TOKYO, Aug. 07, 2022 (GLOBE NEWSWIRE) — The Global hoverboard market The size is valued at USD 778 million in 2021 and is expected to reach a market size of USD 1,215 million by 2030; with a CAGR of 5.4%.
Hoverboards are trendy transport options among young people in most developed countries. From school children to working people, everyone is turning to hoverboards. Hoverboards are growing in popularity with everyone from school kids to working adults. As hoverboards are battery operated, they are an economical option for people who travel frequently. Soaring diesel and gasoline prices are drawing consumers’ attention to electric mobility, and as a result, hoverboard sales are increasing rapidly.
Growing urbanization and changing local travel needs are propelling hoverboard market revenue. Rapid advancement in hoverboard safety is one of the hoverboard market trends that will drive demand in the coming years. Rising 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||$778 million|
|Hoverboard Market Forecast 2030||$1,215 million|
|CAGR of the hoverboard market||5.4% from 2022 to 2030|
|Analysis period||2018 – 2030|
|Year of reference||2021|
|Forecast data||2022 – 2030|
|Segments Covered||By product, by application and by region|
|Regional scope||North America, Europe, Asia-Pacific, Latin America, Middle East and Africa|
|Profiled Key Companies||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 . ., Swagway LLC, Phunkee Tree, Inc., PTX Performance Products USA, LLC, Soibatian Corporation dba IO HAWK, Zhengzhou F-wheel Industrial Co., Ltd. and Hama GmbH & Co KG.|
|Report cover||Market Trends, Drivers, Restraints, Competitive Analysis, Player Profiling, Regulatory Analysis|
Impact of COVID-19 on Global Hoverboard Market Value
The COVID-19 pandemic has had a significant impact on hoverboard sales, like any other mode of transportation. And because hoverboards are considered recreational rather than reliable transportation, the industry has been hit even harder during the coronavirus outbreak. On top of that, the imposed shutdowns and travel restrictions have once again hurt the industry. Additionally, most non-essential manufacturing plants were closed for almost a year and many factories were operating with minimal staff. Throughout the pandemic, these factors have influenced the growth of the hoverboard market. Our analysis of the hoverboard industry, on the other hand, predicts that the market will perform well in the coming years due to changing consumer habits, a move towards eco-friendly transportation options and falling battery prices.
Global hoverboard market dynamics
The growing enthusiasm of the young population is driving up the demand for hoverboards. Many riders consider hoverboards as a source of entertainment. Professionals perform a variety of hoverboard stunts and use them for recreational purposes. Hoverboards are green or eco-friendly transportation options because they don’t use oil, like diesel or gasoline. Because of this, 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 cheaper form of transportation than a standard quality car, motorcycle, or even bicycle. Moreover, these smart devices do not require intensive maintenance, which increases the demand.
However, hoverboards are not commonly used for long-distance rides, which may limit the market growth. In addition, they are difficult to balance and are not suitable for everyone. According to recent statistics, hoverboards have injured more than 27,000 people worldwide. Fractures (40%), contusions (17%) and strains and/or sprains (13%) were the most common injuries. Hoverboards are still not a safe way to get around the house or on the road. As a result, manufacturers are focusing on the safety of commuters and developing advanced hoverboards to reduce the number of off-balance accidents. This will create many growth opportunities for the market in the coming years.
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Segmentation of the hoverboard market
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 research on the hoverboard industry, the 6.5 inch sub-segment is expected to witness significant growth between 2022 and 2030. The rapid growth of the segment can be attributed to its ease of use and safety among the population younger. Additionally, 6.5 inch hoverboards are used in compact environments such as homes, increasing their popularity among children.
Based on application, the market is divided into recreational activities, personal mobility, business purposes and others. According to our hoverboard market forecast, commercial-use hoverboards are creating a significant sales opportunity. This is due to the increased demand for hoverboards among law enforcement and security personnel. Additionally, the growing use of hoverboards in shopping malls, school/university campuses, and manufacturing plants is boosting the business segment.
Regional Outlook of the Hoverboard Market
The global hoverboard market is divided into five regions: North America, Asia-Pacific, Europe, Latin America, and Middle East and Africa. Asia-Pacific 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 growing consumer interest in recreational activities and increasing disposable income. Moreover, the increasing preference of young people for electronic devices is one of the main drivers of regional growth.
North America and Europe both held significant hoverboard market shares in 2021 and are expected to continue to do so in the future. The growing popularity of e-scooters among teens and the working population is propelling the North American hoverboard market. Furthermore, stringent government regulations in the EU, a growing trend towards green mobility, and 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 top 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, Inventiste, 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 dba IO HAWK, Swagway LLC, The White Chair Limited, Zhejiang Topso Technology Co., Ltd. and Zhengzhou F-wheel Industrial Co., Ltd.
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