Hoverboard Market Size - Global Industry Share, Analysis, Trends and Forecast 2022 - 2030
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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%.
A hoverboard is a two-wheeled, battery-operated self-balancing vehicle that is used for business and personal transportation purposes. It is also called an electric skateboard, a self-balancing electric scooter, or a hands-free Segway, the conventional Segway's with no handles. The operator or the rider stands on the footrest of the hoverboard and uses their body weight to make good control of the movement of the hoverboard. A hoverboard is a rechargeable, portable and battery-operated scooter. It consists of two rubber wheels fitted on both sides and has two small platforms on the upper side between the wheels which act as the rider’s seat where the rider stands. Hoverboards are controlled by the feet of the rider and stand on the pre-installed gyroscopic sensored pads.
Global Hoverboard Market DRO’s:
Market Drivers:
- Growing urbanization and local commute requirements
- Increasing demand for green mobility
- Rising demand for hoverboards among youth and children’s
- Declining battery prices
Market Restraints:
- Safety concerns as compared to other commuting options
- Not reliable for long distance travels
Market Opportunities:
- Rising investments in improving product safety
- Strong dealership and supplier network
Hoverboard Market Report Coverage
| Market | Hoverboard Market |
| 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 |
| Base Year | 2021 |
| 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 |
Off late, the demand for hoverboards has increased considerably owing to the rising use of hoverboards for recreational activities as well as for personal mobility and is gaining popularity across the globe. Moreover, the increasing interest of consumers in self-balancing and battery-operated scooters along with the rising population of youngsters are some key factors further expected to boost the demand for hoverboards thus driving the growth of the global hoverboard market over the forecast period..
Hoverboard Market Segmentation
The market can be bifurcated on the basis of product type, application and region. By product type, the global hoverboard market can be segmented into 6.5 inch, 8 inch and 10 inch. On the basis of application, the global hoverboard market can be segmented into recreational activities, business purposes, personal mobility and others. On the basis of region, the global hoverboard market can be segmented into North America, Latin America, Europe, Middle East & Africa (MEA) and Asia-Pacific.
Hoverboard Market By Product
- 6.5 Inch
- 8 Inch
- 10 Inch
Among the products, the 6.5 inch segment is expected to achieve a significant market share in 2021 and is likely to continue its trend in the coming years. The increasing demand of 6.5 inch hoverboards among kids is the primary factor fueling the demand. Additionally, the lightweight features, ease of use, and increasing product launch by key players for this type is also supporting the market growth.
Hoverboard Market By Application
- Recreational Activities
- Business Purposes
- Personal Mobility
- Others
Based on application, the business purpose hoverboards accounted for the majority of the share in 2021 and will continue its dominance in the coming years. The significant demand from shopping malls, school and college campuses, and manufacturing plants are creating lucrative opportunities for the business purpose hoverboard market. However, the personal mobility sub-segment is likely to achieve a noteworthy growth rate due to the increasing adoption of hoverboards among urban population.
Hoverboard Market Regional Outlook
North America
- U.S.
- Canada
Europe
- U.K.
- Germany
- France
- Spain
- Rest of Europe
Asia-Pacific
- China
- Japan
- India
- Australia
- South Korea
- Rest of Asia-Pacific
Latin America
- Brazil
- Mexico
- Rest of Latin America
Middle East & Africa
- GCC
- South Africa
- Rest of Middle East & Africa
Rapid urbanization and increasing preference among youth for electronic devices fuels the Asia-Pacific hoverboard market
The global hoverboard market is anticipated to witness the fastest growth in Asia-Pacific owing to increasing per capita disposable income along with the increasing inclination of consumers toward recreational activities. Moreover, rapid urbanization and increasing preference for electronic devices among youngsters and kids is another major factor fueling the growth of the global hoverboard market in Asia-Pacific. North America is anticipated to be the second largest market in the global hoverboard market due to the rising preference for electronic scooters among teenagers and office going population. Further, Europe is projected to register the third largest growth due to increasing development in emerging markets like Germany, Italy, the U.K, and France among others. Brazil and Argentina in Latin America are the two most lucrative markets anticipated to witness growth in the hoverboard market due to rising recreational and sports activities and increasing consumer preference for battery-operated commutation alternatives. Asia-Pacific region accounted for the largest market share in the global hoverboard market and is forecasted to dominate during the forecast period owing to increasing demand from developing countries such as Japan, China, Singapore, Australia, and Malaysia among others.
Hoverboard Market Players
Some of the key hoverboard companies involved in the supply of power sports products are focusing on key market strategies such as mergers and acquisitions along with improvement in old products and innovations in new product development. They are also concentrating on bringing up new products to meet the demands in the ever-competitive market. Some of the players in the hoverboard market include 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.