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.

"According to research report, the global reverse logistics market size/share was valued at USD 939.43 Billion in 2022 and is expected to touch USD 2,986.17 Billion By 2032, growing at a CAGR of 12.3% during the forecast period."

What is Reverse Logistics? How Big is Reverse Logistics Market Size?

• Overview

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.

Request Sample Copy of Reverse Logistics Market Research Report @ https://www.polarismarketresearch.com/industry-analysis/reverse-logistics-market/request-for-sample

(The sample of this report is readily available on request. The report sample contains a brief introduction to the research report, Table of Contents, Graphical introduction of regional analysis, Top players in the market with their revenue analysis and our research methodology.)

Our Sample Report May Includes:

• 2032 Updated Report Introduction, Overview, and In-depth industry analysis.
• 115+ Pages Research Report (Inclusion of Updated Research).
• Provide Chapter-wise guidance on Request.
• 2023 Updated Regional Analysis with Graphical Representation of Size, Share & Trends.
• Includes Updated List of table & figures.
• Updated Report Includes Top Market Players with their Business Strategy, Sales Volume, and Revenue Analysis.

Some of the Top Market Players Covered Are:

• FedEx
• UPS
• DHL Supply Chain
• XPO Logistics
• CEVA Logistics
• C.H. Robinson Worldwide
• DB Schenker
• Ryder System
• Reverse Logistics Company
• Liquidity Services
• Genco
• Genpact
• Re-Teck
• Inmar
• eCycle Solutions
• Optoro
• The Retail Equation
• Flextronics International
• Walmart
• Best Buy
• Amazon
• Dell Technologies
• Apple
• Samsung Electronics
• LG Electronics
• HP
• Lenovo Group
• Cisco Systems
• Ingram Micro
• Arrow Electronics
• Avnet
• Synnex
• Tech Data
• Digi-Key Electronics
• Brightstar
• Asurion
• Blancco Technology
• Hyla Mobile
• Apto Solutions
• ITRenew

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Reverse Logistics Market: Report Scope

Prominent Growth Driving Factors

• Rising collaborations in the marketplace: Collaborations among reverse logistics industry players play an important role in driving the growth of the market. These partnerships lay the foundation for increased demand for reverse logistics services through supply chain optimization and focus on sustainability initiatives.
• Effective disposal of non-reusable products: Reverse logistics facilitates proper disposal of products and materials that can't be repaired or reused. It involves material recycling and safe disposal of hazardous products by following environmental regulations and providing after-sales support. The adequate disposal of products that can't be reused or recycled positively impacts reverse logistics market size.
• Growing emphasis on sustainability initiatives: Businesses across the globe are recognizing the importance of sustainable and efficient reverse logistics solutions. As a result, the market is projected to experience further growth and development in the coming years.

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Recent Trends Influencing the Market

• Partnership between Aramco & DHL Supply Chain: Saudi Arabian oil group Aramco and German logistics company DHL Supply Chain recently signed a stakeholders' agreement for establishing a new logistics & procurement hub in Saudi Arabia. The agreement between the two firms aims at enhancing the efficiency and sustainability of supply chain services in the area. The new facility will serve clients across multiple industries, including the chemical, petrochemical, and energy sectors.

Segmental Analysis

• End-of-use returns segment is anticipated to witness the fastest growth

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.

• Reselling segment is projected to account for a large revenue share

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.

• E-commerce segment is expected to garner the largest market share

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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Regional Insights

• North America witnessed the highest growth in 2022

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.

• Europe is anticipated to witness a significant growth rate

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.

Browse the Detail Report "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" with in-depth TOC: https://www.polarismarketresearch.com/industry-analysis/reverse-logistics-market     

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Recent Developments

• In December 2022, American transport company FedEx introduced its new service FedEx Consolidated Returns in the United States. The new service aims to provide merchants with a simplified and cost-effective e-commerce returns solution they can offer their customers.
• In May 2022, DHL Supply Chain unveiled its new recovery management solution in the market. The new solution help businesses reduce electronic waste by proper recycling, processing, and reuse of used electrical products.

The Report Answer Questions Such As:

• What is the current size of the reverse logistics market?
• At what CAGR is the market expected to grow over the forecast period?
• What are the challenges and opportunities faced by businesses in the industry?
• Which segments accounts for the largest market share?
• Who are the reverse logistics market key players?
• What are the recent developments and upcoming trends in the sector?
• What growth strategies are the players considering to stay in the market?

Polaris Market Research has segmented the reverse logistics market report based on return type, service, end user and region:

By Return Type Outlook

• Recalls
• Commercial Returns
• Repairable Returns
• End-of-Use Returns
• End of life Returns

By Service Outlook

• Transportation
• Warehousing
• Reselling
• Replacement Management
• Refund Management Authorization
• Others

By End User Outlook

• E-Commerce
• Automotive
• Pharmaceutical
• Consumer Electronic
• Retail
• Luxury Goods
• Reusable Packaging

By Region Outlook

• North America (U.S., Canada)
• Europe (France, Germany, UK, Italy, Netherlands, Spain, Russia)
• Asia Pacific (Japan, China, India, Malaysia, Indonesia. South Korea)
• Latin America (Brazil, Mexico, Argentina)
• Middle East & Africa (Saudi Arabia, UAE, Israel, South Africa)

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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SOURCE Polaris Market Research