Hoverboard Scooters Market Size, Share, Growth, and Industry Analysis, By Type (< 7-inch Wheels, 7-9 inch Wheels and > 9-inch Wheels), By Application (Children and Teenager and Adults) and Regional Insights and Forecast to 2031

Updated On: 29 April 2024

HOVERBOARD SCOOTERS MARKET REPORT OVERVIEW

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The global hoverboard scooters market size was USD 451.1 million in 2019 and will touch USD 584.6 million by 2026, exhibiting a CAGR of 3.8% during the forecast period.

A self-balancing scooter, commonly known as a “hoverboard” is a rechargeable and mini electric device which has two wheels aligned side by side and small platforms for the rider's feet. With its debut in 2015, hoverboards spread across the world quickly once the conveniences and creative technologies became accessible to the masses. The user controls by standing on the gyroscopic pads which have sensors, so the system can monitor the rider's shifts in balance. This informs the onboard logic board through which the motor receiving direction and speed are regulated for self-balance.

Unlike its name, a hoverboard has nothing to do with flying, instead, it uses its two wheels to move. On sensing the rider's leaning tendency, the board's sensors trigger the engine to spin on the side the rider leans onto for stability. The hoverboards feature rechargeable batteries that propel them to speeds up to 12 miles per hour. Despite the apparent simplicity of their design, comprising complex systems to guarantee smooth and safe functioning is what they are built for. Using the joint force of the sensing technologies and motor control, hoverboards provide an exciting and fun form of individual transportation, suited to several of the needs of the users, either for urban commuting or for recreational use.

COVID-19 Impact: Pandemic triggered a decline in public transport fuels demand in the market expansion

The global COVID-19 pandemic has been unprecedented and staggering, with the market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden market growth reflected by the rise in CAGR is attributable to market’s growth and demand returning to pre-pandemic levels.

There is an increasing demand for personal travel and the reduced use of public transport has grown the hoverboard scooter popularity as a practical transportation alternative. Manufacturers reacted by emphasizing the development of safety measures and sanitation processes that boosted the confidence of the customers. An innovation that can meet the need for convenience and efficiency while trying to match the latest green and active transport technologies. After the safety measures and hygiene protocols have been improved, hoverboard scooters have also become a highly reliable and preferred travel option for urban commuters who value it for its flexibility and sustainability.

LATEST TRENDS

"Advancement in technology to accelerate the market "

Technological advances in the market encompass increasing battery life, integrating with smart devices, and improving safety features. This progression, which is the hallmark of this sector, is meant to fuel market expansion and popularize the product. The top-notch battery has advanced efficiency which can enable practical usage and also allows users to travel farther without any interval for recharges. Integration of hoverboard scooters with smart gadgets offers easy and remote use, thus, allowing people to control and watch over their scooters through mobile applications or other digital platforms from anywhere. Also, the enhanced safety features build up the trust of consumers, which helps to address the stability and protection concerns during the rides. Hence, this mixing of different types of advancement not only manifests the maturity of the technology but also shapes the sustainable growth of the market. It will continue to keep pace with the ever-changing requirements of modern consumers who seek to benefit from innovative and convenient personal transportation solutions.

HOVERBOARD SCOOTERS MARKET SEGMENTATION

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By Type

Based on type the global market can be categorized into < 7-inch Wheels, 7- 9 inch Wheels and > 9-inch Wheels.

• < 7-inch Wheels- Compact hoverboard designs offer manoeuvrability in tight indoor spaces, thanks to their smaller footprint. Their lightweight construction enhances portability and storage convenience. However, their shorter wheelbase may compromise stability on uneven terrain or at higher speeds. Ideal for younger riders or those seeking agile rides, they also appeal to budget-conscious consumers due to their lower price points compared to larger models.

• 7-9 inch Wheels- With a balanced blend of compactness and stability, hoverboards sized above 7 inches deliver superior performance indoors while maintaining manageability. Their increased wheel size ensures improved handling over rough terrain and curbs, while reinforced components enhance durability for heavier loads and frequent use. Catering to both novice and intermediate riders, these boards offer a versatile experience at mid-range prices, ensuring accessibility without financial strain.

• > 9-inch Wheels- Featuring the largest wheel diameter, these hoverboards excel in stability and control, even at high speeds or on tough terrain. Their ability to support heavier weights caters to adult users or those desiring a robust ride. With a longer wheelbase, they boast enhanced balance and safety, appealing to experienced riders seeking advanced features such as all-terrain capability or off-road functionality. However, their premium materials and advanced technology command higher costs, reflecting their specialized design.

By Application

Based on application the global market can be categorized into Children and Teenager and Adults.

• Children and Teenager: Hoverboards are tailored for younger riders with safety features and speed limits, ensuring a secure and fun experience. Their compact sizes and lively designs appeal to children and teenagers, making them a favourite for recreational use. Lightweight construction aids in easy handling, fostering confidence and skill development. Perfect for short trips to school or leisurely park rides, they offer a fun and eco-friendly transport option. Parental controls and beginner modes assist novice riders in learning safely and improving gradually.

• Adults: Built to withstand rigorous use, hoverboards with robust construction and higher weight capacities provide a stable, comfortable ride for adult riders of any size. Advanced features such as extended battery life and adjustable speed settings cater to commuting or recreational needs. Customizable options allow users to tailor performance to their liking, ideal for urban travel, errands, or outdoor exploration. With premium materials and durability, adult-oriented hoverboards offer a reliable, long-term transportation solution.

DRIVING FACTORS

"Rising popularity among millennials to boost the market"

The global hoverboard scooters market growth has become a very popular trend among millennials since they are hand vibrational and friendly to the environment and they let travelling be unique. Therefore, the comprehension of being environmentally friendly becomes an impulse that sparks the introduction of new models of transport mobility visible among the youths and they in turn motivate other manufacturers to follow suit. On the other hand, sticking to the trend of the hoverboard scooters making them cutting edge and trendy is the factor in people’s preferences and interests which will ensure that companies stay on top of the competition. Even though of the many advantages connected to hoverboard scooters as a transport modality other than their convenience, they still offer many benefits. They are especially related to changes in consumption and fashion patterns to convey environmental and individual altruism. Therefore, millennials who buy hoverboard scooters instead of other common forms of transportation will be the main source of market growth.

"Rapid urbanization and congestion in cities to expand the market"

The rapid urbanization and the increase in number of vehicles in the cities have created an urgent demand for more time-efficient and space-efficient personal transport systems. Hoverboard scooters are an alternative to conventional scooters when one wants to make only short trips. They come in handy in overly populated areas where parking crunches and congestion are a widespread phenomenon. The small size of these vehicles makes them perfect for moving along crowded streets in the city, they are alternatives for the larger vehicles that are problematic. Urban areas have many places buzzing with activity and business and the convenience of hoverboard scooters will come in handy to fulfil the demands of the commuters and residents for transportation and travel within their area. Along with too many problems in the city services zone, hoverboard scooters are of great importance to urban travellers, as they make transport services easy and convenient, in such a way improving transportation systems in urban cities.

RESTRAINING FACTORS

"Price sensitivity among potential customers hinders the expansion"

The hoverboard scooters are more expensive than the other transport systems that personalize customers’ desire to own them for up-to-date features and rich components. If prospective consumers feel that the product is very costly especially when the price is the main factor that affects purchase decisions, some parts of market expansion get affected too. Interestingly, hoverboards are affordable when compared to other transport modes hence they are not popular with some sections of customers who come under low low-income category. In this manner, the customers’ paying attention to the hoverboard’s costs compared to their perception has a significant effect on their decision to buy. This can be represented by introducing competitive prices for the newest additions to their product line, as this helps in meeting the far-reaching preferences and tastes of consumers. This approach should be concentrated on plans such as decreasing revenue dependence and expanding product lines to enter into markets which are bordered by pricing restrictions.

HOVERBOARD SCOOTERS MARKET REGIONAL INSIGHTS

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"Asia Pacific region dominated the market due to the presence of established manufacturers"

The market is primarily segregated into Europe, Latin America, Asia Pacific, North America, and Middle East & Africa.

Asia Pacific is the leader in the global hoverboard scooters market share. This dynamic epicentre of the innovation and artistic community sees itself sustained in its position as the leader of the market, due to collection of factors that differentiate it from the others. One of the key factors for the region's dominance is the fact that there are already well-established manufacturers that have gained a foothold and have earned a reputation for being the best manufacturers of hoverboard scooters. These corporations have established themselves as leaders in the market, creating a fundamental role for the region to thrive and become an even more prominent player in the market. Besides the leading industrial manufacturers, the Asia Pacific market enjoys a favourable policy framework that facilitates the growth and innovation of the hoverboard sector. Through government programs and policies that offer subsidies and platforms for market expansion.

KEY INDUSTRY PLAYERS

"Key industry players in the market are forming partnerships and collaborations to enhance the market"

Key industry players are forming strategic alliances with technology firms, retail giants and online platforms to widen the market getting advantage from each other in improving the product quality and in promotion activities. Such collaboration aims together for distribution networks, spread wider reach and get different consumer groups. Not only that but also the collaboration with technological companies allows the manufacturers to incorporate cutting-edge technology in their goods that in turn will increase their product's competitiveness and appeal to customers. The retail relationship facilitates improved visibility and accessibility of hoverboard products in all the channels that constantly evolve and grow in popularity among consumers. Moreover, partnerships with e-commerce platforms help in the smoothing of the sale process which in turn provides convenient channels for clicking to buy the hoverboard scooters online. Such alliances with the leaders of the industry will serve to strengthen the position of the market leaders and allow the industry to grow consistently.

List of Market Players Profiled

• Segway-Ninebot: (China)
• Hover-1 (China)
• Chic Robotics (China)
• Megawheels (China)
• Inmotion (China)
• Airwheel (China)
• Smart Balance (Belgium)
• Nilox (Italy)
• Bluefin (U.K.)
• Xprit (U.S.)
• Swagway (Swagtron) (U.S.)
• Razor Hovertrax: (U.S.)
• Halo Rover (U.S.)
• EPIKGO: (U.S.)
• Evercross (U.S.)

INDUSTRIAL DEVELOPMENT

June 2023: Luna Systems and Segway-Ninebot collaborate to offer safety solutions for shared micromobility, deploying Luna's high-accuracy algorithmic solutions across Segway's platforms. Luna's Computer Vision technology addresses challenges such as sidewalk riding and collisions for e-scooter vendors. Luna's cloud platform provides actionable data to enhance safety performance and allows cities to identify infrastructure issues. CEO Andrew Fleury emphasizes the partnership's importance in scaling micromobility schemes and meeting demand for nuanced safety solutions.

REPORT COVERAGE

The study encompasses a comprehensive SWOT analysis and provides insights into future developments within the market. It examines various factors that contribute to the growth of the market, exploring a wide range of market categories and potential applications that may impact its trajectory in the coming years. The analysis takes into account both current trends and historical turning points, providing a holistic understanding of the market's components and identifying potential areas for growth.

The research report delves into market segmentation, utilizing both qualitative and quantitative research methods to provide a thorough analysis. It also evaluates the impact of financial and strategic perspectives on the market. Furthermore, the report presents national and regional assessments, considering the dominant forces of supply and demand that influence market growth. The competitive landscape is meticulously detailed, including market shares of significant competitors. The report incorporates novel research methodologies and player strategies tailored for the anticipated timeframe. Overall, it offers valuable and comprehensive insights into the market dynamics in a formal and easily understandable manner.