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The overall process of controlling, implementing, and planning the cost-effective flow of raw materials, goods, and in-process inventory is called reverse logistics services. The complete flow of the product from the origin to the consumption comes under the return logistics process. Reverse logistics are used to increase asset utilization, generate a better return on investment (ROI), reduce losses and unplanned revenue expenditure, and promote a culture of industry leadership.
The increased innovation and the development of automation technologies are some of the major factors driving the growth of the market. Initiatives made by several governments to establish transportation infrastructure are expected to aid the reverse logistics business. Moreover, with the rapid development in the e-commerce sector, increasing demand for returns and replacements is expected to boost the market's growth. However, factors such as the high cost of reverse logistics, inability to understand the rationale of returns, and insufficient labor resources are expected to hamper the growth of the market.
The global reverse logistics market is segmented by return type, end-user, services, and geography. Based on return type, the market is further sub-segmented into recalls, commercial and B2B returns, repairable returns, end of use returns, and end of life returns. The end-of-life returns segment is expected to account for the largest market share during the forecast period. Factor such as the need for reverse logistics in the recycling of products after the product's life cycle is expected to drive the growth of the segment. Based on end-user, the market is segmented into e-commerce, automotive, pharmaceutical, consumer electronics, retail, luxury goods, and reusable packaging. The e-commerce segment is expected to dominate the market during the forecast period. With the increased adoption of online shopping, e-commerce has experienced rapid growth. Reverse logistics services are used in e-commerce activities such as transportation, reselling, and replacements. These are some of the major factors driving the growth of the segment. Based on services, the market is segmented into transportation, warehousing, reselling, replacement management, refund management authorization, and others. The replacement management segment held the largest share of the market in 2020. As the e-commerce industry grows, the replacements and returns services should be performed efficiently, and to perform such tasks, reverse logistics services are essential.
Major players operating in the global reverse logistics market include CCR Logistics Systems AG, DB Schenker, C.H. Robinson Worldwide, Inc., Deutsche Post DHL Group, Core Logistic Private Limited, Yusen Logistics Co., Ltd., Safexpress Pvt. Ltd., FedEx Corporation, United Parcel Service, Inc., and Kintetsu World Express, Inc., among others.
Geographically, the global reverse logistics market is segmented into North America, Europe, Asia Pacific, and the rest of the world. Asia Pacific held the largest share of the market in 2020. Factors such as increased adoption of e-commerce services in the countries such as India and China and increased product recall due to stringent government rules for the quality of the product in the automotive industry are some of the major factors driving the growth of the market. North America is expected to show steady growth during the forecast period. The implementation of blockchain has enhanced the tracking and transparency of the overall lifecycle of the product. Hence, the implementation of advanced technologies such as blockchains is expected to drive the growth of the market. Europe is anticipated to show good growth during the forecast period. Factors such as the presence of major market players in the region and significant investments made by the key companies are expected to drive the market growth.
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