Technavio Identifies the Top Three Trends Likely to Impact the Sale of Yoga and Exercise Mats Until 2020

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.

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Technavio
is a leading global technology research and advisory company. The
company develops over 2000 pieces of research every year, covering more
than 500 technologies across 80 countries. Technavio has about 300
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research assignments across the latest leading edge technologies.

Technavio analysts employ primary as well as secondary research
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and top-down approaches, besides using in-house market modeling tools
and proprietary databases. They corroborate this data with the data
obtained from various market participants and stakeholders across the
value chain, including vendors, service providers, distributors,
re-sellers, and end-users.

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