The global Reverse Logistics Market size is
expected to reach USD 1,910.3 billion by 2028, according to a new report by
Grand View Research, Inc. It is expected to expand at a CAGR of 12.4% from 2022
to 2028. Legislation and regulatory initiatives by several governments to adopt
reverse logistics practices in order to ensure the effective disposal of
product waste and eco-friendly operation is one of the key factors that drive
the market. The increasing awareness regarding the benefits of reverse
logistics, along with the growing awareness regarding the environment, is also
driving the market. Reverse logistics is expensive and high in cost and
additionally, the lack of availability of funds and lack of awareness regarding
the economic benefits of reverse logistics are the major factors restraining
the market growth.
Moreover, the lack of enforceable and clear regulation
legislation by the government makes it difficult for firms to decide the
effective strategies for implementing reverse logistics, which is expected to
be a barrier for the market. Most of the key players operating in the market
are adopting various strategies to capture maximum market share globally. The
COVID-19 pandemic has negatively impacted the market. The market witnessed a
decrease due to the global lockdown as major supply chains were disrupted
across the globe. However, the supply chain for e-commerce was
operating due to the inclination of users or consumers toward required and
necessary products.
The e-commerce end-user industry segment held the
largest revenue share of over 55.0% in 2021 and is expected to expand at the
fastest CAGR over the forecast period. The increasing adoption and usage of
e-commerce by consumers results in a surge in the usage and adoption of reverse
logistics to efficiently maintain reselling or returning of products, thus
contributing to the market growth. Asia Pacific accounted for the largest
revenue share of over 50.0% in 2021 and is expected to expand at the highest
CAGR over the forecast period. The growing tradition of e-commerce in Asia
Pacific upshots in swelling returns from the region, which is expected to
contribute to the market growth. The rising need for reverse logistics for
electric vehicles in the region is also contributing to the market
growth.
Related Press Release@ Reverse Logistics Market Report
Reverse Logistics Market Report
Highlights
- The Middle East and Africa region is expected to expand at the 2nd highest
CAGR of 12.9% from 2022 to 2028. The Middle East and Africa market is
expected to observe healthy growth due to the rising opportunities, along
with numerous investments made in e-commerce
- Asia Pacific accounted for the largest revenue share of over 50.0%
in 2021 and is expected to expand at the highest CAGR over the forecast
period
- The automotive end-user industry segment is likely to register the
2nd highest CAGR of 12.6% over the forecast period. The
growing adoption of agreeable reverse logistics in the automotive industry
to deliver a framework for actions occurring in automotive reverse
logistics is the key reason estimated to widen the growth of the
automotive segment
About Us:
Grand View Research, Inc. is a U.S. based market research
and consulting company, registered in the State of California and headquartered
in San Francisco. The company provides syndicated research reports, customized
research reports, and consulting services. To help clients make informed
business decisions, the company offers market intelligence studies ensuring
relevant and fact-based research across a range of industries including
technology, chemicals, materials, healthcare and energy.
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