The reverse logistics market is anticipated to be worth US$ 941.58 billion in 2022 and US$ 2,924.42 billion by 2032, growing at a 12% CAGR between 2022 and 2032. Because of the global expansion of eCommerce, which has raised the number of returns and replacement items, as well as demand for reverse logistics services, the reverse logistics market share is predicted to grow.
As manufacturers become more aware of the need to decrease negative environmental impact, the use of reverse logistics services to assure consistent customer satisfaction is increasing globally. The relevance of reverse logistics in numerous industries, including automotive, electronics, pharmaceuticals, and others, is expanding its market share.
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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 the Reverse Logistics Market Report:
- 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% 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.
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Competitive Landscape:
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.
Key Players:
- 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:
- 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.
- 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.
- 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.
Reverse Logistics Market Segmentation:
By End-use Industry:
- E-commerce
- Retail
- Automotive
- Consumer Electronics
- Pharmaceutical
By Region:
- North America
- Latin America
- Europe
- Asia Pacific
- MEA
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Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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