Hoverboards Market Size, Share Global Analysis Report, 2021 – 2026

Industry Insights

According to Facts & Factors, the global hoverboards market report is a reflection of all the quantitative as well as qualitative market data. In this report, the market witnessed a value of USD 750 Million in 2020 and with growth at a CAGR of 6.3% is expected to reach a value of USD 1,100 Million by 2026.

Market Overview

A hoverboard is a gadget that is self-balancing and battery operated. It is basically used for personal transportation. There are few hoverboards designed for high performance such as electric skateboards or electric scooters. This gadget has two parallelly aligned wheels that are attached using tiny electronic panel. The hoverboard moves when the user stands on the panel and uses his or her body weight to maneuver. It is assumed that hoverboards could be the next eco-friendly vehicles that can turn traveling into complete entertainment. This micro-mobility vehicle is soon going to become popular owing to the growing demand for hi-tech and fuel-efficient vehicles among generation Z.

Industry Growth Factors

The growing interest of the manufacturers in investing in power-efficient and technologies, such as LED lights, Bluetooth, is projected to increase the demand for the hoverboards market over the forecast period. Furthermore, the rapid urbanization and high disposable income coupled with the rising demand for hi-tech gadgets are expected to boost the global hoverboards market. The latest green mobility trend, low cost of batteries, and rising fuel prices further bolster the demand for hoverboards across the globe.

The growing popularity of this product among the kids and commercial sector are other factors likely to fuel the market growth over the forecast period. most importantly, the cost-effectiveness and lightweight of the hoverboard make it even more prevalent. The installation of safer technologies and better designing of hoverboards is projected to enhance its branding over the years. One of the attractive features of the hoverboards is its zero emission machines meaning it is an eco-friendly commute which makes it a demanding product. However, the battery related issues such as explosions and safety concerns will restrain the market growth.

The lack of awareness about hoverboards in the underdeveloped or developing regions coupled with low disposable income will hinder the market growth in the near future.

Segmentation Analysis

The global hoverboards market is segmented based on the product, wheel size, application, distribution channel, and regions.

By product, the global hoverboards market is divided into single wheeled and double wheeled. In the hoverboards market, the double wheeled segment is expected to dominate the market over the forecast period. The growth is probably due to the easy availability and fine riding convenience of the users even on rough terrains. Based on wheel size, the hoverboards market is fragmented into 6.5 Inch, 8 Inch, and 10 Inch.

The 6.5 Inch segment is expected to account for the highest market share as the popularity of these sizes among the children for their indoor activity is on the rise across the globe. On the basis of application, the global hoverboards market is categorized into commercial, recreational activities, and personal mobility. From all these, the commercial segment holds the largest market share. Growing demand for hoverboards among the security personnel is projected to enhance its demand. Furthermore, the rising use of these gadgets in colleges, shopping malls, and manufacturing units also has a positive influence on the market. By distribution channel, the market is classified into online and offline.

Report Scope

Regional Analysis

The Asia Pacific is expected to grow at a significant rate owing to the rising demand for hoverboards in regions including China, Malaysia, etc. China is one of the leading manufacturers of hoverboards which will further help the Asia Pacific region grow at a rapid rate over the forecast period. On the other hand, North America is expected to rank second in terms of growth owing to the rising popularity of the hoverboard for personal commute and also the growing popularity among the kids and youngsters.

Competitive Players

Some of the key players dominating the global hoverboards market include :

• Ninebot Inc.
• HaloBoard
• Razor USA LLC
• EPIKGO
• Airwheel Technology Holding Co. Ltd.
• Segway Inc.
• Skque Products
• TOMOLOO Technology Industrial Co. Ltd.
• Genesis
• Hangzhou Chic Intelligent Technology Co. Ltd.
• Shenzhen Rooder Technology Co. Ltd
• Megawheels
• SURFUS
• Shenzhen JIALIKE Electronic Company Ltd.
• Shenzhen Uwheel Technology Co. Ltd.

By Product Segment Analysis

• Single Wheeled
• Double Wheeled

By Wheel Size Segment Analysis

• 6.5 Inch
• 8 Inch
• 10 Inch

By Application Segment Analysis

• Commercial
• Recreational Activities
• Personal Mobility

By Regional Segment Analysis

• North America
  • U.S.
  • Canada
• Europe
  • UK
  • France
  • Germany
  • Italy
  • Spain
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East and Africa
  • GCC Countries
  • South Africa
  • Rest of MEA