Hoverboard Market Size Was Valued at USD 778 Million in
TOKYO, Aug. 07, 2022 (GLOBE NEWSWIRE) — The Global Hoverboard Market Size is valued at USD 778 million in 2021 and is estimated to achieve a market size of USD 1,215 million by 2030; growing at a CAGR of 5.4%.
Hoverboards are trending commute options among youngsters in most developed countries. From school going children to working individuals all are shifting their focus towards hoverboards. Hoverboards are gaining popularity among everyone, from schoolchildren to working adults. As hoverboards run on batteries, they are a cost-effective option for people who travel frequently. The soaring prices of diesel and gasoline are shifting consumers’ attention to electric mobility, and as a result, hoverboard sales are rapidly increasing.
Growing urbanization and changing local commute requirements are propelling the hoverboard market revenue. Rapid advancements in hoverboard safety are one of the trends in the hoverboard market that will drive demand in the coming years. Increasing size and shape options for people of all ages is another factor driving the hoverboard market share.
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|Hoverboard Market Size 2021||USD 778 Million|
|Hoverboard Market Forecast 2030||USD 1,215 Million|
|Hoverboard Market CAGR||5.4% During 2022 – 2030|
|Analysis Period||2018 – 2030|
|Forecast Data||2022 – 2030|
|Segments Covered||By Product, By Application, And By Region|
|Regional Scope||North America, Europe, Asia Pacific, Latin America, and Middle East & Africa|
|Key Companies Profiled||Razor USA LLC, The White Chair Limited, Ninebot Limited, Hangzhou Chic Intelligent Technology Co., Ltd., Shenzhen Jialike Electronic Company Ltd., Wuyi Chuangxin Metal Tools Co., Ltd., Shenzhen Rooder Technology Co., Ltd., Inventist, Inc., Zhejiang Topso Technology Co., Ltd., Fosjoas Technology Co., Ltd., Airwheel Technology Holding (USA) Co., Ltd., Shenzhen Uwheel Technology Co., Ltd., Hoverboard Express, LLC, Shenzhen Freefeet Technology Co. Ltd., Swagway LLC, Phunkee Tree, Inc., PTX Performance Products USA, LLC, Soibatian Corporation d.b.a. IO HAWK, Zhengzhou F-wheel Industrial Co., Ltd. and Hama GmbH & Co KG.|
|Report Coverage||Market Trends, Drivers, Restraints, Competitive Analysis, Player Profiling, Regulation Analysis|
COVID-19 Impact on the Global Hoverboard Market Value
The COVID-19 pandemic had a significant impact on hoverboard sales, just like any other mode of transportation. And because hoverboards are viewed as a recreational rather than a reliable mode of transportation, the industry was hit even harder during the coronavirus outbreak. On top of that, imposed lockdowns and travel restrictions harmed the industry once more. Furthermore, most non-essential product manufacturing plants were shut down for nearly a year, and many plants were operating with minimal staff. Throughout the pandemic, these factors influenced the growth of the hoverboard market. Our hoverboard industry analysis, on the other hand, predicts that the market will perform well in the coming years as a result of changing consumer habits, a shift toward eco-friendly commute options, and falling battery prices.
Global Hoverboard Market Dynamics
The growing enthusiasm among the youth population is driving up demand for hoverboards. Many riders regard hoverboards as a source of entertainment. Professionals perform a variety of hoverboard stunts and use them for recreational purposes. Hoverboards are eco-friendly or green commuting options because they do not use any oil, such as diesel or gasoline. As a result, the hoverboard is beneficial to the environment. Another factor driving the growth of the hoverboard market is the low cost of these smart devices. Hoverboards are a less expensive mode of transportation than a car, motorcycle, or even a standard quality bicycle. Furthermore, these smart devices do not necessitate extensive maintenance, thereby increasing the demand.
However, hoverboards are not commonly used for long-distance commutes, which may limit the market’s growth. Furthermore, they are difficult to balance and are not suitable for everyone. According to recent statistics, hoverboards have injured over 27,000 people worldwide. Fractures (40 percent), contusions (17 percent), and strains and/or sprains (13 percent ) were the most common injuries among them. Hoverboards are still not a safe way to travel around the house or on the road. As a result, manufacturers are focusing on commuter safety and developing advanced hoverboards to reduce the number of unbalanced accidents. This will create numerous growth opportunities for the market in the coming years.
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Hoverboard Market Segmentation
The global market is divided into four segments: product, application, and region.
The market is divided into three sections based on product size: 6.5 inch, 8 inch, and 10 inch. According to our hoverboard industry research, the 6.5 inch sub-segment is expected to grow significantly between 2022 and 2030. The segment’s rapid growth can be attributed to its ease of use and safety among the younger population. Furthermore, the 6.5 inch sizes of hoverboards are used in compact environments such as houses, increasing their popularity among children.
Based on application, the market is divided into recreational activities, personal mobility, business purposes, and others. According to our hoverboards market forecast, business purpose hoverboards are creating a significant sales opportunity. This is due to the increased demand for hoverboards among law enforcement and security personnel. Furthermore, the growing use of hoverboards in shopping malls, school/college campuses, and manufacturing plants is boosting the business segment.
Hoverboard Market Regional Outlook
The global hoverboard market is divided into five regions: North America, Asia-Pacific, Europe, Latin America, and the Middle East and Africa. The Asia-Pacific region is one of the leading regions in the hoverboard market, with the fastest growth rate expected in the coming years. The two major factors driving the Asia-Pacific hoverboard market are rising consumer interest in recreational activities and rising disposable income. Furthermore, the growing preference among youth for electronic devices is one of the primary factors driving regional growth.
North America and Europe both had significant hoverboard market shares in 2021 and are expected to continue to do so in the future. The growing popularity of electronic scooters among teenagers and the working population is propelling the North American hoverboard market. Furthermore, stringent EU government regulations, an increasing trend toward green mobility, and an increased demand for high-tech developed electronic products are some of the factors driving the European hoverboard market.
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Hoverboard Market Players
Some prominent hoverboard companies covered in the industry are Airwheel Technology Holding (USA) Co., Ltd., Fosjoas Technology Co., Ltd., Hangzhou Chic Intelligent Technology Co., Ltd., Hama GmbH & Co KG, Hoverboard Express, LLC, Inventist, Inc., Jialike Electronic Company Ltd., Ninebot Limited, Phunkee Tree, Inc., PTX Performance Products USA, LLC, Razor USA LLC, Shenzhen Freefeet Technology Co. Ltd., Shenzhen Rooder Technology Co., Ltd., Shenzhen Wuyi Chuangxin Metal Tools Co., Ltd., Shenzhen Uwheel Technology Co., Ltd., Soibatian Corporation d.b.a. IO HAWK, Swagway LLC, The White Chair Limited, Zhejiang Topso Technology Co., Ltd., and Zhengzhou F-wheel Industrial Co., Ltd.
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