As per MRFR analysis, the Hoverboard Scooter Market Size was estimated at 1.73 (USD Billion) in 2022.The Hoverboard Scooter Market Industry is expected to grow from 1.93 (USD Billion) in 2023 to 5.25 (USD Billion) by 2032. The Hoverboard Scooter Market CAGR (growth rate) is expected to be around 11.74% during the forecast period (2024 - 2032).
The Hoverboard Scooter Market is experiencing remarkable growth, driven by the increasing popularity of personal mobility devices. The segment is poised to expand significantly in the coming years with innovative designs and advancements in technology.Key market drivers include the rising demand for eco-friendly and convenient transportation options, coupled with increasing disposable income and changing consumer preferences. Additionally, technological advancements such as self-balancing features, improved battery life, and enhanced safety regulations are further fueling market growth.Recent trends in the hoverboard scooter market include the emergence of off-road models to cater to adventurous riders, the introduction of smart features like Bluetooth connectivity and GPS navigation, and the integration of artificial intelligence for enhanced stability and control. These innovations are expected to further drive market expansion and create opportunities for key players in the industry.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Technological advancements are rapidly shaping the Hoverboard Scooter Market Industry with the advent of the high availability of electronic products in the market, increasing adoption of smart technologies and other operational devices where market players are highly spending on more R&D with cost-effective technological trends that have the capacity to revolutionize the existing features implemented.
The growing adoption of electric vehicles has piled up the need for high allowable advancements to be present within the technology to provide a vehicle with more performance.Major players include a number of features within the brakes, motor, and battery section. With regard to batteries, currently used advanced batteries will have more weight, and they must be replaced with more performance-related batteries with less weight. The motor, which may be in-wheel or out-of-wheel, can also be undergone with improved efficiency. Increased range, top speed and a greater degree of maneuverability can be expected. Decreased stopping distance and regenerative braking will be implemented within the braking system.Similarly, the integration of infrared range sensors and AI systems will reduce user impact while driving with the help of deployable wheels that can be taken in separate directions to make the riding system safer, smoother and reliable. All these technologies will satisfy the future trends in the market of advanced features.
One of the main factors that drive the growth of the Hoverboard Scooter Market Industry is the rising interest in personal mobility solutions. Ongoing urbanization and the related effects, such as increasing traffic congestion and environmental concerns caused by car use, increase the need for easily manageable, convenient, and sustainable modes of transportation. Hoverboard scooters are a suitable alternative to personal cars and public transport owing to their small size and improved maneuverability, which are notable advantages for consumers utilizing this mode of transportation in urban areas.Furthermore, electric motors and smart energizing solutions contribute a lot to the attempts at limiting the footprints of carbon on the environment and offer ample incentives for consumers motivated to follow an environmentally responsible lifestyle. The growing popularity of micromobility and the ongoing public education attempts in the direction of active transportation further boost the demand for hoverboards.
The Hoverboard Scooter Market Industry is benefiting from an expanding demand for tour and recreational applications, which are driving innovation and rapid growth. Key recreational applications comprise the use of hoverboard scooters for sightseeing, both urban and other attractions, creating significant demand across the globe. Hoverboard scooters can be used on ordinary sidewalks, walking parks, and other areas, and they are highly versatile methods for sightseeing.Tour operators and other vehicle rental companies are finding opportunities to provide such unique offerings, generating significant demand and revenue opportunities. The demand for recreational hoverboard scooter usage, such as off-road scooters and skateboarding scooters, is also increasing, diversifying the advanced technological innovations in the scooter industry.
The Hoverboard Scooter Market is divided into three types: Self-Balancing, Rideable, and Off-Road. In 2023, the Self-Balancing segment dominated the market and is anticipated to hold the largest market share during the forecast period. The growth of the segment is due to the increasing demand for self-balancing hoverboards for various recreational activities and last-mile connectivity. The Rideable segment is expected to grow during the forecast period due to the increasing popularity of rideable hoverboards for commuting and short-distance travel.Moreover, manufacturers are focusing on developing newer features, such as Bluetooth connectivity and smartphone applications, to improve the overall user experience.
These factors are expected to drive the growth of the segment during the forecast period. The Off-Road segment is expected to hold a significant market share during the forecast period. The increasing demand for off-road hoverboards for adventure sports activities, such as trail riding and mountain climbing, is anticipated to drive the growth of the segment. Additionally, the growing interest of companies in developing rugged and sturdy off-road hoverboards with improved suspension systems is attracting consumers who prefer off-road areas for exploration and adventure.In 2023, the Hoverboard Scooter Market revenue for the Self-Balancing segment was USD 1.2 billion, the Rideable segment was USD 0.5 billion, and the Off-Road segment was USD 0.23 billion. The market is expected to grow during the forecast period due to continuous technological advancement, increasing consumer adoption, and enhancing applications in various domains.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
The Hoverboard Scooter Market is segmented by application into commuting, recreational, and commercial. Among these segments, the recreational segment is expected to hold the largest market share in 2023, accounting for around 60% of the Hoverboard Scooter Market revenue. The recreational segment is primarily driven by the growing popularity of hoverboards as a fun and convenient way to get around. The commuting segment is expected to grow at the highest CAGR during the forecast period, driven by the increasing use of hoverboards as a last-mile transportation solution.The commercial segment is expected to account for a smaller share of the market but is expected to experience steady growth, driven by the use of hoverboards in warehouses, factories, and other commercial settings. Overall, the Hoverboard Scooter Market is expected to witness significant growth over the forecast period, driven by the increasing popularity of hoverboards for both recreational and commuting purposes.
The Hoverboard Scooter Market segmentation by Technology comprises Lithium-ion Battery, Lead-acid Battery, and Electric Motor. The Lithium-ion Battery segment held the largest market share in 2023 and is expected to continue its dominance throughout the forecast period. The growth of this segment can be attributed to the increasing popularity of lithium-ion batteries due to their high energy density, lightweight, and long lifespan. The Lead-acid Battery segment is expected to witness a steady growth rate during the forecast period due to its low cost and wide availability.The Electric Motor segment is projected to register a significant CAGR during the forecast period owing to the increasing demand for high-performance hoverboards.
The Hoverboard Scooter Market segmentation by Price Range reveals valuable insights into consumer spending patterns and product offerings within the industry. The market is segmented into three primary categories: Budget-friendly (less than $200), Mid-range ($200-$500), and Premium (over $500). The Budget-friendly segment captures a significant portion of the market, appealing to value-conscious consumers. These hoverboards offer basic features and functionality at an affordable price point, making them accessible to a wider audience. The Mid-range segment holds a substantial market share, catering to consumers seeking a balance between affordability and enhanced features.These hoverboards typically offer improved performance, longer battery life, and additional safety features compared to the Budget-friendly segment. The Premium segment targets consumers seeking high-end hoverboards with advanced features and exceptional performance.
These hoverboards often incorporate cutting-edge technology, premium materials, and innovative designs, commanding a higher price point. In terms of market share, the Mid-range segment is projected to hold the largest portion in the coming years, owing to its appeal to a broader consumer base.The Premium segment is expected to witness significant growth as consumers increasingly seek premium experiences and advanced features. This segmentation provides valuable insights for manufacturers and retailers, enabling them to tailor their product offerings and marketing strategies to meet the specific needs and preferences of different consumer segments.
The Hoverboard Scooter Market is segmented into North America, Europe, APAC, South America, and MEA. Among these regions, North America is expected to hold the largest market share in the coming years. The growth of the North American market can be attributed to the increasing popularity of hoverboards as a recreational activity, as well as the growing adoption of hoverboards by law enforcement and security agencies. Europe is another major market for hoverboards, with the region expected to witness significant growth in the coming years.
The growth of the European market can be attributed to the increasing popularity of hoverboards as a means of personal transportation, as well as the growing adoption of hoverboards by businesses and organizations. APAC is also a key market for hoverboards, with the region expected to witness robust growth in the coming years. The growth of the APAC market can be attributed to the increasing popularity of hoverboards as a recreational activity, as well as the growing adoption of hoverboards by businesses and organizations. South America and MEA are also expected to witness significant growth in the coming years.The growth of these markets can be attributed to the increasing popularity of hoverboards as a means of personal transportation, as well as the growing adoption of hoverboards by businesses and organizations.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
The major players in the hoverboard scooter market are continuously finding new ways to maintain their competitive views. The main Hoverboard scooter Market players are making continuous efforts to develop innovative products, expand their distribution channels, and strengthen their brand presence. Intense competition prevails in the Hoverboard scooter market, with key players adopting strategic moves such as mergers, acquisitions, partnerships, product launches, and technological advancements to increase their market share. Market development is characterized by numerous advancements related to technology, design, and functionality, contributing to changing consumer needs. Overall, the competitive landscape of the Hoverboard scooter market is poised to witness a higher degree of dynamism with new entrants entering the industry and existing players introducing new innovative products.
One of the players from the Hoverboard Scooter Market industry is the Razor, a company well-known for its enhanced product design and image. This company offers a wide range of hoverboards, which target different price and consumer age categories. Raza is a company that is significantly invested in constant research and innovation with respect to product performance and safety characteristics. The company is also positioned to leverage its distribution force to market products in a variety of world markets. The company’s focus on product quality and customer satisfaction has continued to hold a dominant position in the Hoverboard scooter market.
The other company in the Hoverboard Scooter Market is Xiaomi, which offers products with an optimal performance-cost combination. Overall, the company’s hoverboard’s highest demand is connected to the price-quality relationship and availability. The company’s strong distributional opportunities due to its presence in the technology market have allowed markets to offer its hoverboards in the wider target markets. If Lazada continues with its foreign market development strategy, its power in the Hoverboard Scooter Market will be significantly enhanced.
The Hoverboard Scooter Market is poised to expand significantly over the next decade, driven by rising disposable income, increasing urbanization, and growing adoption of personal mobility devices. The market is expected to reach a valuation of USD 5.25 billion by 2032, exhibiting a CAGR of 11.74% from 2024 to 2032.Recent advancements in technology have led to the introduction of innovative hoverboard scooter models with improved safety features, extended battery life, and enhanced maneuverability. Key industry players are also focusing on developing eco-friendly hoverboard scooters to cater to the growing demand for sustainable transportation solutions.The Asia-Pacific region is expected to dominate the Hoverboard Scooter Market throughout the forecast period. Rapid economic growth, increasing disposable income, and a large population of tech-savvy consumers are driving market expansion in this region. North America and Europe are also expected to witness significant growth, supported by favorable government regulations and increasing adoption of hoverboard scooters as recreational and commuting devices.
| Report Attribute/Metric | Details |
| Market Size 2022 | 1.73(USD Billion) |
| Market Size 2023 | 1.93(USD Billion) |
| Market Size 2032 | 5.25(USD Billion) |
| Compound Annual Growth Rate (CAGR) | 11.74% (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 | GOTRAX, Hoverstar, Meepo Board Company, Exway, Backfire Boards, Boosted Boards, Halo Board, InMotion, Ownboard, Evolve Skateboards, Segway, Swagtron, Airwheel, Xiaomi, Razor |
| Segments Covered | Type, Application, Technology, Price Range, Regional |
| Key Market Opportunities | Increased demand for personal mobility Growing urbanization and environmental concerns drive the adoption of hoverboard scooters as a convenient and eco-friendly last-mile transportation solution Technological advancements Innovations in battery life, speed and maneuverability enhance the user experience and expand market opportunities Growing popularity among Millennials and Gen Z The increasing number of young adults seeking affordable and stylish personal mobility options creates a significant target market Expansion of commercial applications Hoverboard scooters gain traction in rental services delivery operations and tourism opening new revenue streams Rising demand in emerging markets Rapid economic growth and urbanization in developing countries present substantial opportunities for market expansion |
| Key Market Dynamics | Rising Popularity of Electric Vehicles Technological Advancements Increasing Demand for Recreational Activities Government Regulations and Standards Emerging Sharing Economy Models |
| Countries Covered | North America, Europe, APAC, South America, MEA |
Frequently Asked Questions (FAQ) :
The Hoverboard Scooter Market is anticipated to reach a valuation of approximately USD 1.93 billion in 2023.
The Hoverboard Scooter Market is projected to expand at a CAGR of around 11.74% from 2024 to 2032.
The Hoverboard Scooter Market is anticipated to reach a valuation of approximately USD 5.25 billion by 2032.
The Asia Pacific region is expected to dominate the Hoverboard Scooter Market throughout the forecast period due to factors such as rising disposable income, growing urbanization, and increasing popularity of personal mobility devices.
Hoverboard scooters are primarily used for recreational purposes, such as personal transportation, commuting, and entertainment. They are also gaining popularity in various commercial applications, including security patrolling, warehouse operations, and tourism.
Some of the key competitors in the Hoverboard Scooter Market include Segway-Ninebot, Razor, Xiaomi, Swagtron, and Hoverboard.
The increasing demand for personal mobility devices, technological advancements, and growing government initiatives promoting eco-friendly transportation are major factors driving the growth of the Hoverboard Scooter Market.
The Hoverboard Scooter Market faces challenges such as safety concerns related to accidents and injuries, stringent government regulations, and competition from alternative personal mobility devices.
Key trends shaping the Hoverboard Scooter Market include the integration of advanced technologies such as Bluetooth connectivity and GPS tracking, increasing adoption of electric models, and growing demand for rental services.
The COVID-19 pandemic had a moderate impact on the Hoverboard Scooter Market. However, as economies recover and restrictions ease, the market is expected to regain its growth momentum.
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