Refurbished Running Shoes Market Size is Anticipated to be Valued at About US$ 798 Million by 2032
The global refurbished running shoes market is set to witness an impressive growth rate of 8.9% over the forecasted years of 2022 to 2032. The refurbished running shoes market size is anticipated to reach a valuation of around US$ 798 Million by the end of year 2032 from the current valuation of US$ 340 Million in 2022.
Sneakers that have been repaired or recertified for selling again are referred to as refurbished shoes. Such shoes may vary depending on the brand and method used. For instance, reconditioned running shoes may have simply been opened, returned to the manufacturer or store due to a problem, and then marketed again. Due to the fact that they are sold at a lower price than brand-new products, demand for refurbished running shoes is quite high right now across both developed and developing economies.
Most reconditioned products come with tested and guaranteed substitutes. When these products successfully pass the quality inspection process and appear and function similarly to existing new products in the market, and they are also certified. Such aspects are anticipated to increase consumer confidence in the products and consequently boost sales of refurbished running shoes in the ensuing days.
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Key Takeaways from Market Study
- The overall growth of the global refurbished running shoes market is estimated to be around US$ 368 Million over the forecast decade covering the years 2022 to 2032, by following the average CAGR of 8.9%.
- The overall market is projected to reach a valuation of nearly US$ 798 Million by the end of the forecast period in 2032 that would constitute nearly 25 – 30% of the used apparel market globally.
- Neutral pronator refurbished running shoes category is the dominant segment of the market and is also projected to be the fastest growing segment along with the over pronator refurbished running shoes segment.
- Though offline distribution channels for sales of refurbished running shoes had remained dominant since a very long time but in recent time online retail shops have been growing rapidly and presently contribute more than 50% of the global market.
- North America is the leading region with the highest demand for refurbished running shoes. The overall market share of this region is estimated to be around 32.6% for the year 2022.
- European countries have witnessed an impressive growth over the recent years in the refurbished running shoes market and presently acquire nearly 16.8% of the global market.
- Asia Pacific is the fastest growing market as figured out by the refurbished running shoes market analysis report for the coming years.
Some of the well-known refurbished running shoes market players are Reebok, Nike, Inc. , PUMA SE, Greensole.in, Etsy, Skechers India, RELAY, Adidas AG, and Chuck Taylor All Stars among others.
One of the major causes influencing the ongoing global expansion of refurbished running shoes business is the fact that so many famous companies and popular brands are supporting the second-hand movement. Giants like Richemont, LVMH, and Stella McCartney have shown their dedication to sustainability and adoption of better technology for restoring used shoes.
Recent Developments in the Global Refurbished Running Shoes Market:
- Last year Bank & Vogue, Beyond Retro, and another well-known firm names Converse teamed up to solve the problem of decreasing trash and for working together to design a range of shoes made from recycled materials. The corporate officials stated that improving sustainability and the fashion industry is our goal.
Refurbished Running Shoes Market by Segmentation
By Shoe Type:
- Over Pronator
- Neutral Pronator
By Distribution Channel:
- North America
- Latin America
- East Asia
- South Asia
- Middle East and Africa
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