Ottawa, Oct. 19, 2021 (GLOBE NEWSWIRE) -- The global hoverboard market size was valued at US$ 734.5 million in 2020. Hoverboard is also known as self-balancing scooter that is popularly used as a micro-mobility solution in urban areas. It is a fuel-efficient and eco-friendly micro-mobility vehicle that uses ion-lithium batteries for power. It is gaining rapid traction among the millennials and generation Z owing to the higher demand for the high-tech products among this age group.
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Moreover, rising investments by the manufacturers to improve power efficiency and safety features in the hoverboard is positively impacting the adoption of hoverboards among the urban population across the globe. The rising trend of green mobility, rapid urbanization, rising disposable income, growing demand for the high-end technology products, and decreasing cost of batteries are the several important factors that are expected to boost the demand for the hoverboard, thereby fueling the growth of the hoverboard market.
Crucial factors accountable for market growth are:
- Rapidly growing urbanization
- Increased demand for the high-tech products
- Rising demand for hoverboards among children
- Growing adoption of hoverboards in commercial spaces
- Heavy investments on improving product safety
- Growing demand for green mobility
Scope of the Hoverboard Market Report
| Report Coverage | Details |
| Market Size in 2020 | US$ 734.5 million |
| Growth Rate from 2021 to 2030 | CAGR of 6.0% |
| Base Year | 2021 |
| Forecast Period | 2021 to 2030 |
| Largest Market | Europe |
| Fastest Growing Market | North America |
| Segments Covered | Product, Size, Application, Region |
Regional Snapshots
Based on the region, Europe dominates the global hoverboard market. Europe is characterized by increased demand for sustainable products, increased consumer awareness, rising demand for the high-end technically developed products, and rising demand for the hoverboards in the commercial spaces such as shopping malls and complexes. Hoverboard is now increasingly used in huge college campuses for its power efficiency and cheap mobility. The growing government initiatives to reduce carbon footprint is positively boosting the growth of the hoverboard market in the region. The high popularity of hoverboards among the children in Europe is significantly fueling the market growth. For this, Europe is expeted to sustain its position throughout the forecast period.
North America is estimated to be the most opportunistic market. This is attributed to the higher adoption rate of technologically developed products among the population. Moreover, the North American consumers are highly stimulated by the product quality and the rising investments in installing safety features is further propelling the market growth in this region. The adoption of hoverboard is increasing among the security staffs for patrolling. Moreover, it facilitates mobility in huge complexes and manufacturing facilities that fuels the demand for the hoverboard in the commercial spaces.
Report Highlights
- Based on the product type, the double wheeled segment dominated the market in 2020. This is owing to the increased penetration and easy availability of double wheeled hoverboards in the market. Double wheeled hoverboards are extensively used owing to its ease and convenience of riding.
- Based on the size, the compact size segment is estimated to be the most opportunistic segment owing to the increasing popularity of the small sized and light-weight hoverboards among the children for indoor driving.
- Based on the application, the commercial segment dominated the market in 2020. This is attributable to the rising adoption of hoverboard among the policemen and security personnel for patrolling purposes. Further, growing usage of hoverboards in the college campuses, manufacturing facilities, and shopping complexes has fueled the growth of this segment in the past years.
Market Dynamics
Drivers - The light-weight, convenience, and cost-effective commute are the major factors accountable for driving the global hoverboard market. The rising demand for the green mobility among the urban population is exponentially fostering the growth of the global hoverboard market.
Restraints - The increased safety concerns associated with the battery explosion of the hoverboards is a major hindering factor. In the past, frequent cases of fire and explosion in the hoverboard resulted in the decline in the demand. Moreover, few countries have banned the use of hoverboard owing to its low safety issues. This is a major factor that may hinder the market growth.
Opportunities - Rising investments in the development of advanced features in the hoverboard is expected to provide growth opportunities in future. Further, the installation of latest technologies like Bluetooth and LED lighting enhances the look and design of the hoverboard that may attract the customers.
Challenges - Low penetration in developing and underdeveloped nations owing to the low disposable income of the consumers and lack of product awareness is a major challenge to the market players that needs to be tackled in order to grow in the upcoming future.
Segments Covered in the Report
By Product
- Double Wheeled
- Single Wheeled
By Size
- Compact Size
- Mid-Size
- Full-Size
By Application
- Personal Mobility
- Recreational Activities
- Commercial
- Others
By Geography
- North America
- U.S.
- Canada
- Europe
- U.K.
- Germany
- France
- Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of the World
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