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.
The main uses of a self-balancing, battery-operated hoverboard are for entertainment and personal mobility. Through history, the widespread use of this cutting-edge technology has sped up the market’s growth. Additionally, the use of modern and advanced electronic equipment has grown in popularity, which has aided market expansion.
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Global Hoverboard Market – Key Insights
Among regions, the market in Asia-Pacific excluding Japan (APEJ) is expected to present lucrative growth opportunities for players during the forecast period. China remain one of the largest producers of cost-effective electric vehicles including hoverboards. Manufacturing of single and double wheeled hoverboards is expected further escalate in China over the next few years. This, in turn, is projected to support the growth of the market in the region over 2022.
Based on product type, demand for double wheeled hoverboads is expected to remain strong throughout the assessment period. Global sales of double wheeled hoveboard currently command for over 80% share of the market in terms of revenue. Superior design and more convenience of riding makes double wheeled hoverboads more preferred among consumers.
By wheel size, consumer preference for hoverboards with 6.5 inch wheel size will remain strong in 2017 and beyond. Currently, sale of hoverboards with 6.5 inch wheel sizes more one-third revenue share of the market. Over 1,070 Mn units of hoverboards with 6.5 inch wheel size is expected to be shipped globally towards the end of 2022.
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:
- 5 inch
- 8 inch
- 10 inch
- By Application:
- Recreational Activities
- Business Purpose
- Personal Mobility
- By Sales Channel:
- Modern Trade
- Specialty Stores
- Departmental Stores
- Sports Stores
- By Region:
- North America
- Latin America
- East Asia
- South Asia & Oceania
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Questionnaire answered in the Market outlook Report of Hoverboard include:
- What is the key strategy deployed by large players to maximize Hoverboard Market growth?
- What are the main challenges faced by players in the Hoverboard market Demand?
- With the advent of technological advancement, how will the Hoverboard market landscape change over the forecast period?
- What does player bring to the table which is unique as a strategy, and is easy to emulate for new investors in the Hoverboard market size?
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