Selbyville, Delaware, Sept. 27, 2023 (GLOBE NEWSWIRE) --
The reverse logistics market is projected to be worth USD 1.6 trillion by 2032, as reported in a research study by Global Market Insights Inc.
The increasing focus on sustainability and the thriving environmental responsibility will boost the industry growth. Lately, several organizations are implementing efficient reverse logistics processes to manage product returns, recycling, and disposal in environmentally friendly ways. The adoption of new business models to reduce waste is offering multiple opportunities to companies to lower their environmental impacts and avoid the loss of scarce raw materials. Moreover, major industry participants are introducing new services to address the evolving consumer needs, further supporting the industry development. To cite an instance, in May 2023, AJEX Logistics Services, a Saudi-based Middle East shipping solutions provider, launched two new fast services, AJEX Reverse Pick-up Service and AJEX Domestic Same Day in Riyadh, Jeddah, and Dammam.
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Reverse logistics market from the defective returns segment is expected to generate substantial revenue between 2023 and 2032. The growth can be attributed to the rising burden of product returns faced by major issues e-commerce firms. It has been estimated that approximately 20.8% of all the online purchases of goods were returned in 2021 leading to an estimated $761 billion in loss for the U.S. merchants alone. As a result, businesses are largely focusing on managing faulty returns effectively to assure customer satisfaction and brand reputation. The ongoing incorporation of AI and modern technology for assisting producers in gaining insights about their goods to unload the reverse supply chain will also contribute to the industry demand.
Reverse logistics market from the electronics segment is expected to expand significantly through 2032. The rapid pace of technological advancements in the electronics industry combined with short product lifecycles has led to the increased volume of product returns and end-of-life electronics. The surge in regulatory initiatives promoting responsible e-waste management has prompted the greater adoption of reverse logistics services. For instance, in May 2023, DHL Supply Chain strengthened its logistics service offerings by including a new solutions suite for recovery management, especially essential for tech firms. The new circular supply chain solution offers businesses with proper reuse, reprocessing, and recycling of obsolete electronic parts, such as processors, touchscreens, computer modules, and technological assets.
North America revere logistics market is estimated to expand at 7.5% CAGR from 2023 to 2032, driven by the growth of e-commerce sector. For instance, according to the National Retail Federation (NRF), 196.7 million Americans performed online shopping from Thanksgiving through Cyber Monday in 2022. With consumers becoming more accustomed to online shopping, the volume of returned goods is significantly rising in the region, further necessitating efficient reverse logistics processes to manage returns. It has been estimated that consumers returned products worth over $1 trillion in 2022, up from $760 million in 2021. Additionally, the proliferation of advanced technologies is enhancing the efficiency of reverse logistics with advanced tracking and tracing systems, IoT devices, and data analytics to monitor returned items and streamline inspection processes, adding to the regional market growth.
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Major players involved in the reverse logistics market are FedEx Corporation, CMA CGM SA, Core Logistic Pvt. Ltd., Deutsche Post DHL Group, Kintetsu World Express, Inc., NFI Industries, Inc., Pitney Bowes Inc., Blue Dart Express Ltd., C H Robinson Worldwide Inc., and United Parcel Service, Inc. (UPS). Strategic initiatives, such as technology adoption, sustainability practices, and customer-centric approaches are actively undertaken by these industry players to gain competitive advantages. To cite an instance, in March 2023, Aramco, a leading chemicals company entered an agreement with DHL Supply Chain for the establishment of new procurement and logistics hub in Saudi Arabia, with the goal of improving supply chain efficiency and sustainability.
Partial chapters of report table of contents (TOC):
Chapter 2 Executive Summary
2.1 Reverse logistics market 360º synopsis, 2018 - 2032
2.2 Business trends
2.2.1 Total Addressable Market (TAM), 2023-2032
2.3 Regional trends
2.4 Processes trends
2.5 Return type trends
2.6 Service provider trends
2.7 End-user trends
Chapter 3 Reverse Logistics Market Insights
3.1 Impact of COVID-19
3.2 Impact of the Russia-Ukraine war
3.3 Industry ecosystem analysis
3.4 Vendor matrix
3.5 Profit margin analysis
3.6 Technology & innovation landscape
3.7 Patent analysis
3.8 Key news and initiatives
3.8.1 Partnership/Collaboration
3.8.2 Merger/Acquisition
3.8.3 Investment
3.8.4 Processes launch & innovation
3.9 Regulatory landscape
3.10 Impact forces
3.10.1 Growth drivers
3.10.1.1 Rapid growth of e-commerce
3.10.1.2 Increasing environmental awareness
3.10.1.3 Advancements in technology, such as IoT devices, data analytics, and real-time tracking
3.10.1.4 Rising importance of adoption of circular economy principles
3.10.2 Industry pitfalls & challenges
3.10.2.1 Complexity of operations
3.10.2.2 Regulatory compliance and safety
3.11 Growth potential analysis
3.12 Porter’s analysis
3.13 PESTEL analysis
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About Global Market Insights Inc.
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
