LONDON--(BUSINESS WIRE)--Technavio’s latest market research report on the global reverse logistics market of spare parts for the manufacturing industry provides an analysis of the most important trends expected to impact the market outlook from 2018-2022. Technavio defines an emerging trend as a factor that has the potential to significantly impact the market and contribute to its growth or decline.
According to Technavio market research analysts, the global reverse logistics market of spare parts for the manufacturing industry will record a CAGR of over 5% during the forecast period, however, the market's growth momentum will decelerate due to a decrease in the year-over-year growth.
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.
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In this report, Technavio highlights the introduction of blockchain technology in the logistics industry as one of the key emerging trends in the global reverse logistics market of spare parts for the manufacturing industry:
Introduction of blockchain technology in the logistics industry
A blockchain is a digitally distributed transaction ledger that involves sharing of information as identical copies on multiple computer systems controlled by different entities. In general, a blockchain system consists of a chain or link of cryptographically protected record of transaction details of all objects. It distributes records across the network of contributing nodes or computer systems of all objects, thereby eliminating the necessity for a central authority to maintain records.
“The blockchain technology makes processes and system more efficient, transparent, and economical. Several logistics companies are utilizing blockchains as a way of enhancing security and efficiency in the supply chain. Blockchain technology in the reverse logistics supply chain will streamline the flow of information,” says a senior analyst at Technavio for research on logistics.
One of the significant challenges in the spare parts reverse logistics is the flow of information as reverse logistics in the manufacturing industry is highly uncertain. Consequently, the sharing of information between all stakeholders while maintaining transparency is vital.
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Global reverse logistics market of spare parts for manufacturing industry segmentation
This market research report segments the global reverse logistics market of spare parts for manufacturing industry into the following end-users (automotive and aerospace) and key regions (the Americas, APAC, and EMEA).
The automotive segment held the largest market share in 2017, accounting for more than 51% of the market. This end-user segment is expected to dominate the market throughout the forecast period.
APAC dominated the global reverse logistics market of spare parts for the manufacturing industry in 2017, accounting for a market share of close to 37%. The market share of this segment is anticipated to grow by nearly 3% by 2022.
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