Reverse Logistics Market to Reach $958.3 Billion, Globally, by 2028 at 5.6% CAGR: Allied Market Research
– Rise in product recall owing to stringent government rules for product quality in the automotive industry and increase in tech-driven reverse logistic services drive the global reverse logistics market.
PORTLAND, Ore., Jan. 27, 2022 /PRNewswire/ — Allied Market Research recently published a report, titled, “Reverse Logistics Market by Return Type (Recalls, Commercial & B2B returns, Repairable returns, End of use returns and End of life returns), End User (E-commerce, Automotive, Pharmaceutical, Consumer Electronic, Retail, Luxury Goods, and Reusable Packaging), and Service (Transportation, Warehousing, Reselling, Replacement Management, Refund Management Authorization, and Others): Global Opportunity Analysis and Industry Forecast, 2021–2028″. As per the report, the global reverse logistics industry was accounted for $635.6 billion in 2020, and is anticipated to garner $958.3 billion by 2028, growing at a CAGR of 5.6% from 2021 to 2028.
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Drivers, restraints, and opportunities
Increase in product recall due to strict government rules for product quality in the automotive industry, expansion of e-commerce industry, and surge in tech-driven reverse logistic services coupled with adoption of IoT-enabled connected devices have boosted the growth of the global reverse logistics market. However, lack of control of manufacturers on reverse logistics services and uncertainty in the reverse logistics process hinder the market growth. On the contrary, advent of blockchain technology and reduction in losses due to adoption of multi-modal systems would open new opportunities in the future.
- The Covid-19 outbreak forced governments across the globe to implement strict lockdown and made social distancing mandatory. This resulted in sudden decline in global trade and reduced the demand for logistics.
- The lockdown forced reverse logistics service providers in delays in return and replacement activities.
- However, increase in pharmaceutical and e-commerce sales due to the pandemic surged the demand for the reverse logistic market.
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The repairable returns segment dominated the market
By return type, the commercial and B2B returns segment held the largest share in 2020, accounting for around one-third of the global reverse logistics market. However, the end of use returns is estimated to register the highest CAGR of 7.1% during the forecast period, due to rise in need for disposition and handling of end of use products.
The e-commerce segment to portray the highest CAGR through 2030
By end user, the e-commerce segment is projected to manifest the highest CAGR of 6.5% during the forecast period. In addition, the segment dominated the market in terms of revenue in 2020, contributing to nearly one-fourth of the global reverse logistics market, due to the boom of e-commerce across the globe. The report also analyzes the segments including automotive, pharmaceutical, consumer electronic, retail, luxury goods, and reusable packaging.
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Asia-Pacific, followed by Europe and North America, to hold the largest share
By region, the market across Asia-Pacific, followed by Europe and North America, held the largest share in 2020, accounting for more than two-fifths of the market. However, the global reverse logistics market across Asia-Pacific would register the highest CAGR of 6.2% from 2021 to 2028, owing to the expansion of e-commerce in countries such as India and China.
Major market players
- C.H. Robinson Worldwide, Inc.
- Core Logistic Private Limited
- CCR Logistics Systems AG
- Deutsche Post DHL Group
- DB Schenker
- Kintetsu World Express, Inc.
- FedEx Corporation
- United Parcel Service, Inc.
- Safexpress Pvt. Ltd.
- Yusen Logistics Co., Ltd
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