Hoverboard Market

Hoverboard Market Outlook (2022-2032)

The global Hoverboard market is set to enjoy a valuation of US$ 1,784.0 Million in 2022 and further expand at a CAGR of 6.1%to reach US$ 3,326.4 Million by the end of 2032.

Use of hoverboard as a mode of transportation is yet to witness mass scale adoption across many economies. However, owing to growing efforts in product cost reduction and increased consumer spending on modern transportation technologies, hoverboard market is likely to increase 2X times over the assessment period.

Report Attributes	Details
Hoverboard Market Size (2021A)	US$ 1,677.7 Million
Estimated Market Value (2022E)	US$ 1,784.0 Million
Forecasted Market Value (2032F)	US$ 3,326.4 Million
Global Market Growth Rate (2022-2032)	6.1% CAGR
North America Market Share (2021)	~ 23.8%
Europe Market Growth Rate (2022-2032)	~ 6.2% CAGR
United States Market Growth Rate (2022-2032)	~ 6.4% CAGR
Market Share of Top 5 Companies	~23.5%
Key Companies Profiled	Razor USA LLC Ninebot Inc. HaloBoard EPIKGO Segway Inc. Skque Products Megawheels SURFUS Genesis Hangzhou Chic Intelligent Technology Co. Ltd.

Sales Analysis of Hoverboard (2017-2021) Vs. Market Forecast Outlook (2022-2032)

A self-balancing, a battery-powered hoverboard is mostly used for amusement and personal transportation. The people's adoption of this cutting-edge technology has accelerated its market expansion over the course of history. Additionally, the use of contemporary and sophisticated electronic equipment has become increasingly popular, which has benefited market growth.

The sale of hoverboards has expanded by a compound annual growth rate of 5.2% from 2017 to 2021, driven by the aforementioned historical trends. The product will experience good traction during the projected period due to the increasing awareness and acceptance of such cutting-edge technology in numerous sectors, including the tourism industry, police departments, schools, and universities.

Additionally, the market’s revenue is being driven by altering local traveling requirements and expanding urbanization. The quick developments to improve safety standards and product availability with a wide range of size and shape for all age groups will further help in boosting the market growth.

Based on the above analysis, Fact.MR suggests that the global hoverboard market will be valued at US$ 3,326.4 Million by 2032 end posing a CAGR of 6.1% since 2022.

• Short Term (2022 Q2 to 2025): The population's attention is being driven to this advanced technology owing to the rise in the price of energy fuels such as gasoline and diesel, which will intend to increase the demand for a product in the short-run forecast period of 2022-2025.
• Medium Term (2025-2028): Over the medium term, the market is anticipated to expand with the substantial adoption of eco-friendly transportation modes with more modern features. Additionally, a gradual increase in the per capita income of the population of both emerging and developed economies will eventually result in accelerated sales of the product which will proportionally stage opportunities for market growth.
• Long Term (2028-2032): Demand for hoverboards will be driven over the long run by an increase in social media usage by manufacturers to spread the word about the fitness benefits of the product such as body weight balancing.

Over the 2017-2021 historical period, the global hoverboard market registered a CAGR of 5.2%, and according to the Fact.MR, a market research and competitive intelligence provider, the market is projected to exhibit growth at 6.1% CAGR between 2022 and 2032.

Market share analysis of Hoverboard based on product type and region is provided in a nutshell in the above image. Under the product type segment, the double wheeled sub-segment will dominate with 82.1% market share in 2022.

What’s Driving Demand for Hoverboard?

“Augmented Use of Hoverboard in Local Commute to Drive the Market Growth”

Young people in most developed countries prefer to commute on hoverboards. Hoverboards are growing increasingly popular among everyone from working adults to children. Because they are battery-powered, they are an economical option for people who frequently travel short distances. Additionally, the rapid adoption of electric mobility owing to skyrocketing costs of petroleum and gasoline in developed economies will spur market growth.

Additionally, the increasing usage of the target product in malls, tourist attractions, manufacturing facilities, sidewalks, etc. will further accelerate the market expansion. For instance, to modernize the patrolling system, some nations are introducing these self-balancing electric scooters to police departments. All of these factors will substantially have a significant impact on the market's expansion.

“Fitness Benefits and Favorable Features Incorporated with The Use of Hoverboard to Upsurge the Sales”

The need for traveling products that may offer excitement, fun, and adventure when moving from one location to another has increased significantly, which has greatly benefited the target product. Self-balancing hoverboards are cool to ride and have a futuristic appearance. Additionally, these hoverboards are more affordable than any other mobility scooter on the market.

Additionally, the fitness advantages-including the ability to burn calories, support improved posture, and many others-will increase demand among the populace in the ensuing years.

Due to its features that make it environmentally friendly, noiseless, and powered by energy, the target product will see increasing promotion, which will contribute to its growth throughout the anticipated time.

What Do Hoverboard Manufacturers Need to Watch Out for?

“Difficulties to Balancing and Risk of Injuries Associated Could Hamper the Market Growth”

A hoverboard is not suitable for long-distance commuting also, they are also challenging to balance and not ideal for everyone. Over 27,000 individuals have been hurt by hoverboards globally, according to research by Fact. MR. The most frequent injuries among them were strains or sprains, contusions, and fractures. Even now, it is not a secure manner to move around the house or on the road.

To lessen the occurrence of imbalanced incidents, manufacturers need to improve the product by concentrating on commuter safety which can help them to overcome such restraints in the future.

Country-wise Insights

Will the Affordability of the Target Product in Asia Pacific Region Drive the Market?

The Asia Pacific hoverboard market is expected to grow at a CAGR of 6.2% by 2032.

One of the top markets for hoverboards is in the Asia-Pacific region, which is also projected to experience the highest growth over the next few years. Increased consumer interest in recreational activities and rising disposable income are the two main factors propelling the Asia-Pacific market. The preference of young people for electronic devices is another important factor promoting regional prosperity.

Additionally, the accessibility of these goods in nations like China, which has low production costs and is a major supplier of inexpensive hoverboards to worldwide markets, is favorably influencing regional market expansion.

What is Driving the Demand of Hoverboards in Europe?

The widespread use of technologically advanced products by the European populace has a favorable effect on the market expansion. Apart from this, rising customer awareness and increased demand for sustainable products also support market growth.

Additionally, the region's hoverboard market is also expanding favorably due to the expanding government attempts to lessen its carbon footprint. The strong demand for these gadgets among kids in Europe is a major driver of market expansion. Throughout the projection period, Europe is anticipated to fuel the product's greater demand.

Category-wise Insights

Why Double Wheeled Hoverboards are Widely Used?

When compared to the one-wheeled product type, the inclination of consumers towards the double wheeled is more. The benefits such as offering more balance, less straining, a safer speed limit, and many more are contributing to such a higher preference rate.

Fact.MR predicts that during the forecast period, the double-wheeled hoverboard will account for 82.2% of revenue share by 2032.

Will the Population Drift Towards Recreational Activities Uplift the Market Share?

Under the segment application, recreational activities attribute to hold a major market share. Recreational activities or sports are those, which are designed in such a manner that it benefits the physical and mental fitness of the people. The acceptance of hoverboarding as a recreational activity among the population is driven by several expedient factors such as an increased number of participation in outdoor fitness activities which results in the maintenance of cardio-vascular fitness, vestibular systems, and muscle development.

The aforementioned factors are anticipated to drive the segment towards incremental growth opportunities by attaining a compound annual growth rate of 6.5% over the forecast period 2022-2032.

Competitive Landscape

Prominent hoverboard manufacturers are Razor USA, LLC, Ninebot Inc., HaloBoard, EPIKGO, Segway Inc., Skque Products, TOMOLOO Technology Industrial Co., Ltd. Megawheels, SURFUS, Genesis, Hangzhou Chic Intelligent Technology Co. Ltd., Shenzhen Rooder Technology Co., Ltd, Shenzhen JIALIKE Electronic Company Ltd., Airwheel Technology Holding (USA) Co., Ltd., Shenzhen Uwheel Technology Co., Ltd.

• To increase their market presence and diversify their product offering, the top producers of hoverboards in the world are focusing on product development and innovation. Apart from this, some inorganic growth strategies such as partnerships, acquisitions, collaborations, and mergers will help the manufacturers to improve their global presence.
• In 2021, Dun-rite has launched their new innovative hoverboard comprising a floral expandable peddle board which is 32 inches wide and can spare upto 435 pounds of weight.
• In 2019, Funky Sup introduced their trendy product aiming the youngsters that attributes 2D and 3D pictures of sea critters on the stand up paddle board.

Fact.MR has provided detailed information about the price points of key manufacturers of Hoverboard positioned across regions, sales growth, production capacity, and speculative technological expansion, in the recently published report.

Segmentation of Hoverboard Industry Research

• By Product Type:

  • Single Wheeled
  • Double Wheeled

• By Wheel Size:

  • 6.5 inch
  • 8 inch
  • 10 inch

• By Application:

  • Recreational Activities
  • Business Purpose
  • Personal Mobility

• By Sales Channel:

  • Modern Trade
  • Specialty Stores
  • Departmental Stores
  • Online
  • Sports Stores
  • Others

• By Region:

  • North America
  • Latin America
  • Europe
  • East Asia
  • South Asia & Oceania
  • MEA