Hoverboard Market is Expected to Witness Strong Growth due to Increased Demand for Self Balancing Electric Vehicles
Additionally, a young demographic profile and trend-setting attitudeamong consumers further boost sales
The global hoverboard market has grown exponentially over the past decade owing to rising demand for self-balancing electric vehicles. Hoverboards allow for quick and effortless transportation and come with built-in lithium-ion batteries that provide a range of 6-10 miles on a single charge. The two-wheeled, gyroscopically controlled electric vehicles offer mobility and fun while requiring minimal user effort.
The ease of use and compact size of Hoverboard Market Demand have made them popular among commuters as well as recreational users for navigating short to medium distances both indoors and outdoors.
**The global hoverboard market is estimated to be valued at US$5.8 billion in 2024 and is expected to exhibit a CAGR of 8.4% over the forecast period of 2024 to 2031.
Key Takeaways**
Key players operating in the hoverboard market include Swagtron, HOVERZON, Airwheel, Razor Hovertrax, Megawheels. These companies collectively hold over 50% of the global market share due to their innovative product offerings and robust distribution networks across key regions.
The rising popularity of electric vehicles for personal mobility has opened huge opportunities for hoverboard manufacturers to expand their product portfolio catering to off-road and rugged terrain usage. Several companies are investing in R&D to develop all-terrain hoverboards with bigger wheels and suspension systems.
North America and Europe contribute over 60% of the global hoverboard sales currently. However, with improving charging infrastructure and growing disposable incomes, markets in Asia Pacific are expected to witness strongest growth during the forecast period. Chinese manufacturers are aggressively expanding to other Asian countries and Latin American nations through online retail channels.
Market Drivers
Growing environmental concerns and stringent emission regulations on gasoline vehicles have boosted the sales of electric mobility solutions like hoverboards in recent years. Hoverboards do not emit any pollutants and are an eco-friendly mode of transportation for short-distance commutes.
Market Restraints
Safety issues related to unexpected braking or loss of balance have limited the widespread adoption of hoverboards. Strict quality certifications and safety standards imposed by regulatory bodies increase production costs for manufacturers. Additionally, limited battery capacity requiring frequent recharging also acts as a restraint for the hoverboard market.
Segment Analysis
The global hoverboard market is segmented on the basis of product and application. Based on product, the market is segmented into self-balancing electric scooters and standard kick scooters. Self-balancing electric scooters dominate the market as they are a novel transportation method and provide the experience of gliding over surfaces without any physical effort. They have gained widespread popularity among young adults and teenagers for recreational purposes.
Based on application, the market is segmented into recreation activities, daily commuting, and photography. Recreational activities exhibit the highest share as hoverboards are primarily used for leisure purposes such as sightseeing, adventure sports, and amusement parks. Their lightweight, compact design makes them an effortless option for adventurous tours and exploring new places.
Global Analysis
On a regional basis, North America dominates the global hoverboard market and is expected to continue its dominance during the forecast period. The presence of major manufacturers and high living standards that allow discretionary spending on innovative recreational devices drive theregional market. Additionally, a young demographic profile and trend-setting attitudeamong consumers further boost sales.
Asia Pacific exhibits the fastest growth and is projected to emergeas the new hotspot for hoverboard sales in the coming years. Developingcountries such as India and China are experiencing rising disposableincomes and spending power. Also, enhanced living standards and growinginterest of youth in adventure sports and leisure activities willpropel the APAC hoverboard market.
About Author:
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc. (https://www.linkedin.com/in/money-singh-590844163)