PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1419101
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1419101
Reverse Logistics Market size was valued at USD 741.50 Million in 2022, expanding at a CAGR of 10.2% from 2023 to 2030.
Reverse logistics includes a variety of tasks that need to be carefully planned and coordinated to guarantee that products are handled properly and efficiently. Some of these tasks include product returns, warranty repairs, and recycling. The procedure is intricate and necessitates cooperation from a range of parties, including consumers, merchants, shipping companies, and manufacturers.
The need for reverse logistics services has increased due to the growth of e-commerce companies on a global scale as well as the rise in product returns and replacements. Growing product recalls because of stringent regulations and requirements for product quality are anticipated to accelerate market expansion. As e-commerce companies grow globally, having a capable reverse logistics solution has become indispensable. The e-commerce sector is growing at a rapid rate, which is driving up demand for easier ways to return things. The rise in global e-commerce has led to an increase in the frequency of returns and replacement items, which calls for the use of a reverse logistics service. Customers return items more frequently when they shop online since it's easy to add items to a virtual shopping basket, but the quality or fit of the merchandise can be verified. The National Retail Federation estimates that in 2021, internet sales made up around 23% of all retail sales in the United States, which were valued at USD 4.583 trillion.
The Global Reverse Logistics Market is segmented on the basis of Return Type, Service, End-User, and Region.
The market is divided into five categories based on Return Type: recall returns, B2B returns and commercial returns, repairable returns, end-of-use returns, and end-of-life returns. The B2B returns and commercial returns segment dominates the market. The technology development, rise in logistics operation are likely to contribute to market growth.
The market is divided into six categories based on Service: warehousing, transportation, replacement management, reselling, refund management, and others. The transportation segment dominates the market and is likely to maintain its dominance during the forecast period. The increasing demand for transportation system in logistic supply chain management is expected to boost the segment growth.
The market is divided into five categories based on End-User: retail & e-commerce, automotive, consumer electronics, healthcare, and others. The retail & e-commerce dominate the market and is likely to maintain its dominance during the forecast period. The growing emphasis on online shopping and convenience is primarily boosting the market growth.
Geographically, this market is widespread into the regions of North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. These regions are further divided as per the nations bringing business.
Market players and major service providers focus on improving their technologies to stay one step ahead of the competition and maintain reliability, effectiveness, and security. The leading companies concentrate on joint ventures, product enhancements, and cooperative efforts to obtain a substantial market share and a competitive advantage over their rivals. Further, the companies in logistics industry are keen to enhance the overall returns experience for online shoppers. Thus, are introducing new products & services and solution.
In December 2023, FedEx Corporation launched FedEx Consolidated Returns in the U.S. This innovative solution provides merchants with a low-priced and hassle-free e-commerce returns option.
The scope of this report covers the market by its major segments, which include as follows: