According to a new research report by Precedence Research, The Hoverboard Market size is forecast to exceed US$ 1,312.3 million by 2030 from USD 734.5 million in 2020 and is expected to grow at the highest CAGR of 6% from 2021-2030. The report offers an up-to-date analysis regarding the current market scenario, latest trends, key drivers, potential challenges, profitability graph and the overall market environment.
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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.
Some of the prominent players in the global hoverboard market include:
- Ninebot, Inc.
- Segway, Inc.
- Razor USA
- Hangzhou Chic Intelligent Technology Co. Ltd.
- RioRand Advanced Technology
- Evoy Technologies
- Sky Walkers USA
- Robstep GB
- IPS Electric Unicycle Co.
- Shenzhen Lezway Technology
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
TABLE OF CONTENT
Chapter 1. Introduction
1.1. Research Objective
1.2. Scope of the Study
1.3. Definition
Chapter 2. Research Methodology
2.1. Research Approach
2.2. Data Sources
2.3. Assumptions & Limitations
Chapter 3. Executive Summary
3.1. Market Snapshot
Chapter 4. Market Variables and Scope
4.1. Introduction
4.2. Market Classification and Scope
4.3. Industry Value Chain Analysis
4.3.1. Raw Material Procurement Analysis
4.3.2. Sales and Distribution Channel Analysis
4.3.3. Downstream Buyer Analysis
Chapter 5. Market Dynamics Analysis and Trends
5.1. Market Dynamics
5.1.1. Market Drivers
5.1.2. Market Restraints
5.1.3. Market Opportunities
5.2. Porter’s Five Forces Analysis
5.2.1. Bargaining power of suppliers
5.2.2. Bargaining power of buyers
5.2.3. Threat of substitute
5.2.4. Threat of new entrants
5.2.5. Degree of competition
Chapter 6. Competitive Landscape
6.1.1. Company Market Share/Positioning Analysis
6.1.2. Key Strategies Adopted by Players
6.1.3. Vendor Landscape
6.1.3.1. List of Suppliers
6.1.3.2. List of Buyers
Chapter 7. Global Hoverboard Market, By Product
7.1. Hoverboard Market, by Product Type, 2021-2030
7.1.1. Double Wheeled
7.1.1.1. Market Revenue and Forecast (2019-2030)
7.1.2. Single Wheeled
7.1.2.1. Market Revenue and Forecast (2019-2030)
Chapter 8. Global Hoverboard Market, By Application
8.1. Hoverboard Market, by Application, 2021-2030
8.1.1. Personal Mobility
8.1.1.1. Market Revenue and Forecast (2019-2030)
8.1.2. Recreational Activities
8.1.2.1. Market Revenue and Forecast (2019-2030)
8.1.3. Commercial
8.1.3.1. Market Revenue and Forecast (2019-2030)
8.1.4. Others
8.1.4.1. Market Revenue and Forecast (2019-2030)
Chapter 9. Global Hoverboard Market, By Size
9.1. Hoverboard Market, by Size, 2021-2030
9.1.1. Compact Size
9.1.1.1. Market Revenue and Forecast (2019-2030)
9.1.2. Mid-Size
9.1.2.1. Market Revenue and Forecast (2019-2030)
9.1.3. Full-Size
9.1.3.1. Market Revenue and Forecast (2019-2030)
Chapter 10. Global Hoverboard Market, Regional Estimates and Trend Forecast
10.1. North America
10.1.1. Market Revenue and Forecast, by Product (2019-2030)
10.1.2. Market Revenue and Forecast, by Application (2019-2030)
10.1.3. Market Revenue and Forecast, by Size (2019-2030)
10.1.4. U.S.
10.1.4.1. Market Revenue and Forecast, by Product (2019-2030)
10.1.4.2. Market Revenue and Forecast, by Application (2019-2030)
10.1.4.3. Market Revenue and Forecast, by Size (2019-2030)
10.1.5. Rest of North America
10.1.5.1. Market Revenue and Forecast, by Product (2019-2030)
10.1.5.2. Market Revenue and Forecast, by Application (2019-2030)
10.1.5.3. Market Revenue and Forecast, by Size (2019-2030)
10.2. Europe
10.2.1. Market Revenue and Forecast, by Product (2019-2030)
10.2.2. Market Revenue and Forecast, by Application (2019-2030)
10.2.3. Market Revenue and Forecast, by Size (2019-2030)
10.2.4. UK
10.2.4.1. Market Revenue and Forecast, by Product (2019-2030)
10.2.4.2. Market Revenue and Forecast, by Application (2019-2030)
10.2.4.3. Market Revenue and Forecast, by Size (2019-2030)
10.2.5. Germany
10.2.5.1. Market Revenue and Forecast, by Product (2019-2030)
10.2.5.2. Market Revenue and Forecast, by Application (2019-2030)
10.2.5.3. Market Revenue and Forecast, by Size (2019-2030)
10.2.6. France
10.2.6.1. Market Revenue and Forecast, by Product (2019-2030)
10.2.6.2. Market Revenue and Forecast, by Application (2019-2030)
10.2.6.3. Market Revenue and Forecast, by Size (2019-2030)
10.2.7. Rest of Europe
10.2.7.1. Market Revenue and Forecast, by Product (2019-2030)
10.2.7.2. Market Revenue and Forecast, by Application (2019-2030)
10.2.7.3. Market Revenue and Forecast, by Size (2019-2030)
10.3. APAC
10.3.1. Market Revenue and Forecast, by Product (2019-2030)
10.3.2. Market Revenue and Forecast, by Application (2019-2030)
10.3.3. Market Revenue and Forecast, by Size (2019-2030)
10.3.4. India
10.3.4.1. Market Revenue and Forecast, by Product (2019-2030)
10.3.4.2. Market Revenue and Forecast, by Application (2019-2030)
10.3.4.3. Market Revenue and Forecast, by Size (2019-2030)
10.3.5. China
10.3.5.1. Market Revenue and Forecast, by Product (2019-2030)
10.3.5.2. Market Revenue and Forecast, by Application (2019-2030)
10.3.5.3. Market Revenue and Forecast, by Size (2019-2030)
10.3.6. Japan
10.3.6.1. Market Revenue and Forecast, by Product (2019-2030)
10.3.6.2. Market Revenue and Forecast, by Application (2019-2030)
10.3.6.3. Market Revenue and Forecast, by Size (2019-2030)
10.3.7. Rest of APAC
10.3.7.1. Market Revenue and Forecast, by Product (2019-2030)
10.3.7.2. Market Revenue and Forecast, by Application (2019-2030)
10.3.7.3. Market Revenue and Forecast, by Size (2019-2030)
10.4. MEA
10.4.1. Market Revenue and Forecast, by Product (2019-2030)
10.4.2. Market Revenue and Forecast, by Application (2019-2030)
10.4.3. Market Revenue and Forecast, by Size (2019-2030)
10.4.4. GCC
10.4.4.1. Market Revenue and Forecast, by Product (2019-2030)
10.4.4.2. Market Revenue and Forecast, by Application (2019-2030)
10.4.4.3. Market Revenue and Forecast, by Size (2019-2030)
10.4.5. North Africa
10.4.5.1. Market Revenue and Forecast, by Product (2019-2030)
10.4.5.2. Market Revenue and Forecast, by Application (2019-2030)
10.4.5.3. Market Revenue and Forecast, by Size (2019-2030)
10.4.6. South Africa
10.4.6.1. Market Revenue and Forecast, by Product (2019-2030)
10.4.6.2. Market Revenue and Forecast, by Application (2019-2030)
10.4.6.3. Market Revenue and Forecast, by Size (2019-2030)
10.4.7. Rest of MEA
10.4.7.1. Market Revenue and Forecast, by Product (2019-2030)
10.4.7.2. Market Revenue and Forecast, by Application (2019-2030)
10.4.7.3. Market Revenue and Forecast, by Size (2019-2030)
10.5. Latin America
10.5.1. Market Revenue and Forecast, by Product (2019-2030)
10.5.2. Market Revenue and Forecast, by Application (2019-2030)
10.5.3. Market Revenue and Forecast, by Size (2019-2030)
10.5.4. Brazil
10.5.4.1. Market Revenue and Forecast, by Product (2019-2030)
10.5.4.2. Market Revenue and Forecast, by Application (2019-2030)
10.5.4.3. Market Revenue and Forecast, by Size (2019-2030)
10.5.5. Rest of LATAM
10.5.5.1. Market Revenue and Forecast, by Product (2019-2030)
10.5.5.2. Market Revenue and Forecast, by Application (2019-2030)
10.5.5.3. Market Revenue and Forecast, by Size (2019-2030)
Chapter 11. Company Profiles
11.1. Ninebot, Inc.
11.1.1. Company Overview
11.1.2. Product Offerings
11.1.3. Financial Performance
11.1.4. Recent Initiatives
11.2. Segway, Inc.
11.2.1. Company Overview
11.2.2. Product Offerings
11.2.3. Financial Performance
11.2.4. Recent Initiatives
11.3. Razor USA
11.3.1. Company Overview
11.3.2. Product Offerings
11.3.3. Financial Performance
11.3.4. Recent Initiatives
11.4. Hangzhou Chic Intelligent Technology Co. Ltd.
11.4.1. Company Overview
11.4.2. Product Offerings
11.4.3. Financial Performance
11.4.4. Recent Initiatives
11.5. RioRand Advanced Technology
11.5.1. Company Overview
11.5.2. Product Offerings
11.5.3. Financial Performance
11.5.4. Recent Initiatives
11.6. Evoy Technologies
11.6.1. Company Overview
11.6.2. Product Offerings
11.6.3. Financial Performance
11.6.4. Recent Initiatives
11.7. Sky Walkers USA
11.7.1. Company Overview
11.7.2. Product Offerings
11.7.3. Financial Performance
11.7.4. Recent Initiatives
11.8. Robstep GB
11.8.1. Company Overview
11.8.2. Product Offerings
11.8.3. Financial Performance
11.8.4. Recent Initiatives
11.9. IPS Electric Unicycle Co.
11.9.1. Company Overview
11.9.2. Product Offerings
11.9.3. Financial Performance
11.9.4. Recent Initiatives
11.10. Shenzhen Lezway Technology
11.10.1. Company Overview
11.10.2. Product Offerings
11.10.3. Financial Performance
11.10.4. Recent Initiatives
Chapter 12. Research Methodology
12.1. Primary Research
12.2. Secondary Research
12.3. Assumptions
Chapter 13. Appendix
13.1. About Us
13.2. Glossary of Terms
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