Hoverboard market size is said to be worth up to $ 1.3 billion
Ottawa, October 19, 2021 (GLOBE NEWSWIRE) – The global Hoverboard Market size was valued at $ 734.5 million in 2020. Hoverboard is also known as a self-balancing scooter popularly used as a micro-mobility solution in urban areas. It is a fuel efficient and environmentally friendly micromobility vehicle that uses ion lithium batteries for power supply. Due to the higher demand for the high-tech products in this age group, it is rapidly gaining importance among millennials and Generation Z.
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In addition, increasing investments by manufacturers to improve the energy efficiency and safety functions of the hoverboard have a positive effect on the acceptance of hoverboards in urban populations around the world. The increasing trend towards green mobility, rapid urbanization, increasing disposable income, increasing demand for high-end technology products and decreasing battery costs are the main factors that are increasing the demand for the hoverboard and therefore the growth of the hoverboard market.
Crucial factors for market growth are:
- Rapidly growing urbanization
- Increased demand for the high-tech products
- Growing demand for hoverboards among children
- Increasing acceptance of hoverboards in commercial spaces
- Large investments in improving product safety
- Growing demand for green mobility
scope Hoverboard market report
|Market size in 2020||$ 734.5 million|
|Growth rate from 2021 to 2030||CAGR of 6.0%|
|Forecast period||2021 to 2030|
|Fastest growing market||North America|
|Covered segments||Product, size, application, region|
Based on the region, Europe dominates the global hoverboard market. Europe is characterized by an increased demand for sustainable products, increased consumer awareness, an increasing demand for technically developed high-end products and an increasing demand for the hoverboards in commercial spaces such as shopping malls and complexes. Hoverboard is increasingly used in huge university campuses due to its energy efficiency and affordable mobility. The growing government initiatives to reduce the carbon footprint are positively boosting the growth of the hoverboard market in the region. The high popularity of hoverboards among children in Europe is a major driver of market growth. Because of this, Europe is expected to hold its position throughout the forecast period.
North America is considered to be the most opportunistic market. This is attributed to the higher acceptance of technologically developed products in the population. In addition, the North American consumers are strongly stimulated by the product quality and the increasing investments in the installation of safety devices are driving the market growth in this region further. The adoption of hoverboards is increasing among security forces for patrols. In addition, it facilitates mobility in huge complexes and manufacturing facilities, which is driving the demand for the hoverboard in commercial areas.
- Based on product type, the dual wheel segment dominated the market in 2020. This is due to the increased penetration and easy availability of dual wheel hoverboards in the market. Two wheel hoverboards are widely used because of their lightness and convenience.
- Based on size, the compact size segment is valued as the most opportunistic segment due to the increasing popularity of small and lightweight hoverboards among children for indoor driving.
- According to application, the commercial segment dominated the market in 2020. This is due to the increasing acceptance of hoverboards by police officers and security personnel for patrol purposes. Additionally, the increased use of hoverboards on college campuses, manufacturing facilities, and shopping complexes has fueled the growth of this segment in recent years.
driver – The light weight, comfort, and inexpensive commute are the major factors driving the global hoverboard market. The increasing demand for green mobility among urban populations is fueling the growth of the global hoverboard market exponentially.
Restrictions – The increased safety concerns associated with the hoverboard battery explosion are a major drag. In the past, frequent hoverboard fires and explosions resulted in a drop in demand. Additionally, few countries have banned the use of hoverboards due to its minor safety issues. This is an important factor that can hinder market growth.
Opportunities – Increasing investments in the development of advanced functions of the hoverboard should offer growth opportunities in the future. In addition, installing the latest technologies such as bluetooth and LED lighting improves the appearance and design of the hoverboard which can attract customers.
challenges – The low penetration in developing and underdeveloped countries due to the low disposable income of consumers and a lack of product awareness is a major challenge for market participants that must be overcome in order to be able to grow in the future.
Segments Covered in the Report
- Can be driven twice
- Single wheel
- Compact size
- Medium size
- Full format
- Personal mobility
- free time activities
According to geography
- North America
- Asia Pacific
- South Korea
- Rest of the world
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