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Hoverboard Market - insightSLICE
The hoverboard market size was estimated to be US$ 787 Million in 2022 and is expected to reach US$ 1,423 Million by 2032 at a CAGR of 6.1%.
Rising recreational activity, growing demand for eco-friendly transport, technological advancements coupled with the increase in disposable income are the major factors driving the hoverboard market.” - insightSLICESANTA ROSA, CALIFORNIA, UNITED STATES, May 9, 2023/einpresswire.com / -- The Global Hoverboard Market Share, Trends, Analysis and Forecasts, 2019-2032 provides insights on key developments, business strategies, research & development activities, supply chain analysis, competitive landscape, and market composition analysis.
The Global hoverboard market size was estimated to be US$ 787 Million in 2022 and is expected to reach US$ 1,423 Million by 2032 at a CAGR of 6.1%. A hoverboard is a self-balancing electric scooter that is powered by lithium-ion batteries. It resembles a skateboard and allows the rider to move forward, backward, left, or right by shifting their weight in the desired direction. Hoverboards are often used for recreational purposes, but they can also be used as a mode of transportation for short distances.
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Growth driving factors of Global Hoverboard Market
Rising recreational activity, growing demand for eco-friendly transport, technological advancements coupled with increase in disposable income are some of the major factors driving the global hoverboard market.
Rising Recreational Activity:
Hoverboards have seen a surge in popularity in recent years, especially among the younger generation. The unique and enjoyable experience that hoverboards provide, combined with their practical use as a mode of transportation, has driven their popularity. This rise in popularity has resulted in an increase in demand for hoverboards, both for personal use and as gifts.
The fun factor of hoverboards has made them a popular recreational activity, with events and races attracting participants and spectators alike. At the same time, their practicality as a mode of transportation for short distances has made them a popular choice for those looking for an eco-friendly alternative to traditional transportation methods. In addition to the younger generation, hoverboards are also becoming increasingly popular among people of all ages who are looking for a fun and convenient way to get around. The combination of these factors has driven the growth of the hoverboard market, with more and more people purchasing hoverboards each year.
Growing Demand for Eco-Friendly Transport:
There is a growing trend of consumers seeking environmentally friendly modes of transportation. Hoverboards are powered by rechargeable batteries, making them a more sustainable alternative to traditional transportation methods. This shift towards more eco-friendly modes of transportation has driven demand for hoverboards, as consumers seek to reduce their carbon footprint.
Technological Advancements:
The hoverboard industry is constantly evolving, with new technologies being developed and integrated into hoverboard designs. For example, some hoverboards now come equipped with features such as GPS tracking, mobile app integration, and even music speakers. These features not only enhance the user experience but also increase the overall value of the product, driving demand.
Increase in Disposable Income:
As disposable incomes rise, consumers are more likely to purchase luxury items, including hoverboards. This trend is particularly notable in developing countries, where the middle class is growing and consumer spending is on the rise. As disposable incomes increase, the demand for hoverboards is also expected to grow, driving the overall growth of the hoverboard market.
The leading market segments of Global Hoverboard Market
On the basis of type the double-wheeled hoverboard segment is the largest in the global hoverboard market. This segment is popular due to its stability and ease of use, which makes it a popular choice for both beginners and experienced users. Double-wheeled hoverboards generally have two wheels that are positioned side by side, providing a wider base for the rider. This design makes them more stable than single-wheeled hoverboards and easier to balance, making them a popular choice for people of all ages.
Key trends in the double-wheeled hoverboard segment include the integration of advanced technologies such as GPS tracking, mobile app integration, and music speakers. Manufacturers are also focusing on improving the overall design and performance of double-wheeled hoverboards, with features such as improved battery life and increased speed. Additionally, the segment is seeing an increase in demand for high-end, premium hoverboards, as consumers are willing to pay more for higher-quality products.
On the basis of application, the personal mobility is the largest segment owing to the increasing demand for personal transportation devices that are eco-friendly and easy to use. Hoverboards are becoming increasingly popular as a mode of transportation for short distances, due to their convenience and cost-effectiveness compared to traditional modes of transportation.
Key trends in the personal mobility segment include the integration of advanced technologies such as GPS tracking, mobile app integration, and music speakers. Manufacturers are also focusing on improving the overall design and performance of hoverboards, with features such as improved battery life and increased speed. Additionally, the segment is seeing an increase in demand for high-end, premium hoverboards, as consumers are willing to pay more for higher-quality products.
Geographically the Asia-Pacific region is the largest segment in the global hoverboard market. The region is dominated by countries such as China and India, which are home to a large number of hoverboard manufacturers and suppliers. The region is also home to a large and growing middle class, which is driving demand for hoverboards as a mode of personal transportation.
Key trends in the Asia-Pacific region include the growing demand for high-end, premium hoverboards, as well as the increasing adoption of advanced technologies such as GPS tracking, mobile app integration, and music speakers. Manufacturers are also focusing on improving the overall design and performance of hoverboards, with features such as improved battery life and increased speed.
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The key players of the Global Hoverboard Market are:
Airwheel (China), B-Board (China), Chic Robotics (South Korea), Gyroor (China), Hover-1 (USA), Inmotion (China), IO Hawk (USA), Ninebot (China), Razor (USA), Segway (USA), Solowheel (USA), Swagtron (USA), Uwheels (China), WL Toys (China), Xtreme (USA), and Others.
Global Hoverboard Market Key Segments:
By Product
.Double Wheeled
.Single Wheeled
By Size
.Compact Size
.Mid-Size
.Full-Size
By Application
.Personal Mobility
.Recreational Activities
.Commercial
.Others
By Region
. North America
United States
Canada
Rest of North America
. Europe
Germany
United Kingdom
Italy
France
Spain
Rest of Europe
. Asia Pacific
Japan
India
China
Australia
South Korea
Rest of Asia Pacific
. Middle East & Africa
UAE
Saudi Arabia
South Africa
Rest of the Middle East & Africa
. South America
Brazil
Rest of South America
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