Global Size of Reverse Logistics Market Envisaged to Reach USD 2,986.17 Billion By 2032, at 12.3% CAGR Growth: Polaris Market Research
NEW YORK, Aug. 23, 2023 /PRNewswire/ -- A latest research report [115+] pages with 360-Degree visibility, titled "Reverse Logistics Market Share, Size, Trends, Industry Analysis Report, By Return Type (Recalls, Commercial Returns, Repairable Returns, End-of-Use Returns, End of Life Returns); By Service; By End User; By Region; Segment Forecast, 2023 - 2032" published by Polaris Market Research in its research repository.
What is Reverse Logistics? How Big is Reverse Logistics Market Size?
Also called aftermarket logistics or retrogistics, reverse logistics is a crucial aspect of supply chain management. Put simply, reverse logistics refers to the set of activities and processes used to implement, control, and plan the cost-effective flow of products or materials from their point of consumption to their origin or other destinations. It includes several processes that enhance the value recovery, adequate disposal, and reuse of materials or products.
Reverse logistics has a wide range of applications in several sectors. It is used by organizations in the e-commerce, automotive, consumer electronics, retail, luxury goods, and reusable packaging industries for efficient execution of operations and increasing value for end customers. The introduction of new regulations and policies by governments worldwide and the growing emphasis on sustainability and environmental responsibility are spurring the reverse logistics market demand.
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Reverse Logistics Market: Report Scope
Prominent Growth Driving Factors
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Recent Trends Influencing the Market
Many end-of-use components and materials still have a residual value. Businesses can recover value and generate revenue from such products by adopting efficient reverse logistics processes. The asset recovery aspect through repair or resale tends to appeal to companies as it offers financial incentives and minimizes potential losses linked to end-of-use products. Rather than treating items as waste, they are returned to the supply chain. This method paves the way for a highly sustainable approach to product consumption, which is a major driver behind reverse logistics market growth.
The reselling segment is expected to account for a significant portion of the reverse logistics market share in the upcoming years. This is primarily because reselling provides additional revenue sources for businesses. Companies can garner additional revenue and sales through effective refurbishment and resale of returned items. Besides, these services can help boost customer satisfaction and loyalty as buyers can return items and know they can be refurbished or resold. This, in turn, can lead to enhanced customer loyalty and commitment to customer value, further driving the market's growth.
The e-commerce segment is anticipated to account for a major share of the reverse logistics market. This is largely because the e-commerce boom has resulted in a large number of people giving preference to online shopping. As more and more customers shop online, product returns have also increased. In the highly competitive e-commerce landscape, offering seamless and hassle-free returns is key to attracting and retaining customers. Effective reverse logistics solutions allow companies to meet customer expectations and enhance customer experience.
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The reverse logistics market in North America region accounted for the highest growth in 2022. This can primarily be attributed to the introduction of new governmental policies and initiatives that offer a conducive environment for the industry's growth in the region. For instance, the Biden-Harris Administration introduced the FLOW initiative that contributes to the expansion of effective reverse logistics processes through technology adoption, sustainability considerations, and improved collaboration and information sharing. This drives the demand for advanced reverse logistics solutions and boosts market sales in the United States and North America.
The European region is projected to grow significantly over the forecast period. This is primarily because Europe emphasizes sustainability and environmental responsibility. The region has seen the implementation of numerous regulations and initiatives focusing on water reduction and adequate product disposal. Reverse logistics is crucial for managing returns and enabling organizations to comply with sustainability initiatives, boosting the reverse logistics market sales in Europe.
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Polaris Market Research has segmented the reverse logistics market report based on return type, service, end user and region:
By Return Type Outlook
By Service Outlook
By End User Outlook
By Region Outlook
About Polaris Market Research:
Polaris Market Research is a global market research and consulting company. The company specializes in providing exceptional market intelligence and in-depth business research services for PMR's clientele spread across different enterprises. We at Polaris are obliged to serve PMR's diverse customer base present across the industries of healthcare, technology, semi-conductors and chemicals among various other industries present around the world. We strive to provide PMR's customers with updated information on innovative technologies, high growth markets, emerging business environments and latest business-centric applications, thereby helping them always to make informed decisions and leverage new opportunities. Adept with a highly competent, experienced and extremely qualified team of experts comprising SMEs, analysts and consultants, we at Polaris endeavor to deliver value-added business solutions to PMR's customers.
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