LONDON--(BUSINESS WIRE)--Technavio’s latest global yoga and exercise mats market report highlights three key emerging trends predicted to impact market growth through 2020. Technavio defines an emerging trend as something that has potential for significant impact on the market and contributes to its growth or decline.
“Factors such as innovative product designs, popularity of yoga, and an increase in instances of obesity in North America are some of the key factors driving the demand for yoga and exercise mats in the region,” said Brijesh Kumar Choubey, one of Technavio’s lead industry analysts for retail goods and services.
“Annually, it is estimated that the US population spends close to USD 10.3 billion on yoga classes and products such as mats and apparel. In terms of gender, female practitioners of yoga account massively contributes to the revenue growth of this and the segment accounted for over 72% share in 2014. The region is expected to witness a greater demand for gym mats during the forecast period because of an increase in the demand for thick and shock absorbent materials,” added Brijesh.
Technavio’s market research study identifies the following three emerging trends that are expected to propel the growth of the global yoga and exercise mats market:
- Rise in the number of yoga studios, fitness centers, and clubs
- Rise in product innovations
- Growth in online retail
Rise in the number of yoga studios, fitness centers, and clubs
The North America region has been witnessing a steady rise in the number of yoga studios, fitness centers, and clubs over the past decade. To enhance sales, these clubs come up with exclusive packages that attract consumer attention with yearly or monthly discounts that includes packages like free workouts for a month.
The number of health clubs and fitness centers in the US was estimated to be close to 34,460 in 2014. During the same period, fitness memberships in various health clubs across the US was estimated to be close to 54.1 million and the number of yoga and Pilate's studios in the US rose at an annual rate of 5.9% from 2007 until 2012. By 2020 the number of fitness trainers is expected to rise by over 31% in the US. This trend marks the popularity of fitness activity in the region and is expected to immensely benefit the yoga and exercise mats market in North America until 2020.
Rise in product innovations
Vendors are launching many innovative and technologically advanced products for enhancing sales of yoga and exercise mats. This trend is anticipated to accelerate market growth and generate better results in terms of revenue for the leading vendors during the forecast period. For instance, the TERA smart mat designed by LUNAR is an interactive exercise mat. It tracks body movements through its embedded micro sensors when connected with a tablet or smartphone with its app. While practicing yoga and Pilates, this mat, through its LED light display, guides and corrects postures. Another innovation is the yoga mat introduced by Lululemon, which has a moisture-absorbing design that gives better grip in sweaty conditions. By offering such innovative products and catering to the needs of different customer groups, manufacturers are predicted to price these products at a premium for expanding their profit margins.
Growth in online retail
The e-commerce market for yoga and exercise mats is flourishing due to the emergence of the off-price online retailing strategy. Amazon.com, yogamatic.com, and eBay are some of the popular sites selling yoga and exercise mats. In 2013, online retailing constituted 8% of the total retail sales in the US and it is expected to reach close to 11% by 2018.
The absence of overheads in online stores gives them a significant cost advantage, thus enabling vendors to offer products at lower prices. This affordability, coupled with the ease and convenience of online shopping makes this avenue a lucrative option for shoppers. Consequently, the growth in online retailing is one of the major factors is anticipated to further drive the growth yoga and exercise mat sales in North America.
Browse related reports:
- Global Smart Wearable Fitness and Sports Devices and Services Market 2015-2019
- Fantasy Sports Market in North America 2015-2019
- Global Sports Footwear Market 2015-2019
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