Used Restaurant Equipment Market Report 2024, Featuring Profiles of eBay, OLX Group, IndiaMART, WebstaurantStore and Central Restaurant Products

Core Insights - The used restaurant equipment market is experiencing significant growth, projected to increase from $5.9 billion in 2023 to $6.34 billion in 2024, with a compound annual growth rate (CAGR) of 7.5% [2] - By 2028, the market is expected to reach $8.51 billion, reflecting a CAGR of 7.6% during the forecast period [3] Market Growth Drivers - The growth is driven by factors such as cost-effective solutions, high turnover rates in the restaurant industry, a focus on minimizing startup costs, increased sustainability awareness, and changes in industry regulations [2] - The increasing number of food establishments, which rose to 711,159 in the US by Q4 2023 from 695,817 in Q1 2023, is also boosting the demand for used restaurant equipment [5] Key Trends - Technological advancements, emphasis on equipment longevity, innovations in refurbishment processes, adoption of leasing models, and improved transparency in sourcing and sales are expected to drive market growth [4] - The rise of online marketplaces and increasing demand for customization are also contributing to the market's expansion [3] Competitive Landscape - Major players in the used restaurant equipment market include eBay Inc., OLX Group, IndiaMART, WebstaurantStore, and Central Restaurant Products, among others [9] - Companies are focusing on innovative products, such as environmentally friendly cleaning machines, to promote sustainability and reduce operational costs [6][7] Mergers and Acquisitions - Joe Warren & Sons Co. Inc. acquired Able Restaurant Equipment Service Inc. in April 2024, enhancing its service offerings and market presence in New Hampshire [8] Market Segmentation - The market is segmented by product types, distribution channels (online and offline), and end users, including full-service restaurants, quick-service restaurants, and catering services [15]