Refurbished Fitness Equipment Market Research, 2031
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.
Refurbished fitness equipment provides almost new features and functionalities to consumers at almost half the price. These machines have their worn-out parts replaced with licensed new parts and are either painted or coated in order to provide a fresh appearance. Most of the rust, dents, abrasions, and spots are buffed out form the various rods and beams in the machines to improve the aesthetics of the equipment. Owing to the replacement of only certain essential parts, the cost of repairing the equipment is low, which makes the purchasing price of refurbished fitness equipment 50%-75% lower than new fitness equipment helps attract a larger consumer base.
A significant rise in the number of gyms and fitness centers in recent years has been witnessed due to an increase in consumer interest in health and fitness. Working out at gyms and health clubs is one of the most convenient ways for consumers to remain healthy and fit while handling other activities such as work, home, and college, which helps show positive trends for the Refurbished Fitness Equipment Market Forecast.
Many smaller entrepreneurs have entered the fitness industry by creating fitness centers that provide service only in particular smaller areas and consumer bases. As the capital for setting up gyms and health centers is high, these smaller gyms and fitness centers most commonly purchase refurbished fitness equipment to reduce their costs and operate their businesses smoothly.
Furthermore, it allows them to purchase larger varieties of fitness equipment, which helps them provide a greater plethora of fitness activities and attract a larger consumer base to their fitness centers. These types of smaller gyms and fitness centers provide a significant boost to the Refurbished Fitness Equipment Market Size.
Cardio and weight training equipment are some of the most prominently used refurbished fitness equipment in the fitness market. Cardio equipment such as treadmills and ellipticals are a part of the fitness routines of the majority of gym goers as they help in providing ample warm-up prior to intensive exercise and help provide adequate cool-down period post-workout.
Weight training equipment, also known as strength training equipment, helps in increasing the muscle mass and strength of the body by providing adequate resistance to the muscles in order to grow. As these types of equipment are so popular, they are present in most gyms and fitness centers, especially cardio equipment as they are more popular. This massive user base of the equipment has led to an increase in the refurbishing rate of such type of equipment as many consumers and fitness center owners are looking for cheaper versions of such products to add to their establishments and homes, which leads to the Refurbished Fitness Equipment Market Growth.
As refurbished fitness equipment is made from older fitness equipment, some consumers are wary about the quality of the products, despite the repairs implemented onto the equipment. Some smaller engaged stakeholders utilize cheaper replacement parts that are not durable in order to reduce repair costs and increase profits. This leads to an easier breakdown of the equipment post-purchase, which can prove detrimental to the market. Quick breakdowns and incessant maintenance of such low-quality refurbished fitness equipment create a negative image of refurbished fitness equipment, causing consumers to move away from refurbished equipment.
A lot of consumers are opting to create workout centers or gyms in their own homes. The primary reason for the creation of home gyms is convenience, as consumers can work out any time they wanted to and do exercises at their own leisure. Furthermore, the hectic lifestyles of consumers can reduce the time that consumers can work out and exercise, so home gyms eliminate the traveling times to and from the gyms and fitness centers, which helps the consumers dedicate more time to exercise. Residential consumers generally prefer refurbished fitness equipment due to the lower prices of the equipment. It facilitates the acquisition of commercial-grade fitness equipment that is not easily available for residential consumers to purchase. Residential and apartment complexes create smaller gyms dedicated to their residents, providing a significant boost to the Refurbished Fitness Equipment industry.
The refurbished fitness equipment market is segmented into Type, End User and Distribution Channel. By type, the refurbished fitness equipment market is classified into cardio equipment, weight training equipment, and others. Depending on end users, the market is categorized into residential and commercial. According to distribution channels used for the sale of refurbished fitness equipment, the market is segmented into offline and online channels of sale. By region, the market is divided across North America (U.S., Canada, and Mexico), Europe (UK, Germany, France, Italy, Spain, Netherlands, and the Rest of Europe), Asia-Pacific (China, Japan, India, South Korea, Australia, and Rest Of Asia-Pacific), and LAMEA (Latin America, Middle East, and Africa).
Cardio equipment like treadmills, ellipticals, bikes, rowing machines, and others are some of the most popular types of fitness equipment and occupy the largest Refurbished Fitness Equipment Market Share due to their overall effectiveness at reducing weight and increasing stamina and agility. Weight training equipment focused on upper and lower body strength and muscle toning, development, and gain is used extensively due to the increase in the strength of the consumer and the aesthetics of the body defined by muscle mass. Other types of refurbished fitness equipment such as dumbbells, barbells, and weights are less popular than cardio and weight equipment, however, are still extensively used for custom workouts and training that are suitable for the consumers.
Residential use of refurbished fitness equipment is significantly higher due to the lower costs of refurbished equipment as well as the easier availability of such equipment. Consumers can choose from a wide variety of equipment and choose the right equipment for their requirements. Commercial use of refurbished fitness equipment is primarily for the smaller gyms and fitness centers that do not generally have a lot of capital in order to set up larger gyms and health clubs. However, many mid and even high-level gyms and fitness centers are gradually incorporating refurbished fitness equipment into their establishments due to the feasibility of refurbished equipment.
By End User
Residential segment dominated cardio equipment in 2021 and is expected to maintain its dominance throughout the forecast period
Online channels are the most popular means of sale for refurbished fitness equipment for residential use as consumers can choose from a wide variety of products online. Consumers can also avail of easy delivery of the products and can enjoy rapid installations of the equipment as the purchase cost generally include delivery and installation charges. This eliminates the cost of transporting the goods from the warehouse to the consumers’ homes, which attracts several consumers. Commercial purchasers of refurbished equipment, however, prefer to purchase their equipment online as they prefer to properly inspect the equipment before purchase.
North America is the largest consumer of refurbished fitness equipment as there is a major presence of fitness equipment refurbishers in the region. Many major fitness equipment manufacturing companies such as Life Fitness and Global Fitness refurbish their own products at the end of their life cycle, thus providing consumers with an assurance of quality. Europe also has a massive concentration of refurbishers that provide a myriad of refurbished equipment both from local and international manufacturers. Most of the refurbished fitness equipment in the Asia-Pacific and LAMEA regions are imported, however, many smaller players are emerging in these regions providing lucrative growth opportunities to the refurbished fitness equipment market in the region, helping grow the Refurbished Fitness Equipment Market Demand.
Some of the major players analyzed in this report are 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.
Key Benefits For Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the refurbished fitness equipment market analysis from 2021 to 2031 to identify the prevailing refurbished fitness equipment market opportunities.
- Market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders to make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the refurbished fitness equipment market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes an analysis of the regional as well as global refurbished fitness equipment market trends, key players, market segments, application areas, and market growth strategies.
Refurbished Fitness Equipment Market Report Highlights
| Aspects | Details |
 Market Size By 2031 | USD 1.9 billion |
 Growth Rate | CAGR of 5.7% |
 Forecast period | 2021 - 2031 |
 Report Pages | 234 |
 By Type |
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 By End User |
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 By Distribution Channel |
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 By Region |
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 Key Market Players | FitKit UK Ltd, F1 RECREATION, UK Gym Equipment Ltd., Myhomefitness.ie, USA Fitness Equipment Depot, Johnson Health Tech.Co,Ltd., Rebirth Fitness, Brunswick Corporation, THINK Fitness Co., Ltd., Gym Experts, Pro Gym Supply, Inc., Primo Fitness, Best Used Gym Equipment, FITLINE INDIA PVT. LTD, Fitness Superstore, Inc., AME Fit Equipment, GLOBAL FITNESS, INC., Gymkit UK, Origin Fitness Ltd., Grays Fitness |
Analyst Review
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.
The refurbished fitness equipment market was valued at $1,084 million in 2021 and is estimated to reach $1,861.4 million by 2031, registering a CAGR of 5.7% from 2022 to 2031.
The global refurbished fitness equipment market registered a CAGR of 5.7% from 2022 to 2031.
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The forecast period in the refurbished fitness equipment market report is from 2022 to 2031.
The top companies that hold the market share in the refurbished fitness equipment market include Brunswick Corporation, Pro Gym Supply, Inc., Johnson Health Tech. Co., Ltd., and Fitness Superstore, Inc.
The refurbished fitness equipment market report has 3 segments. The segments are product type, end user, and distribution channel.
The emerging countries in the refurbished fitness equipment market are likely to grow at a CAGR of more than 8.3% from 2022 to 2031.
Post COVID-19, the ease of lockdown had led to the opening of many small scale and localized gyms and fitness centers, as well as the creation of newer home gyms which increased the demand for refurbished fitness equipment.
North America will dominate the refurbished fitness equipment market by the end of 2031.
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