Author: Vikas Kumar
13 January 2023
The Reverse logistics Market is expected to grow at a steady rate of around 5% during forecast period. In numerous sectors, such as the pharmaceuticals, electronics, and automotive industries, reverse logistics is an essential component of supply chains. To determine the value of returned or damaged goods, worldwide reverse logistics systems have been developed and implemented. Management of returns, recycling, and environmental compliance are all parts of reverse logistics. The expansion of e-commerce businesses across the globe has expanded the frequency of returns and replacement items. Important market players are working to launch the advance technology to strengthen the market. For instance, in January 2022, FedEx launched its logistics-as-a-service solution in collaboration with Microsoft. The main objective of this service launch was to strengthen the company’s logistic capabilities. Through this company ensured innovation in logistics to keep in pace with growth in technology.
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Based on return type, the market is segmented into recalls, repairable returns, commercial and B2B returns, end-of-use returns, and end-of-life returns. The repairable return is anticipated to grow with high CAGR during the forecast period. The surge in domestic and international interconnectivity has allowed for the global expansion of business. Apart from this, the government has also undertaken several initiatives to repair or replace defective automobiles. As a result of customer-friendly government policies manufacturers are liable for defective products, and consumers are entitled to a replacement, thereby driving the reverse logistics market.
Based on services, the market is categorized into transportation, warehousing, reselling, replacement management, and refund management authorization. Among these, the transportation to hold a significant share in the market in 2020. This is mainly due to the things like the growth of the e-commerce industry, which has increased the demand for consumer goods that need to be shipped to their customers. Moreover, in reverse logistics, a transportation facility is crucial because it ensures the safe delivery of goods at a particular time.
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For a better understanding of the market adoption of the Reverse logistics industry, the market is analyzed based on its worldwide presence in the countries such as North America (U.S., Canada, Rest of North America), Europe (Germany, U.K., France, Spain, Italy, Rest of Europe), Asia-Pacific (China, Japan, India, Rest of Asia-Pacific), Rest of World. APAC is anticipated to grow at a substantial CAGR during the forecast period. Some of the main factors that are driving the growth of the market are things like the increased use of e-commerce services in countries like India and China and the increased number of product recalls in the automotive industry due to strict government rules about the quality of the product. During the forecast period, steady growth is anticipated in North America. The use of blockchain has made it easier to track the product’s lifecycle and made it more transparent. As a result, the market’s expansion is anticipated to be fueled by the application of cutting-edge technologies like blockchains.
Some of the major players operating in the market include Polaris Inc., Honda Motor Co. Ltd., Textron Inc., Kawasaki Heavy Industries Ltd., Yamaha Motor Co. Ltd., Suzuki Motor Corporation, Deere & Company, Bombardier Recreational Products Inc., KWANG YANG MOTOR CO. LTD., and Hisun Motors Corp.
Global Reverse logistics Market Segmentation
Market Insight, by Type
Market Insight, by Services
Market Insight, by End-User
Market Insight, by Region
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