Hoverboard Scooter Market- Global Industry Analysis and Forecast (2023-2029)

Hoverboard Scooter Market was valued at US$ 8.20 Bn. in 2022. Global Hoverboard Scooter Market size is expected to grow at a CAGR of 5.2% through the forecast period.
Hoverboard Scooter Market Overview:
Hoverboard scooter is a personal commuter transportation arrangement significantly utilized for individual commute necessities that is powered by electric sources and driven by a single or double wheel. The gadget typically has two wheels that are parallel to each other and connected by a small electronic panel. The user has to place feet on the panel and balance the hoverboard using their body weight. This individual transport arrangement is most preferred commute among the millennial. Hoverboard scooter has major demand from the metropolitan regions. Hoverboard scooter can be worked on the plane as well as uneven rough surfaces alongside different speed ranges, weight abilities, and battery limits. Recently producers of the hoverboard scooters have presented models with advanced technologies like application-supported functions, LED lighting system, and Bluetooth system. Hoverboard scooters are not considered under the specific vehicle segment guidelines and rules for riding on or off the street.
Hoverboard Scooter Market Snapshot
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Moreover, rise in demand for of battery operated vehicles combined with the interest to develop innovative advanced transportation modes would drive the market of hoverboard scooter market. Hoverboads are can be a convenient option to walking. An advanced design and futuristic look that powers the gadget remain to attract tech savvy customer segment. The most recent adaptations of hoverboards are undeniably more productive when contrasted with the traditional models. Engineers are effectively concentrating on making utilizing them all the more effectively attempting to improve on their functionalities.
COVID-19 Impact on Hoverboard Scooter Market:
The spread of the COVID-19 pandemic has adversely affected the hoverboard scooter market, due to implementation of severe transport restrictions and expected weak monetary performance of market players in 2022. Major manufacturing units of hoverboard scooters have been closed down during the pandemic, attributable to drive limitations, labor force inaccessibility, and short stock of raw materials because of inventory network and logistics interruption. Besides, it has influenced the general economy and contributors, like, market participants figuring out essential cost effective plans. The significant risk factors of the hoverboard scooter market participants are supply chain network execution, regulatory and strategy changes, dependency on labor, working capital administration, and liquidity management. The business outlook has changed emphatically post the COVID-19 health emergency. The covid-19 pandemic instructed to a healthy considerable distance in public places which encouraged commuters to opt for hoverboard scooters. Thus the pandemic also had some positive effects on the hoverboard scooter market.
Hoverboard Scooter Market Dynamics:
Market Drivers: Mobility outlook across the globe is witnessing massive change from the previous years, as conventional portability medium is replaced with electrically driven vehicle designed with cutting edge innovations. Electric-driven mobility arrangement fills in as a prudent method of movement and is ecologically cordial. Subsequently, various advantages related with electric-driven mobility arrangement prominently contribute toward the development of the hoverboard scooter market. Besides, hoverboard scooter is moving as an individual drive arrangement driven by electric engine, which guarantees zero carbon impression, in this manner boosting the market development. Also, increase in environmental concerns and tendency toward e-mobility will drive the development of hoverboard scooter market during the forecast period. Recently, urbanization has been attaining peak year on year, as larger part of the population is moving to metropolitan regions, attributable to increment in work opportunities and fast industrialization.

In this period of urbanization, day to day drive between the work and home is the requirement for each individual traveler, which is related with commuting time. Also, metropolitan travelers are more inclined toward innovatively progressed driving arrangements alongside its time-viable drive choice to avoid pointless long traffic alongside green portability. Consequently, metropolitan travelers are more reliant upon technologically progressed commute solutions for day to day drive, which altogether supports the offer of hoverboard scooter s across the globe. Hoverboard scooter is one of the main arrangements with very good quality innovation alongside its minimal and compact design. Likewise, it is one of the productive drive frameworks for ceaselessly changing rider prerequisites, which strikingly contributes toward the development of the hoverboard scooter market.

It is more straightforward to speed up, stop, and charge the scooter. Besides hoverboard scooters are eco-accommodating and light-weight, making them advantageous to convey it anyplace. It runs on battery-powered batteries and is silent. In this way, owing to the low power utilization and low maintenance cost, a hoverboard scooter is viewed as a superior option in contrast to walking as well as electric scooters and is progressively utilized in parks, offices, shopping centers, and is very well adapted across a few nations of the world.

Market Restraints: Personal commute is witnessing forward movement in the market, attributable to increment in urbanization and ceaselessly changing driving outlook of metropolitan commuters. However, hoverboard bike require well trained professionals for proficient working of the scooter. Consequently, shortage of trained experts goes about as a critical restraining element of the hoverboard scooter market. Besides, owing to its complex design, the risk of accidents increases, accordingly increasing health concerns. Hence, lower safety related with hoverboard scooter when contrasted with other individual drive arrangements will to hamper the development of the market in the forthcoming years. Another key restraint affecting the hoverboard scooter market includes the early reporting of malfunctioning of the scooter and overheating of battery, leading to catching of fire. Owing to this, these scooters are banned in several countries as a part of safety regulation.

Moreover hoverboard scooters are not feasible for long route travel since the commute is done in standing position. Along with that there is no proper safety associated with it as compared to that of four wheeler commuter. This adds to the health concerns related to hoverboard scooter.
Hoverboard Scooter Market Segment Analysis:
Based on the product type

The one wheel hoverboard scooter market is segmented into unicycle and one wheel hoverboard. Unicycle holds the largest share of the market and will keep up with the consistent development. Unicycles are the most favoured methods of individual drive among the two because of their degree of comfort. A single charge gives a consistent movement of at least 10 km across the city. It offers total comfort and it is one of the most economical means of personal commute. Hence, the unicycle fragment will exhibit the most elevated CAGR during the forecast period. Expanding modern utilization of hoverboards for simple and smooth functioning of the production will fundamentally drive the development of the overboard scooter market. However it has numerous limitations such as cheap hoverboards can catch fire because of the terrible quality of lithium batteries utilized. Thus these variables limit the development of the one wheel hoverboard scooter market.
Hoverboard Scooter Market, by Product Type in 2022 (%)
By sales channel, the market is segmented into online sales and offline sales. Right now the offline sales segment represents the largest market share. The dominance can be owed to clients comfort to purchase products personally rather than to shop from the web. However, with online shopping the client approaches a wide scope of product only a click away. Customers can shop whenever and whatever time of the day they want. The online shopping store works all day, every day to serve their clients. Likewise consumers get restrictive arrangements on internet based items which are not accessible at stores. Consequently the online sales section would grow at higher CAGR and hold the largest market share during the forecast period.

By speed limit the market is segmented into under 25 kmph and more than 25 kmph. Because of absence of guidelines and regulations, technological development in one wheel electric bikes was slow. Hence, presently the under 25 kmph segment holds a large share of the market. Anyway impending one wheel electric bikes are equipped with LED for safe travel around evening time a higher wattage battery highlighting quick energizing to endure to 100 kms in a single charge and a lot more secure adjusting engines. Hence, however right now the under 25 kmph fragment holds the biggest portion of the overall industry, the more than 25 kmph section will have biggest share of the market and witness a higher CAGR during the forecast period
Hoverboard Scooter Market Regional Insights:
The North America region dominated the market with 57 % share in 2022.

Owing to the rising reception of one wheel hoverboard bike for individual mobility and developing adoption of one wheel electric bike among youngsters and youth as a recreational activity. The USA positions first in this territorial market due to a large portion of the one wheel electric bike manufacturers.

The Asia-Pacific region is expected to witness significant growth at a CAGR of 3.5% through the forecast period. The Asia-Pacific area will witness highest CAGR and lead the market during the forecast period in the one-wheel electric bike market. The area has been seeing the consistent development driven by higher spending power among the centre pay class and declining manufacturing costs which resulted because of commoditization. China is a critical maker of cost effective in the Asia Pacific market over the forecast period. Increasing manufacturing of mechanically progressed unicycles and hoverboards will fuel the development of the hoverboards market in China. Likewise different micro mobility companies in India are arising with transport solution to address poor street foundation clogged streets and rising air contamination.

Europe would arise as the quickest developing area during the forecast period. The Growing one wheel electric bike industry developing online business and expanding innovation reception in the individual driving techniques in Europe will offer massive development opportunities. Developing investments and acquisitions in micro mobility start up, increasing focus on a convenient, efficient and eco-friendly drive and rising sharing economy reception will fundamentally impact this region’s one wheel hoverboard scooter market development.

The objective of the report is to present a comprehensive analysis of the global Hoverboard Scooter market to the stakeholders in the industry. The past and current status of the industry with the forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that include market leaders, followers, and new entrants.

PORTER, PESTEL analysis with the potential impact of micro-economic factors of the market has been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers.

The reports also help in understanding the Hoverboard Scooter Market dynamic, structure by analyzing the market segments and projecting the Hoverboard Scooter Market Market size. Clear representation of competitive analysis of key players by type, price, financial position, product portfolio, growth strategies, and regional presence in the Hoverboard Scooter Market make the report investor’s guide.
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Hoverboard Scooter Market


Report Coverage
Details


Base Year:
2022
Forecast Period:
2023-2029


Historical Data:
2018 to 2022
Market Size in 2022:
US$ 8.20 Bn.


Forecast Period 2023 to 2029 CAGR:
5.2%
Market Size in 2029:
US$ 11.70 Bn.


 Segments Covered:
by Product Type
One Wheel Hoverboard
Unicycle


by Sales Channel
Offline sales
Online Sales


by Speed Limit
25 kmph
More than 25 kmph



Hoverboard Scooter Market by Region
North America (United States, Canada and Mexico)
Europe (UK, France, Germany, Italy, Spain, Sweden, Austria, Turkey, Russia and Rest of Europe)
Asia Pacific (China, India, Japan, South Korea, Australia, ASEAN and Rest of APAC)
Middle East and Africa (South Africa, GCC, Egypt, Nigeria and Rest of ME&A)
South America (Brazil, Argentina, Columbia and Rest of South America)
Hoverboard Scooter Market, Key Players are
1. Razor USA
2. Ninebot Inc.
3. HaloBoard
4. EPIKGO
5. Segway Inc.
6. Skque Products
7. TOMOLOO Technology Industrial Co., Ltd.
8. Megawheels
9. SURFUS
10. Genesis
11. Hangzhou Chic Intelligent Technology Co. Ltd.
12. Shenzhen Rooder Technology Co., Ltd
13. Shenzhen JIALIKE Electronic Company Ltd.
14. Airwheel Technology Holding ( USA ) Co., Ltd.
15. Shenzhen Uwheel Technology Co., Ltd.
16. Inmotion Technologies Co. Ltd.
17. F-Wheel
18. Guangzhou Veteran Intelligent Technology
19. King Song Intell Co. Ltd
20. Future Motion INC
21. SuperRide

Frequently Asked Questions:

1] What segments are covered in the Hoverboard Scooter Market report?
Ans. The segments covered in the Hoverboard Scooter Market report are based on Product Type and sales channel and Speed limit.

2] Which region is expected to hold the highest share in the Hoverboard Scooter Market?
Ans. The Asia-Pacific region is expected to hold the highest share in the Hoverboard Scooter Market.

3] What is the market size of the Hoverboard Scooter Market by 2029?
Ans. The market size of the Hoverboard Scooter Market by 2029 is expected to reach US$ 11.70 Bn.

4] What is the forecast period for the Hoverboard Scooter Market?
Ans. The forecast period for the Hoverboard Scooter Market is 2023-2029.

5] What was the market size of the Global Hoverboard Scooter Market in 2022?
Ans. The market size of the Hoverboard Scooter Market in 2022 was valued at US$ 8.20 Bn.