping market revenue and is expected to maintain its lead throughout the forecast period, as businesses implement eco-friendly storage solutions such as energy-efficient systems and sustainable building materials.
The manufacturing segment is expected to hold the largest share of the global green shipping market during the anticipation timeframe.
Based on the end use, the global green shipping market is classified into healthcare, manufacturing, automotive, banking and financial services, retail and e-commerce, and others. Among these, the manufacturing segment is expected to hold the largest share of the green shipping market during the anticipation timeframe. It is expected to maintain its leadership position throughout the forecast period, accounting for nearly one-third of global green shipping market revenue, due to increased demand for raw materials procured and delivered to manufacturers for production. This segment has the largest share, owing to increased multimodal transportation adoption and the growing influence of e-commerce platforms.
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Asia Pacific is anticipated to hold the largest share of the global green shipping market over the predicted timeframe.
Asia Pacific is projected to hold the largest share of the global green shipping market over the forecast period. The region's market is expanding as developing countries, such as India, transition to the fourth industrial revolution and adopt new digital technologies. Furthermore, unified end-to-end logistics activities in countries such as India will propel regional market growth during the forecast period. The government imposes penalties for failing to meet environmental standards.
The North America market is expected to grow at the fastest CAGR growth during the forecast period. Several factors are currently propelling growth in the North American shipping industry. Rising demand for foreign goods in emerging economies such as Indonesia, Thailand, and India, particularly those imported from North American countries, is one of the primary drivers of the North American shipping market's growth. Demand for goods in the North American region increased dramatically as trade volumes increased in the region's countries.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the global green shipping market are 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., ARK India, Go Green Logistics, Gosselin Logistics, Green Logistics LLC, States Logistics Services, Inc, The Green Group, Westerman Multimodal Logistics, and Others
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Recent Developments
- In January 2024, DSV developed and implemented an industry-first multimodal shipping strategy that uses sustainable aviation fuels (SAFs) to improve supply chain agility and reduce environmental impact. DSV and Schneider Electric successfully deployed two unique multimodal shipping bridges from Singapore to France and Shanghai to France, reducing Scope 3 carbon emissions from air freight.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the global green shipping market based on the below-mentioned segments:
Global Green Shipping Market, By Service Type
- Value Added Services
- Warehousing
- Distribution
- Transportation
- Reverse Logistics
- Packaging
Global Green Shipping Market, By Mode of Operation
- Storage
- Seaways Distribution
- Roadways Distribution
- Airways Distribution
- Railways Distribution
Global Green Shipping Market, By End Use
- Healthcare
- Manufacturing
- Automotive
- Banking and financial services
- Retail and E-Commerce
- Others
Global Green Shipping Market, By Region
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- Uk
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of the Middle East & Africa
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