New York, December, 2022: Axiom Market Research & Consulting added a report on the global reverse logistics market, which includes studies on return type, service type, and application across various countries and key regions across the globe. The global reverse logistics market was valued at USD 751.6 Billion in 2022 and is projected to grow at a CAGR of 6.93 % for the forecast period of 2023 to 2029. The global market is estimated and forecasted in terms of revenue (USD Million) generated by the reverse logistics market.
Reverse logistics is a type of supply chain management that involves moving goods from customers back to sellers or manufacturers. The flow of the reverse logistics process is moving back from the user end to the distributor or from the distributor to the manufacturer. Globally, companies are adopting reverse logistics for addressing waste, and the supply chain is a big part of that initiative. It focuses on returns, exchanges, and recycling. It is crucial for e-commerce sales. People who buy online are more likely to buy products from a company if they think returns are easy, and they are even more likely to become repeat customers if they’ve had a good return experience. As tremendous growth has been achieved in the e-commerce sectors, transporting goods is far more efficient than it used to be. The growth of the reverse logistics market is increasing due to product recalls as returns are worth almost a trillion dollars annually worldwide and hence boost the market’s growth. The main objective of reverse logistics is to regain the customer’s faith, recoup value, and ensure repeat business. Several companies offer reverse logistics to build customer loyalty and repeat business and to minimize losses related to returns.
The report analyses the global reverse logistics industry based on return type, service type, application, and geography. By return type, the reverse logistics includes key segments of recalls, commercial returns, repairable returns, end-of-use returns, and end of life returns. By service, the market is segmented into transportation, warehousing, and reselling, replacement management, and refund management authorization. The reverse logistics market finds its major application in e-commerce, automotive, pharmaceutical, consumer electronic, retail, and luxury goods reusable packaging. The global reverse logistics market is studied across various key countries and regions such as, North America, Europe, Asia Pacific, and the Rest of the World.
Product recalls are the method by which companies get defective products back from customers so that they may be replaced or repaired. Many leading auto manufacturers are adopting reverse logistics through the means of product recalls, due to the rise in government regulations for passenger safety and reducing e-waste. Due to this factor, the recall segment is expected to dominate the market over the forecast period. Also, product recalls have increased in recent years, especially in the food and beverage industry. The above mentioned factors are anticipated to boost the growth of the segment.
The replacement management segment of the e-commerce industry has become a critical component of the retail customer experience. The growth of e-commerce businesses worldwide has increased the number of returns and replacements and there is a need for efficient reverse logistics services. As the e-commerce industry is growing, exchange and return services should be done efficiently to reduce negative environmental impacts.
The e-commerce segment is expected to dominate the market during the forecast period. With the increased adoption of online shopping, e-commerce has experienced rapid growth. Thereby, this segment is expected to dominate the market over the projected time period.
Asia Pacific is expected to emerge as a dominant sector in the forecasted period. The key factors driving the region includes increased adoption of e-commerce services in countries such as India, and China and increased product recalls due to stringent government rules for product quality in the automotive industry are some of the major factors driving the growth of the market.
The key competitors in the market include Ecom Express (India), Safexpress (India), Core Logistic (India), Yusen Logistics (Japan), DB Schenker (Germany), Kintetsu World Express (Germany), C.H. Robinson (United States), FedEx (United States), The Deutsche Post (Germany), United Parcel Service (UPS) (United States), CCR Logistics Systems AG (Germany), First Flight (India).
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