Technavio’s latest market research report on the global reverse logistics market of spare parts for the manufacturing industry has projected a CAGR of over 5% in the business between 2-18-2022. According to the report, the growth in the business will also be contributed by the expanding manufacturing activities in the emerging economies like China and India.
“The growth in the manufacturing industry globally is a major factor driving the market’s growth. Industrialization and global manufacturing activities are increasing at a considerable rate in emerging countries such as Brazil, China, India, Mexico, and South Africa. The increase in consumer demand for products from various industries such as the automotive, medical devices, electronic goods, construction equipment, and the packaging machinery has driven the manufacturing industry. In 2017, the global sales of passenger cars and commercial vehicles registered tremendous growth. Rising consumption of the manufactured products will lead to an increase in the number of recalls, commercial returns, repairable returns, end-of-use returns, and end of life returns of the spare parts,” the report says.