by The hoverboard market is gaining traction by technological advancements in personal mobility devices. Hoverboards, also known as self-balancing scooters, are two-wheeled boards capable of maneuvering surfaces without pedaling. They are equipped with gyroscopic sensors that detect the rider’s center of gravity and keep the board balanced. Hoverboards provide a fun and carbon-free mode of transportation for short-distance outdoor commuting and recreational activities. Their lightweight, portable design enables easy carrying and storage. They give users a feeling of liberty without emitting pollutants.
The Global Hoverboard Market is estimated to be valued at USD 924.61 Bn in 2024 and is expected to reach USD 1,467.05 Bn by 2031, exhibiting a compound annual growth rate (CAGR) of 6.8% from 2024 to 2031.
Key Takeaways
Key players operating in the hoverboard market are Areema, CHIC Robotics, Hover-1 (DGL Group), Hoverboard (Cynova), InMotion, Jetson, Koowheel, Leray, Lime, Segway-Ninebot, Swagtron, TOMOLOO, VEVELINE, VeeBee, and Xiaomi. Key players like Segway-Ninebot dominate the market with a wide range of technologically advanced and durable hoverboards.
The growing popularity of personal mobility devices among young adults and children is fueling the demand for Hoverboard Market Trends. Their fun and adrenaline-inducing ride experience is attracting a large consumer base. Furthermore, increasing acceptance of non-polluting commute alternatives is driving the sales of electric hoverboards.
Major hoverboard companies are expanding their global footprint through strategic partnerships and distribution agreements. For instance, Lime has launched shared electric vehicles including hoverboards in over 100 cities across 30 countries. Segway-Ninebot has manufacturing plants in China, US, and Europe to cater to the international demand. Such global expansion efforts are helping key players strengthen their stronghold in the international hoverboard market.
Market key trends
One of the key trends gaining traction in the hoverboard market is innovations in design and performance. Major manufacturers are developing lightweight yet durable frames for improved durability. They are also focusing on enhancing battery capacity and range to offer longer riding hours on a single charge. self-balancing technology developments are enabling automatic speed regulation, obstacle detection and fall protection features for assuring safety. Such continuous technological upgrades are increasing the popularity of hoverboards among consumers.
Porter’s Analysis
Threat of new entrants: The hoverboard market requires substantial capital for production facilities and R&D, which limits new players.
Bargaining power of buyers: Individual buyers have lower bargaining power compared to large volume retailers.
Bargaining power of suppliers: Important materials like batteries and circuit boards come from a few major suppliers giving them higher negotiation power.
Threat of new substitutes: Other personal transport devices like electric bikes and scooters provide competition.
Competitive rivalry: Major players compete on price, technology, brand and distribution to increase their market share in this Hoverboard Market Regional Analysis.
Geographical Regions
North America currently accounts for the largest share of the global hoverboard market value owing to early adoption and high disposable incomes. China has emerged as the fastest growing regional market for hoverboards due to rising incomes, expanding middle class, and focus of local manufacturers on product innovation.
*Note:
1. Source: Coherent Market Insights, Public Source, Desk Research
2. We have leveraged AI tools to mine information and compile it.
About Author - Ravina Pandya
Ravina Pandya,a content writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemicals and materials, etc. With an MBA in E-commerce, she has expertise in SEO-optimized content that resonates with industry professionals. LinkedIn Profile
