As per MRFR analysis, the Hoverboard Market Size was estimated at 8.95 (USD Billion) in 2022. The Hoverboard Market Industry is expected to grow from 11.61 (USD Billion) in 2023 to 120.7 (USD Billion) by 2032. The Hoverboard Market CAGR (growth rate) is expected to be around 29.72% during the forecast period (2024 - 2032).
The Hoverboard Market is experiencing significant growth, driven by technological advancements and increasing consumer interest in personal mobility devices. Compactness, maneuverability, and ease of use have made hoverboards popular among urban commuters and recreational users alike. The rising adoption of eco-friendly transportation options has also fueled the demand for hoverboards.Key market drivers include the growing disposable income of consumers, government incentives for electric mobility, and the expansion of sharing economy platforms.
Opportunities for growth lie in the development of innovative designs, improved battery life, and integration with smart technology.Recent trends in the hoverboard market include the emergence of self-balancing models, Bluetooth connectivity, and enhanced safety features. Manufacturers are also exploring new applications for hoverboards, such as in law enforcement, security, and the tourism industry. The integration of artificial intelligence and machine learning is expected to further enhance the functionality and performance of hoverboards in the future.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Hoverboards It is one of the means of personal ecological transport, which has gained widespread use in the last few years. The hoverboard is a fun and simple way to travel to work or just about your business on a short journey. This solution is especially relevant for urban environments. The development of the hoverboard market is driven by the increasing demand for last-mile connectivity and the development of the electric vehicle segment. Due to the fact that modern cities are becoming increasingly overcrowded and built up, there are very few streets and sidewalks that would not be crowded with people.Another aspect that influences the development of the hoverboard market is the increasing popularity of common types of hiring equipment, that is, the lease of a hoverboard.
Technological factors One of the relevant technological factors is that the use of modern batteries with better performance characteristics has been facilitated in the Hoverboard Market Industry. The existing models can be equipped with more powerful solutions with increased energy density for traveling longer distances on one charge. Previously, the limited range of devices was one of the main limitations, but with the development of new types of batteries, this problem can be solved.It is likely that with the development of battery technology, devices will become more convenient to use, which will increase their popularity among customers and their further implementation.
The Hoverboard Market Industry is significantly influenced by government initiatives and regulations. Governments worldwide have taken initiatives and introduced several policies to promote sustainable transportation and reduce carbon emissions. As a zero-emission vehicle, hoverboards qualify as an asset in high carbon emission areas. Hence, they are also acting as a motivator for various government bodies to support. Several safety regulations and standards have also been formed, which can also be an asset for the hoverboard market.
Hoverboard Market is segmented by Battery Type into Lithium-ion Batteries and Lead-Acid Batteries. Lithium-ion Batteries are more popular than Lead-Acid Batteries and account for a revenue share. Lithium-ion Batteries are lightweight, have a high energy density, and have a long lifespan, making them the best option for hoverboards. The superiority of Lithium-ion Batteries is also justified by the fact that they are four times more expensive than Lead-Acid Batteries. Lead-Acid Batteries are cheaper and heavier than Lithium-ion Batteries, have a lower energy density, and a shorter lifespan.However, some manufacturers still integrate Lead-Acid Batteries into their hoverboards. The reason is that Lead-Acid Batteries have become more affordable and, hence, more popular.
The increase in the Hoverboard Market is associated with the increasing popularity of hoverboards as recreational vehicles. Moreover, hoverboards are also used by many people to commute to work or college and for other purposes. In particular, hoverboards are very popular among the youth, but not only: they are also used by older people who no longer have to use a bicycle or a scooter.Moreover, hoverboards are no longer limited to parks, playgrounds, and sidewalks. Instead, people driving to work or college are using them on the road. In fact, nowadays, one can see them even in schools, offices, and other enclosed spaces. The other reason for the rise of the Hoverboard Market is the drop in hoverboard prices.
Hoverboards used to be very expensive and affordable for the majority of people. However, one can see that hoverboards are much cheaper today than they used to be and more accessible to customers because of lower prices.Overall, the Hoverboard Market is very competitive and involves many companies. Some of the most important operators in the Hoverboard Market are Razor, Swagtron, and Hover-1, who are responsible for the production of thousands of hoverboard models each year.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
The Hoverboard Market is segmented by Motor Power into 'Less than 500W', '500W-1000W', '1000W-2000W', and 'Above 2000W'. Among these segments, '500W-1000W' segment held the largest market share in 2023, accounting for around 45% of the Hoverboard Market revenue. This dominance can be attributed to the perfect balance between affordability and performance offered by hoverboards in this power range. The 'Less than 500W' segment is expected to witness the fastest growth during the forecast period, owing to the increasing popularity of entry-level hoverboards among budget-conscious consumers.The 1000W-2000W segment is projected to grow steadily, driven by the rising demand for high-performance hoverboards by adventure enthusiasts. The 'Above 2000W' segment, though niche, is gaining traction among professional riders and racing enthusiasts.
The Hoverboard Market is segmented by wheel size into 6 Inches, 8 Inches, 10 Inches, and 12 Inches. Among these, the 8 Inches segment held the largest market share in 2023, accounting for over 35% of the Hoverboard Market revenue. The 6 Inches segment is expected to witness the fastest market growth during the forecast period, owing to the increasing popularity of compact and portable hoverboards. The 10 Inches and 12 Inches segments are also expected to experience significant market growth, driven by the demand for hoverboards with larger wheels for better stability and off-road capabilities.The Hoverboard Market segmentation provides valuable insights into the market dynamics and helps stakeholders identify potential growth opportunities.
The Hoverboard Market is segmented based on application into personal transportation, recreational activities, and last-mile delivery. Among these, personal transportation holds the largest market share, accounting for nearly 53.1% of the Hoverboard Market revenue in 2023. The growing popularity of hoverboards as a convenient and eco-friendly mode of personal transportation, particularly in urban areas, is driving the growth of this segment. Recreational activities, such as hoverboarding in parks and designated areas, contribute to a significant portion of the market, with a share of around 32.6%.The increasing demand for hoverboards as a leisure activity, especially among the younger generations, is fueling the growth of this segment. Last-mile delivery, which involves using hoverboards for short-distance deliveries in urban environments, is also gaining traction, with an estimated market share of 14.3%. The growing need for efficient and cost-effective last-mile delivery solutions is supporting the expansion of this segment.
The Hoverboard Market is segmented into North America, Europe, APAC, South America, and MEA. North America is expected to hold the largest market share in 2023, with a market revenue of 3.25 billion USD, owing to the increasing popularity of hoverboards as a recreational activity and the growing adoption of electric vehicles. Europe is expected to be the second-largest market, with a market revenue of 2.78 billion USD in 2023 due to the rising demand for hoverboards for commuting and the presence of major hoverboard manufacturers in the region.APAC is expected to be the fastest-growing market, with a market revenue of 4.21 billion USD in 2023, owing to the increasing disposable income and the growing popularity of hoverboards among the younger population. South America and MEA are expected to hold a smaller market share in 2023, but these markets are expected to grow at a significant rate in the coming years, owing to the increasing urbanization and the growing demand for hoverboards as a means of transportation.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Players in the Hoverboard Market are focusing on enhancing their product development with advanced features and innovative technologies. Meanwhile, several Hoverboard Market companies and start-up teams are collaborating and partnering on their development and research and even exploring mergers and acquisitions to understand their resources and capitalize on the available business opportunities in the market. These alliances have helped players solicit their efforts collectively, enabling research participants to experience rapid acceleration in assembling and innovating products and technologies.
Razor is a tough competitor and a notable player in the Hoverboard Market with its tasteful array of electric scooters and other hoverboards. The company’s hoverboards are generally recognized as not only the best but also the sleekest for their advanced features, including a couple of cool LED and blue lights, as well as a Bluetooth connection. Moreover, the company also maintains a high reputation for its unwavering commitment to the high quality and safety of its products, which has led to its popularity in the Hoverboard Market. It should also be noted that strategic marketing development efforts, such as the establishment of partnerships with online retailers and brick-and-mortar stores, have enhanced the company’s positioning in the hoverboard market.
Swagtron is another strong competitor and classic player in the Hoverboard Market due to its innovative hoverboards with advanced features. Swagtron’s developments in the Hoverboard Market include advancing features such as a variety of cutting-edge hoverboard technologies, with self-balancing boards also in this mix, high-capacity long-range batteries, and smartphone app control. The company cares about its customers and focuses on improving its user experience through advanced facilities. Meanwhile, Swagtron has also demonstrated advanced strategic alliances with online stores from Amazon to SEO for its Hoverboard Market activities.
The Hoverboard Market is projected to reach USD 120.7 billion by 2032, exhibiting a CAGR of 29.72% during the forecast period (2024-2032). This growth can be attributed to rising disposable income, the increasing popularity of personal transportation devices, and the growing adoption of hoverboards for recreational activities. Key market players are focusing on product innovation and strategic partnerships to gain a competitive edge. Recent industry developments include the launch of self-balancing hoverboards with advanced features such as Bluetooth connectivity and GPS tracking. Additionally, the growing popularity of hoverboard racing and competitions is further driving market growth.
| Report Attribute/Metric | Details |
| Market Size 2022 | 8.95(USD Billion) |
| Market Size 2023 | 11.61(USD Billion) |
| Market Size 2032 | 120.7(USD Billion) |
| Compound Annual Growth Rate (CAGR) | 29.72% (2024 - 2032) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Base Year | 2023 |
| Market Forecast Period | 2024 - 2032 |
| Historical Data | 2019 - 2023 |
| Market Forecast Units | USD Billion |
| Key Companies Profiled | Hover1, InMotion, Nilox, Airwheel, JJBoard, Swagtron, ACTON, Halo Board, Segway, Xiaomi, Gotrax, IO Hawk, Swagway, Razor, Boosted Boards |
| Segments Covered | Battery Type, Motor Power, Wheel Size, Application, Regional |
| Key Market Opportunities | Increasing demand for recreational activities Growing popularity of electric vehicles Technological advancements in battery technology Expansion into emerging markets Rise of e-commerce platforms |
| Key Market Dynamics | Rising urban mobility Technological advancements Growing popularity of recreational activities Increasing tourism Government initiatives to promote green transportation |
| Countries Covered | North America, Europe, APAC, South America, MEA |
Frequently Asked Questions (FAQ) :
The Hoverboard Market size is expected to reach USD 11.61 billion in 2023 and is projected to grow at a CAGR of 29.72% from 2024 to 2032, reaching USD 120.7 billion by 2032.
The Asia Pacific region is expected to dominate the Hoverboard Market throughout the forecast period, owing to the increasing disposable income and rising popularity of hoverboards in countries such as China, India, and Japan. North America and Europe are also expected to contribute significantly to the market growth due to the presence of established manufacturers and high adoption rates.
Hoverboards are primarily used for recreational purposes, such as commuting, exploring urban areas, and participating in leisure activities. They are also gaining popularity in commercial applications, such as security patrolling, warehouse operations, and tourism.
Some of the key competitors in the Hoverboard Market include Segway-Ninebot, Razor, Swagtron, Xiaomi, and Hover-1. These companies offer a wide range of hoverboards with varying features and price points to cater to the diverse needs of consumers.
The growth of the Hoverboard Market is primarily driven by factors such as the increasing popularity of personal transportation devices, rising disposable income, and growing awareness of hoverboards as a convenient and eco-friendly mode of transportation. Additionally, technological advancements and the introduction of innovative features are further fueling market growth.
The Hoverboard Market faces certain challenges, including safety concerns related to falls and collisions, regulatory restrictions in some regions, and competition from other personal transportation devices, such as electric scooters and bicycles.
Future trends expected to shape the Hoverboard Market include the integration of advanced technologies such as AI and IoT, the development of self-balancing hoverboards, and the emergence of new applications in commercial and industrial sectors.
The Hoverboard Market is anticipated to grow at a CAGR of 29.72% from 2024 to 2032, driven by factors such as increasing demand for personal transportation devices, rising disposable income, and technological advancements.
Key opportunities for growth in the Hoverboard Market include the expansion into emerging markets, the development of new applications in various sectors, and the integration of innovative technologies to enhance user experience and safety.
Potential risks associated with investing in the Hoverboard Market include regulatory changes, technological disruptions, competition from alternative personal transportation devices, and safety concerns related to product liability.
Team Lead - Research With a technical background as bachelor's in mechanical engineering, with mba in operations management , swapnil has 6+ years of experience in market research, consulting and analytics with the tasks of data mining, analysis, and project execution. he is the poc for our clients, for their consulting projects running under the automotive/a&d domain. swapnil has worked on major projects in verticals such as aerospace & defense, automotive and many other domain projects. he has worked on projects for fortune 500 companies' syndicate and consulting projects along with several government projects.
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