The global hoverboard market size was valued at US$ 734.5 million in 2020 and is expected to hit US$ 1,312.3 million by 2030, growing at a compound annual growth rate (CAGR) of 6.0% from 2021 to 2030.
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.
Product Type Insights
Based on product type, the double wheeled segment lead the market in 2020, 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 2020, 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 2020, 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.
Based on region, Europe dominated the market in 2020, 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.
Key Companies & Market Share Insights
The market is moderately fragmented with the presence of several local companies. These market players are striving to gain higher market share by adopting strategies, such as investments, partnerships, and acquisitions & mergers. Companies are also spending on the development of improved products. Moreover, they are also focusing on maintaining competitive pricing.
In January 2020, Segway, Inc. and Ninebot, Inc. launched new e-self balancing scooter or hoverboard that can automatically adjust the speed. This product development ensures optimal speed and reduce the risk of accidents.
The various developmental strategies like new product launches with latest and innovative features fosters market growth and offers lucrative growth opportunities to the market players.
Some of the prominent players in the global hoverboard market include:
Report Scope of the Hoverboard Market
|Market Size||USD 1312.3 Million by 2030|
|Growth Rate||CAGR of 6% From 2021 to 2030|
|Forecast Period||2021 to 2030|
|Fastest Growing Market||North America|
|Segments Covered||Product, Size, Application, Region|
Ninebot, Inc., Segway, Inc, Razor USA, Hangzhou Chic Intelligent Technology Co. Ltd., RioRand Advanced Technology, Evoy Technologies, Sky Walkers USA, Robstep GB, IPS Electric Unicycle Co., Shenzhen Lezway Technology
Segments Covered in the Report
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