The global reverse logistics market size is anticipated to expand at a significant CAGR during the forecast period, from 2020 to 2027, owing to the benefits provided by reverse logistics over traditional logistics flow.
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Reverse logistics can be determined as the opposite of the standard supply chain, wherein the goods move from the end-user back to the manufacturer or the seller. It stands for all events associated with the refusal the product and/ormaterial. In other terms, it is the process of moving goods from their typical final destination to another location for the purpose of capturing value or proper disposal.An effective reverse logistics results in several direct benefits such as improved customer satisfaction, decreased levels of resource investment, and decreased costs of storage and distribution.
Market Trends, Drivers, Restraints, and Opportunities:
- Rising e-commerce penetration is expected to fuel the growth of the global reverse logistics market.
- A high consumer demand for commodities from several sectors such as consumer electronics, medical devices, and automotive is driving the market.
- Uncertainties regarding the reverse logistics processare hindering the market growth.
- The introduction of blockchain technology in reverse logistics flow is anticipated to create opportunitiesin the market.
- Increasing prevalence of global e-waste is expected to create opportunities in the reverse logistics market in the coming
Reverse Logistics Market Segment Insights:
Rising demand for optimization reverse logistics in warehouses drives segment growth
Based on functions, the reverse logisticsmarket has been segmented into transportation, warehousing, and other value-added services.The transportation segment is further segmented into road, air, and others. The transportation segment is estimated to hold a significant share of the global market due to benefits provided to the customers in seamlessly handling returns and warranty policies.The warehouse segment is estimated to grow at a considerable pace owing to the increasing demand for optimization of the reverse logistics in warehousemanagement, which aims at minimizing the cost and time associated with the processing of returned goods and reduction of inventory levels of returned products while maximizing customer satisfaction.
Increasing number of end-of-life returns of long-lived products fuels segment growth
On the basis of return types, the market has been classified as recalls, commercial returns, repairable returns, end-of-use returns, and end-of-life returns. The commercial returns segment is expected to account for a substantial share of the market in the coming years. Commercial returns usually include consumer goods, so that retailers can correct the error and maintain their customer service reputation. The end-of-life segment is anticipated to grow at a significant pace during the forecast period.
Growing e-commerce purchase and returns fuels the growth of the consumer and retail segment
Based on end-user industries, the reverse logisticsmarket has been categorized as consumer and retail, automotive, healthcare & pharmaceutical, and others. The consumer and retail segment accounted for a large share of the market and this trend is estimated to continue during the forecast period owing to the rapid growth in the e-commerce industry resulting in the increase in goods purchased and returned through online channels. Additionally, the adoption of reverse logistics solutions among healthcare & pharmaceutical organizationsfor the proper disposal of unused drugsis expected to be a key factor driving the healthcare & pharmaceutical segment.
Asia Pacific to lead the global market due to rising presence of automotive manufacturers
In terms of regions, the global reverse logistics market has been segregated into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The market in Asia Pacific held a large share of the market,followed by market in North America and Europe, and this trend is anticipated to continue during the forecast period. The large market share of Asia Pacificis attributed to increasing amount of reverse logistics for automotive spare parts and other manufacturing industries. Additionally, the emergence of several local players in countries such as China, India, Japan, South Korea, and Taiwan is fueling the market in the region.
Competitive Analysis
Key participants in the global reverse logistics market include C.H. Robinson Worldwide, Inc., CCR Logistics Systems AG, Core Logistic Private Limited, DHL International GmbH, FedEx Corporation, FW Logistics, Happy Returns, Inc., Kintetsu World Express (I) Pvt. Ltd, Reverse Logistics GmbH, Safexpress Pvt. Ltd., Schenker AG, United Parcel Service, Inc., United States Postal Service, XPO Logistics, Inc., YUSEN LOGISTICS CO., LTD.They engage in strategies such as mergers & acquisitions, collaborations agreements, and partnerships. Some of the key participants are adopting innovative methods for product launches to strengthen their geographical presence.
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