LONDON--(BUSINESS WIRE)--The global yoga accessories market size is expected to grow by USD 830.47 million during 2020-2024. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. The impact can be expected to be significant in the first quarter but gradually lessen in subsequent quarters – with a limited impact on the full-year economic growth, according to the latest market research report by Technavio. Request a free sample report
Product premiumization due to increasing innovation will be one of the major factors behind the yoga accessories market growth. Vendors are offering innovative yoga accessories such as reversible mats, which are made from natural rubber along with eco-friendly mats that are developed from jute. These mats are designed with antimicrobial additives that help prevent mold and mildew on the mat. Such innovations are driving the market and consumers are willing to invest in these premium products due to factors such as superior quality and durability. The launch of such innovative and premium products will help vendors widen their profit margins and gain a competitive edge during the forecast period.
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As per Technavio, the introduction of smart mats will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
Yoga Accessories Market: Introduction of Smart Mats
Several manufacturers are continuously looking to improve yoga mats with additional features to increase customer satisfaction. One of the trending innovations in the field of yoga mats is smart connectivity using Wi-Fi and Bluetooth. Such smart mats can be monitored through mobile apps installed on smart gadgets. Several manufacturers are focusing on introducing the smart connectivity feature in their upcoming yoga accessories. For instance, SmartMat is a portable yoga mat, which helps track and improve yoga practice by suggesting incremental improvements towards achieving the perfect position. Thus, with such advanced features, the global market is expected to witness a positive outlook during the forecast period.
"Growing enrolment in fitness and health clubs and increasing availability of custom yoga mats will have a significant impact on the growth of the yoga accessories market value during the forecast period,” says a senior analyst at Technavio.
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Yoga Accessories Market: Segmentation Analysis
This market research report segments the yoga accessories market by product (yoga mats, yoga straps, yoga blocks, and others) and geography (North America, Europe, APAC, South America, and MEA).
The North American region led the yoga accessories market share in 2019, followed by Europe, APAC, South America, and MEA respectively. During the forecast period, the North American region is expected to register the highest incremental growth due to factors such as the rising participation in regular fitness activities, and the introduction of new product offerings by vendors in the region.
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Some of the key topics covered in the report include:
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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