BANGALORE, India, Jan. 9, 2023 /PRNewswire/ — The global Reverse logistics market is segmented by Type – Returning Merchandise/Product, Reusable Packaging, Remanufacturing, Redesigning, and Refurbishing, Others, by Application – Packaging, Consumer Electronic, Pharmaceutical, Retail, Automotive, Others. Global Opportunity Analysis and Industry Forecast, 2022 – 2028. It is published in Valuates Reports under the Transportation & Logistics Category.
Due to the COVID-19 pandemic and Russia-Ukraine War Influence, the global Reverse logistics market estimated at USD 642 in the year 2021, is projected to reach a revised size of USD 921.6 Billion by 2028, growing at a CAGR of 5.3% during the forecast period 2021-2028.
Major Factors Driving The Growth Of The Reverse Logistics Market Are
The Reverse logistics market growth is anticipated to be accelerated by the e-commerce industry’s expanded and rapid development, as well as the rising need for returns and replacements.
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TRENDS INFLUENCING THE GROWTH OF THE REVERSE LOGISTICS MARKET
Due to the surge in connectivity solutions, the global logistics and e-commerce markets have seen enormous expansion in recent years. The global need for time-effective delivery and return services for the transportation of goods in forward and reverse logistics is driven by the expansion of the e-commerce and logistics sectors. The rate of returns for all retail sales has increased as a result of the emergence of e-commerce over the past ten years. E-commerce return statistics like this one are a result of a number of factors, including digital problems, customer behaviors, and newly emerging e-commerce-specific business models. This factor is expected to drive the growth of the reverse logistics market.
The increasing online shopping trend is expected to drive the growth of the Reverse logistics market. Even though e-commerce has grown over the past ten years, the internet industry will have unmatched growth in 2020. While US retail sales as a whole are predicted to decline this year, e-commerce is predicted to climb 18%, indicating a shift in consumer behavior that is here to stay and is probably here to stay due to COVID-19’s long-lasting effects. Retailers are at a crucial point in an e-commerce-focused future where customers are returning things at a rising rate because any prolonged disregard for reverse logistics would not be viable. To reflect the rising significance of the capability, firms must adopt fresh or updated existing holistic reverse logistics plans.
Government regulations for the automotive industry’s product quality have resulted in an increase in product recalls. As demand for high-quality automobile parts has increased, the global automotive sector has seen a growth in decentralized production. The installation of a subpar component in an automobile can result in deadly accidents, which foreshadow the government’s participation in accident prevention through the use of laws and regulations. The government’s engagement in the production and use of vehicles for utility has helped the reverse logistics market grow even further.
Reverse logistics is significant because it keeps the flow of commodities moving smoothly. The procedure ends the product life cycle, lowers costs, adds value, and lowers risk. By converting trash into sales, reverse logistics adds value and fosters client confidence. Businesses recycle, resell, and use things that are returned. Effective reverse logistics also reduces any distribution and storage costs. This factor further drives the growth of the reverse logistics market.
Reverse logistics that are well-managed generate financial gains while also improving the environment and corporate culture. The mechanisms for what happens to products after delivery can be improved to keep customers and make financial savings. The benefit of well-executed reverse logistics is the product data gathered while interacting with clients after delivery. Data gives an organization’s supply chain knowledge and the chance to enhance its products and/or customers’ experiences.
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REVERSE LOGISTICS MARKET SHARE ANALYSIS
Asia Pacific is expected to hold the largest revenue share during the forecast period. Growing returns from the region as a result of increased e-commerce usage are anticipated to support market expansion. In addition, the expansion of the market is anticipated to be fueled by the expansion of manufacturing businesses in developing nations around the region and the rising demand for reverse logistics for electric vehicles. As a result of the aforementioned considerations, Asia Pacific uses reverse logistics frequently, which increases revenue generation.
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Market By Region
- North America
- Europe
- Asia-Pacific
- Latin America
- Middle East & Africa
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Key players
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SIMILAR REPORTS
– The global logistics market size is valued at USD 7641.20 billion in 2017 and is projected to reach USD 12975.64 billion by 2027 registering a CAGR of 6.5% from 2020 to 2027.
– The global Freight Forwarding market size is about 186 billion USD in 2021 and is expected to grow at a CAGR of 3.3% in the forecast years till 2028.
– The global Digital Logistics market size is projected to reach USD 22170 million by 2028, from USD 10230 million in 2021, at a CAGR of 11.5% during 2022-2028.
– The global Logistics Automation market size is projected to reach USD 105610 million by 2028, from USD 56800 million in 2021, at a CAGR of 9.1% during 2022-2028.
– The global Last Mile Delivery market size is estimated to be worth USD 42860 million in 2022 and is forecast to a readjusted size of USD 75510 million by 2028 with a CAGR of 9.9% during the review period.
– The global freight brokerage market size is projected to reach USD 77770 million by 2027 from USD 54270 million in 2020 at a CAGR of 5.2% during 2021-2027.
– The global Drone Logistics and Transportation market size is projected to reach USD 12180 million by 2028, from USD 5752.2 million in 2021, at a CAGR of 10.8% during 2022-2028.
– The global express delivery market size was valued at USD 262.86 billion in 2020 and is projected to reach USD 484.38 billion by 2030 registering a CAGR of 6.4% from 2021 to 2030.
– The global Drones market size was USD 4350.27 million in 2020 and it is expected to reach USD 5437 million by the end of 2027, with a CAGR of 3.94% during 2021-2027.
– The global e-commerce logistics market was valued at USD 235.70 billion in 2020, and is projected to reach USD 1,901.97 billion by 2030, growing at a CAGR of 23.5% from 2021 to 2030.
– Air Cargo Containers market size is estimated to be worth USD 256.5 Million in 2022 and is forecast to be a readjusted size of USD 323.5 Million by 2028 with a CAGR of 3.9% during the review period.
– The global Contract Logistics market size is projected to reach USD 242510 million by 2027, from USD 180100 million in 2020, at a CAGR of 3.9% during 2021-2027.
– The global Shipping Software market size is projected to reach USD 2845.2 million by 2027, from USD 1675.6 million in 2020, at a CAGR of 7.9% during 2021-2027.
– The global IoT Fleet Management Market size is projected to reach USD 26410 million by 2027, from USD 6955.7 million in 2020 at a Compound Annual Growth Rate (CAGR) of 21.0% during 2021-2027.
– The global pallet pooling market size is projected to reach USD 12480 million by 2027, from USD 8479.9 million in 2020, at a CAGR of 5.5% during 2021-2027.
– Drone Package Delivery market size will be USD 241.53 Million and it is expected to reach USD 3694.38 Million by the end of 2027, with a CAGR of 57.55% during the forecast period 2021-2027.
– The global Drone Analytics market size is projected to reach USD 2931.6 million by 2028, from USD 1070.7 million in 2021, at a CAGR of 15.4% during 2022-2028.
– Anti-Drone market size is estimated to be worth USD 1323.8 million in 2022 and is forecast to be a readjusted size of USD 5098.4 million by 2028 with a CAGR of 25.2% during the review period.
– The global Military Drone market size is estimated to be worth USD 11770 million in 2022 and is forecast to be a readjusted size of USD 17270 million by 2028 with a CAGR of 6.6% during the review period.
– The global Air Cargo market size is projected to reach USD 111810 Million by 2027, from USD 82570 Million in 2020, at a CAGR of 4.0% during 2021-2027.
– The global Same-day Delivery market size is projected to reach USD 123050 million by 2027, from USD 11620 million in 2020, at a CAGR of 38.5% during the forecast period 2021-2027.
– The Latin America logistics market was valued at USD 542.40 Billion in 2019, and is projected to reach USD 784.60 Billion by 2027, registering a CAGR of 6.2% from 2020 to 2027.
– The global Logistics Services (3PL and 4PL) market size is projected to reach USD 1163180 Million by 2027, from USD 832630 Million in 2020, at a CAGR of 5.2% during 2021-2027.
– The global 3rd party logistics (3PL) market was valued at USD 1027.71 Billion in 2019 and is projected to reach USD 1789.94 Billion by 2027 registering a CAGR of 7.1% from 2020 to 2027.
– The Global Warehouse Management Systems Market Size was valued at USD 2.4 Billion in 2020, and is projected to reach USD 10.6 Billion by 2030, growing at a CAGR of 16.3% from 2021 to 2030.
– The global FMCG market is projected to reach USD 15,361.8 Billion by 2025, registering a CAGR of 5.4% from 2018 to 2025.
– The global Business Travel Market size was valued at USD 695.9 billion in 2020 and is projected to reach USD 2001.1 billion by 2028 growing at a CAGR of 13.2% from 2021-2028.
– The global Same-day Delivery market size is projected to reach USD 123050 million by 2027, from USD 11620 million in 2020, at a CAGR of 38.5% during the forecast period 2021-2027.
– The global parcel delivery market size was USD 47 billion in 2021, it is estimated to grow at a CAGR of 11.5% from 2022 to 2028.
– The global Drop Shipping market size is projected to reach USD 621410 million by 2028, from USD 162550 million in 2021, at a CAGR of 20.7% during 2022-2028.
– The global dry bulk shipping market size is projected to grow from USD 35 billion in 2020 to USD 101 billion by 2027; it is expected to grow at a Compound Annual Growth Rate (CAGR) of 16% from 2021 to 2027.
– The Global Warehouse Management Systems Market Size was valued at USD 2.4 Billion in 2020, and is projected to reach USD 10.6 Billion by 2030, growing at a CAGR of 16.3% from 2021 to 2030.
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