The global refurbished fitness equipment market was valued at $1.1 billion in 2021, and is projected to reach $1.9 billion by 2031, growing at a CAGR of 5.7% from 2022 to 2031.
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According to the CXOs of leading companies, the refurbished fitness equipment market is expected to grow significantly in the future primarily due to the lower prices of the equipment as well as the efficiency and performance of the equipment. Several refurbishers provide top-quality parts and services to the equipment pre- and post-sales and are also provide additional warranties to the products, which help in building customer trust and provide satisfaction.
The use of licensed replacement parts from the original manufacturers of the equipment or certified third-party vendors is expected to help in maintaining a positive image of the market. However, the use of cheap replacement parts is a concern for the market and can have a negative impact on the future of the market, hampering the growth of the refurbished fitness equipment market.
Greater adoption of fitness equipment by global gym and fitness center brands can provide lucrative opportunities for the growth of the market. Greater utilization of refurbished equipment in top-level fitness centers is anticipated to create a positive impact on the consumer psyche regarding refurbished fitness equipment. Furthermore, an increase in the creation of residential gyms, especially by housing complexes and residential buildings can provide the market with several avenues of growth. The rapidly increasing online presence of refurbished equipment has accentuated the growth of the market, and the emergence of newer players in the market through online as well as offline channels of sale that are further expected to boost the market presence in the future.
Cardio refurbished fitness equipment accounted for more than half of the Refurbished Fitness Equipment Market Size and the refurbished weight training fitness equipment market is predicted to grow with a CAGR of 6.2%. the use of refurbished fitness equipment was higher for residential applications and the use of refurbished fitness equipment for commercial establishments is rapidly increasing. Online sales channels were the most popular mode of purchase of refurbished fitness equipment in 2021and it is expected to maintain its dominance in the future owing to the ease of purchase and larger varieties of refurbished equipment available online.
North America was the largest shareholder in terms of refurbished fitness equipment sales in the base year owing to the presence of the world’s largest fitness equipment manufacturers and refurbishers in the region. Europe ranked second in terms of fitness equipment refurbishing with a presence of a large number of refurbishers. Asia-Pacific is expected to witness the highest growth during the forecast period due to the rapidly emerging smaller fitness equipment refurbishers in the region and newer Refurbished Fitness Equipment Market Trends emerging in the region.
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Key findings of the study
- By type, the cardio equipment segment dominated the market in 2021 and the weight training equipment is likely to have the highest growth during the forecast period.
- By end user, the commercial segment is anticipated to be the fastest-growing segment during the forecast period.
- By distribution channel, online channels had the highest market share in 2021 and are also expected to have the highest growth in the Refurbished Fitness Equipment industry during the forecast period.
The players operating in the refurbished fitness equipment market have adopted various developmental strategies to increase their Refurbished fitness equipment Market Share, gain profitability, and remain competitive in the market. The key players operating in the Refurbished fitness equipment Market Analysis include- Best Used Gym Equipment, Brunswick Corporation, F1 Recreation Pte Ltd, FitKit UK Ltd, Fitness Superstore, Inc., Global Fitness, Inc., Grays Fitness, Gym Experts, Gymkit UK, Johnson Health Tech. Co., Ltd., Myhomefitness.ie, Fitline India Pvt. Ltd., Origin Fitness Ltd., Marangi Fitness Professionals, Inc., Pro Gym Supply, Inc., Rebirth Fitness, THINK Fitness Co., Ltd., Total Fitness Concept Sp. z o.o., UK Gym Equipment Ltd., and USA Fitness Equipment Depot.
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