Sales of Reverse Logistics services are expected to be driven by the increasing adoption of reverse logistics by numerous companies in order to easily and effectively manage the return of products to companies or manufacturers from customers
NEWARK, Del: The reverse logistics market size is expected to be worth $941.58 billion in 2022 and $2,924.42 billion by 2032, with a 12 percent CAGR from 2022 to 2032. The reverse logistics market share is expected to grow as a result of the global expansion of eCommerce, which has increased the number of returns and replacement items, as well as demand for reverse logistics services.
As manufacturers become more conscious of the need to reduce negative environmental impact, the adoption of reverse logistics services to ensure continuous client satisfaction is growing globally. Reverse logistics market share is increasing due to its importance in many industries, including automotive, electronics, pharmaceuticals, and others.
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Demand for reverse logistics is expected to grow as countries around the world develop and implement reverse logistics services to extract value from returned and damaged products. According to FMI Analysts, returns have increased in frequency as eCommerce has expanded and are now valued close to a trillion dollars globally annually. As a result, it is anticipated that during the forecast period, demand for reverse logistics is likely to increase.
The reverse logistics market share is growing due to two primary trends: increased innovation and the advancement of automation technology. Adoption of reverse logistics is anticipated to increase during the projected period as a result of several government initiatives to enhance transportation infrastructure. The reverse logistics market share is growing due to a rise in demand for returns and replacements as a result of the e-commerce industry’s rapid development.
Key Takeaways from Market Study
- With more than 55.0 percent of total revenue in 2021, the e-commerce category dominated the reverse logistics industry and is predicted to expand at the quickest CAGR from 2022 to 2032.
- The automotive sector is anticipated to have the second-highest CAGR of 12.6 percent in terms of sales from 2022 to 2032.
- With a market share of over 51% in 2021, Asia Pacific is predicted to experience the strongest CAGR growth between 2022 and 2032. Higher returns from the region as a result of increased e-commerce usage are anticipated to support market expansion.
- The Middle East and Africa are anticipated to have the second-highest CAGR of 12.9% from 2022 to 2032.
“The increasing adoption of reverse logistics by numerous companies to easily and effectively manage the return of products to companies or manufacturers from customers is expected to drive reverse logistics service sales over the forecast period. Rising awareness of the benefits of reverse logistics, as well as growing environmental awareness, are expected to drive demand for reverse logistics in the coming years.”- Future Market Insights Analyst.
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There are both established and emerging competitors in the fairly fragmented reverse logistics sector. The majority of the significant companies in the market are adopting a variety of strategies, including alliances, partnerships, and mergers, to capture the largest market share.
Startups are diversifying their businesses with software and reverse logistics services. These companies concentrate on offering comprehensive services and creating cutting-edge technologies in order to draw in new clients.
In order to penetrate growing markets and strategically maintain ties with current customers, software developers are attempting to enhance their distribution networks and sales.
The following companies are among the major players in the global reverse logistics market: 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, Safexpress Pvt. Ltd.
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Recent Developments in Reverse Logistics Market:
Ø In May 2021, MG Motor India and Attero established a cooperation for battery recycling for electric vehicles. As part of the cooperation, Attero will offer MG Motor India solutions for reverse logistics, refurbishing, and recycling.
Ø In May 2021, XPO Logistics, Inc. will introduce an automation solution in France. The automation system is anticipated to assist the French fashion e-commerce sector with reverse logistics for huge volumes.
Ø With the backing of numerous businesses, Ruby established the DTC Consortium industry organisation in June 2021. The consortium is anticipated to support organisations as they negotiate their market strategy, which may include reverse logistics, marketing, fulfilment, and other concerns unique to particular vertical markets.
By End-use Industry:
- Consumer Electronics
- North America
- Latin America
- Asia Pacific
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Table of Content
- Executive Summary
1.1. Global Market Outlook
1.2. Demand-side Trends
1.3. Supply-side Trends
1.4. Technology Roadmap Analysis
1.5. Analysis and Recommendations
- Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
- Market Background
3.1. Market Dynamics
3.2. Scenario Forecast
Explore FMI’s Extensive Coverage on Technology Domain:
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Logistics Automation Market Analysis: Logistics Automation refers to the application of automation software and machinery to improve upon the efficiency of logistics operations
Logistics Visualization System Market Outlook: Logistics visualization system plays an important role in the process of logistics operation to improve shipping quality and higher customer satisfaction
About Future Market Insights, Inc.
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