The global hoverboard market size was USD 848.54 million in 2023, calculated at USD 901.15 million in 2024 and is expected to reach around USD 1,644.53 million by 2034, expanding at a CAGR of 6.2% from 2024 to 2034.
The global hoverboard market size accounted for USD 901.15 million in 2024 and is expected to reach around USD 1,644.53 million by 2034, expanding at a CAGR of 6.2% from 2024 to 2034.
The Europe hoverboard market size was estimated at USD 330.93 million in 2023 and is predicted to be worth around USD 641.37 million by 2034, at a CAGR of 6.4% from 2024 to 2034.
Based on region, Europe dominated the market in 2023, in terms of revenue and is estimated to sustain its dominance during the forecast period. This is attributable to the presence of prominent market players in the region. Further, increased awareness regarding hoverboards and growing popularity of hoverboard among the population is expected to boost the demand for the hoverboards. The rising demand for the eco-friendly commuting solutions is gaining rapid traction in Europe owing to the increased consumer awareness regarding the importance of sustainable and eco-friendly products.
On the other hand, North America is estimated to be the most opportunistic market owing to the growing adoption of hoverboard in commercial spaces. Further, high disposable income coupled with cheap and eco-friendly transport solution is a major factor that is expected to foster market growth in this region. Moreover, the rising demand for the convenience and luxury products coupled with improved living standards is positively contributing to the hoverboard market growth in North America.
Technological advancements in hoverboards as smart devices are driving consumer interest. These boards are less expensive and affordable. They run on rechargeable batteries and, hence, do not release any harmful gases into the environment. These hoverboards are extremely cheap compared to other transport vehicles, like buses, cars, motorcycles, and bicycles.
These boards are easy to park anywhere due to their portability, as they are very small and easy to carry. The stylish designs of these boards attract more users. Hoverboard manufacturers are seeking ways to increase their sales and reach a wide customer base. Hoverboards India is the best platform to provide outstanding skateboards with discounts and the best offers for its customers. The increasing people’s interest in recreational activities is expected to boost the market in the coming years.
Artificial Intelligence Contribution to the Hoverboard Market
Integrating AI algorithms in hoverboards improve self-balancing capabilities, making them easier to maneuver and control. Various sensors like accelerometers and gyroscopes can process the riding data, which helps to provide personalized settings based on individual preferences. AI can alert riders about any possible threat and monitor their movements with accurate predictions of their next actions. The accelerating speed of the vehicle can be controlled by integrating AI sensors in the system. With the help of GPS and mapping, AI assists in navigation and finding the best routes during traffic or emergencies.
Hoverboard is a micro-mobility solution, gaining rapid traction among the young adults and the teenagers all across the globe. It is electric powered and can be run using batteries. The growing demand for the hoverboard from the urban population, especially from the millennials and generation Z is fostering the market growth. There are several factors such as rapid urbanization, rising popularity of green mobility, growing need for local commute, and rising affordability of batteries is significantly propelling the growth of the global hoverboard market. The rising demand for electrically operated vehicles owing to its effective low cost travel is boosting the growth of the market. Technological advancements coupled with the rising adoption of premium tech products is gaining rapid traction among the young generation. Further, rising disposable income and growing participation in recreational activities is expected to boost the demand for the hoverboard in the forthcoming years.
The manufacturers are increasingly focusing on the improvement of safety and better technology, which is expected to drive the demand among the consumers. Hoverboard is a fun and is extremely popular among the children. Further, there are certain benefits associated with riding a hoverboard such as it burn calories, improves body posture, improves concentration, and enhance reflexes. Therefore, health benefits along with personal commute needs are expected to boost the demand for the hoverboard across the globe.
There are certain risks associated with the use of hoverboard. In the past, hoverboards caught attraction of the people owing to its frequent accidental cases. The overheating issues of the hoverboard battery resulted in explosion and fire. Majority of the victims included the children. The rising injuries due to these explosion and fire incidences injured the users. This resulted in the unpopularity of the hoverboard and its demand declined. The top manufacturers are now focusing on this issue and implementing strict safety features in the hoverboards. The rising expenditure by the manufacturers to install efficient safety features is expected to boost the demand for the hoverboard among the global consumers during the forecast period.
| Report Highlights | Details |
| Market Size in 2023 | USD 848.54 Million |
| Market Size in 2024 | USD 901.15 Million |
| Market Size by 2034 | USD 1,644.53 Million |
| Growth Rate from 2024 to 2034 | CAGR of 6.2% |
| Base Year | 2023 |
| Forecast Period | 2024 to 2034 |
| Largest Market | Europe |
| Fastest Growing Market | North America |
| Segments Covered | Product, Size, Application, Region |
| Regions Covered | North America, Asia Pacific, Europe, Latin America, Middle East and Africa |
The Versatile Roles of Hoverboards in Business Management
Hoverboards are widely used in workplaces, such as shopping malls, airports, and industries. They are useful in industrial working areas, allowing workers to move from one place to another quickly. Several businesses use these devices to monitor every section's work, reducing time consumption. Security guards in shopping malls and airports use them to ensure public safety, employees, and facilities by avoiding lengthy site exploration time within a huge workplace area. New York has adopted hoverboards for tour guides to easily explore museums, historical sites, and cities, giving tourists an exciting and enjoyable experience. They are also used by photographers, parking officers, and event managers to make their work easier and more convenient, such as clicking tons of photos from different angles and places, planning events and decorating different sections, or collecting parking fees from diverse localities. Moreover, the rising popularity of public transport devices boosts the market.
High Cost of Advanced or Smart Hoverboards
The high cost of technologically advanced or innovative hoverboards can limit affordability for poor communities and developing areas. These electric vehicles can be sensitive to weather conditions when used for outdoor traveling purposes. So, they must resist humidity and mechanical stress conditions to work efficiently. When used for indoor activities as toys, they can be cheaper than the advanced ones. They are self-balancing motors working on rechargeable batteries, which raise a safety concern. The faulty-designed chargers can create fires and put the public at risk or cause unexpected injuries. Hence, ensuring the authentic certification markings on the packaged products is essential.
Technological Advancements
Technological advancements in hoverboards led to smart and safety features in these boards. Moreover, advances in battery technology led to improved performance, thereby enhancing user experience. Moreover, favorable government policies to promote sustainable transportation and reduce carbon emissions encourage the adoption of hoverboards among consumers. These boards can improve people's health status by allowing them straight posture, stability, and focus while riding. They are eco-friendly and cause zero carbon emissions in the atmosphere, thus boosting their popularity. Single-wheeled and double-wheeled hoverboards showcase versatility in performance with the insertion of LED cameras, smartphone applications, Bluetooth speakers, and connectivity solutions.
Based on product type, the double wheeled segment lead the market in 2023, in terms of revenue and is estimated to sustain its dominance during the forecast period. This is attributed to the ease and convenience of riding associated with the double wheeled hoverboards. The consumers highly prefer double wheeled owing to its higher penetration, easy availability, and easy self-balancing feature.
On the other hand, the single wheeled segment is estimated to be the most opportunistic segment during the forecast period, owing its suitability to all types of surface and cheaper price as compared to that of the double wheeled hoverboard.
Based on size, the mid-size segment leads the market in 2023, in terms of revenue and is estimated to sustain its dominance during the forecast period. This attributed to the higher outdoor usage of the mid-sized hoverboard especially in the commercial applications. Mid-sized hoverboards are ideal for the outdoor usage owing to its weight and ability to operate efficiently on rough surfaces.
On the other hand, the compact size segment is expected to be the fastest-growing due to the rising popularity of the hoverboard among the children. The compact size hoverboard is ideal for the children owing to its compactness, light-weight, and speed restrictions that caters safety purposes.
Based on the application, the commercial segment accounted the market in 2023, in terms of revenue and is estimated to sustain its dominance during the forecast period. This is attributed to the extensive use of hoverboards in shopping malls, manufacturing facilities, and patrolling purposes by security guards and policemen.
On the other hand, the personal mobility is estimated to be the most opportunistic segment during the forecast period. This is attributable to the rising adoption of hoverboard among the urban population for cost-effective commute purposes. Hoverboard potentially provides a low cost daily transport solution to the people.
Segments Covered in the Report
By Product
By Size
By Application
By Geography
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