LONDON, Feb. 28, 2023 /PRNewswire/ — Global Reverse Logistics Market is valued at USD 614.21 Billion in 2022 and is projected to reach USD 961.39 Billion by 2029 with a CAGR of 6.61% over the forecast period.
Reverse Logistics is supply chain process in which the consumers return the received products back to the manufacturer or retailer through the same supply chain ecosystem. For e.g., when consumers receive a damaged or defective product, they tend to return it to the seller or retailer for refund or replacement. This involves reverse logistics. This also includes activities like proper inspection of the damaged goods followed by the recycling, repairing, reselling, or disposal of that particular product depending on its degree of damage. The goal of reverse logistics is to maximize the value of returned products and minimize the costs associated with handling and processing them.
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Global Reverse Logistics Market Outlook (2022-2029)
The booming e-commerce industry, growing R&D activities in the field, along with the rising integration of automation technologies in this sector are primarily augmenting the outlook of this business vertical.
Furthermore, growing focus of enterprises to enhance customer satisfaction and widespread digitalization in the field are creating lucrative opportunities for this marketplace to prosper.
Moreover, rising cognizance regarding the benefits of reverse logistics and prompt internet penetration are adding momentum to the development of this industry sphere.
Besides, increasing expenditure power of the masses, prompt population expansion, and rapidly evolving transportation infrastructure across numerous nations are augmenting the outlook of this business sphere.
On the flipside, manufacturers have a little control over reverse logistics services. This in turns is impeding the growth of this market.
Also, the COVID-19 pandemic brought about a temporary halt in the reverse logistics-based activities. Due to stringent mobility restrictions imposed by government, the supply chain pertaining to this sector was disrupted to a massive extent. Even though the e-commerce sector was operational during that period, but that did not made much difference to the reverse logistics sector since people bought on the essential items through online shopping channels which had lesser changes of being defective or damaged. These factors together hindered the remuneration scope of this industry vertical.
Competitive Hierarchy
The prominent players characterizing the competitive terrain of the Global Reverse Logistics Market are DB SCHENKER (Deutsche Bahn AG), Deutsche Post AG, FedEx Corporation, Kintetsu World Express, Inc., United Parcel Service, Inc., Yusen Logistics Co., Ltd., RLG Systems AG, Core Logistic Private Limited, and Safexpress Pvt. Ltd.
Segmental Outlook
By End-user
E-commerce
Retail
Automotive
Consumer Electronics
Pharmaceutical
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Region-Wise Outlook
Which is the fastest growing region in the Global Reverse Logistics Market?
Asia Pacific has emerged as one of the most rapidly growing regions in this marketplace. This is attributable to the flourishing e-commerce sector, rising disposable income levels of the masses, technological advances in the field, and increasing environmental awareness.
How is North America faring in this industry?
North America is slated to garner significant revenue over the stipulated timeline of 2022-2029 owing to the growing instances of product returns by consumers, rapidly improving transportation infrastructure, and the presence of prominent players.
Category-Wise Insights
Which is the leading end user segment in this business sphere?
The e-commerce sector is presently leading the market in terms of volume share. This is ascribed to the increasing online shopping trends, rapid internet proliferation, growing spending power of the masses, and surging smart device adoption.
Comparing the historical outlook and ongoing trends of this market
The Global Reverse Logistics Market has been garnering significant returns over the stipulated timeline of 2022-2029.
E-commerce sector has been flourishing rapidly due to widespread internet proliferation, growing adoption of smart devices, and prompt digitalization. Online shopping channels also offer benefits like doorstep delivery, easy return and exchange options, and diverse product choices, among others. With a steep rise in the number of people indulging in e-commerce shopping based activities, the volume of product returns and replacements have also increased. These factors are stimulating the overall dynamics of this business sphere.
The escalating demand for sustainable business practices is another key growth catalyst for this industry vertical. Government bodies and the consumers have become environmentally responsible which in turn has pushed companies to adopt eco-friendly operational practices. Companies that implement effective reverse logistics programs can reduce waste, minimize the use of resources, and improve their environmental footprint. As a result, the demand for reverse logistics services has been growing as companies seek to comply with regulations and meet consumer expectations.
On Special Requirement Reverse Logistics Market Report is also available for below region:
North America
U.S, Canada
Europe
Germany, France, U.K., Italy, Spain, Sweden, Netherland, Turkey, Switzerland, Belgium, Rest of Europe
Asia-Pacific
South Korea, Japan, China, India, Australia, Philippines, Singapore, Malaysia, Thailand, Indonesia, Rest Of APAC
Latin America
Mexico, Colombia, Brazil, Argentina, Peru, Rest of Latin America
Middle East and Africa
Saudi Arabia, UAE, Egypt, South Africa, Rest Of MEA
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