Hoverboard Scooter Global Market Report 2024

A hoverboard scooter, also referred to as a self-balancing scooter, is a portable and battery-powered personal transportation device with two wheels, allowing users to stand on it and move between different locations. It features a platform with a central pivot point where the rider stands and has two motorized wheels on either side.

Hoverboard scooters encompass various products, with one-wheel hoverboards and unicycles being the main types. A one-wheel hoverboard, also known as a self-balancing unicycle, is a single-wheeled personal transportation device equipped with self-balancing technology. These devices operate using different types of batteries, including lithium-ion, lead acid, and nickel-metal hydride. They may offer various connectivity options such as Bluetooth, Wi-Fi, or no connectivity at all. These products are available through diverse sales channels, including both online and offline platforms, and serve various applications, including personal mobility and business purposes.

The hoverboard scooter market research report is one of a series of new reports from The Business Research Company that provides hoverboard scooter market statistics, including hoverboard scooter industry global market size, regional shares, competitors with a hoverboard scooter market share, detailed hoverboard scooter market segments, market trends and opportunities, and any further data you may need to thrive in the hoverboard scooter industry. This hoverboard scooter market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The hoverboard scooter market size has grown strongly in recent years. It will grow from $8.19 billion in 2023 to $8.67 billion in 2024 at a compound annual growth rate (CAGR) of 5.8%. The expansion observed in the historical period can be credited to the viral popularity and cultural trend, the impact of celebrity endorsements, the surge in personal mobility devices, the rise in challenges associated with urban commuting, and the growth of e-commerce and online retail.

The hoverboard scooter market size is expected to see strong growth in the next few years. It will grow to $10.58 billion in 2028 at a compound annual growth rate (CAGR) of 5.1%. The anticipated growth in the forecast period can be ascribed to factors such as the accessibility of manufacturing, the influence of social media marketing and user-generated content, competitive pricing and affordability, the integration of advanced safety features, the expansion of the electric mobility market, the adoption of hoverboards in recreational and sports activities, and the availability of customization options for personalized hoverboard designs. Key trends projected for the forecast period include innovative design and engineering of hoverboards, technological advancements in battery technology, the adoption of sustainable and eco-friendly materials, collaborations between hoverboard brands and tech companies, the integration of smart technologies, the use of AI for improved stability and user experience, and continued customization options for personalized hoverboard designs.

The anticipated growth in the hoverboard scooter market is expected to be propelled by the increasing trend of green mobility. Green mobility involves the adoption of environmentally friendly and sustainable transportation modes that have a lower environmental impact compared to traditional vehicles. Hoverboard scooters, being battery-powered and emission-free, align with the principles of green mobility. They present a convenient and eco-conscious solution for short-distance commuting, particularly in urban areas. As of September 2022, data from the International Energy Agency revealed a nearly doubled electric car sales figure of 6.6 million compared to 2020, resulting in a total of 16.5 million electric vehicles on the road. Additionally, information from the North American Bikeshare Association (NABSA) in August 2022 indicated that the percentage of cities with shared e-scooter systems increased to 64% in 2021, up from 58% in 2020 and 52% in 2019. Thus, the growing trend of green mobility is a key driver for the growth of the hoverboard scooter market.

The surge in urbanization is expected to contribute to the growth of the hoverboard scooter market. Urbanization, defined as the increasing growth and expansion of cities often accompanied by population migration from rural to urban areas, sees hoverboard scooters playing a pivotal role. They provide a compact and efficient last-mile transportation solution, contributing to enhanced mobility and addressing challenges in congested urban environments. As of April 2022, the World Economic Forum reported that over 4.3 billion people, equivalent to 55% of the world's population, lived in urban settings, with projections indicating a rise to 80% by 2050. Hence, the upward trajectory of urbanization is a significant factor driving the hoverboard scooter market.

The anticipated growth in the hoverboard scooter market is expected to be propelled by increasing environmental concerns. Environmental concerns encompass adverse impacts of human activity on the environment, spanning issues such as deforestation, air pollution, and acid precipitation. Hoverboards stand out as one of the most environmentally friendly modes of commuting, as they generate no pollutants and require no fuel. This makes them a significant contributor to reducing an individual's carbon footprint. As of March 2023, data from the International Energy Agency indicated a 0.9% increase in global CO2 emissions from energy in 2022, reaching a record of over 36.8 gigatons. Additionally, in April 2023, information from Canada.ca, a Canadian government agency, reported a 1.8% increase in Canada's total greenhouse gas emissions from 659 megatons of carbon dioxide equivalent in 2020 to 670 megatons in 2021. Consequently, growing environmental concerns are a driving force behind the growth of the hoverboard scooter market.

Technological advancements emerge as a prominent trend gaining traction in the hoverboard scooter market. Key companies within the market are adopting innovative technologies to maintain their competitive positions. For example, in October 2022, Swagtron, a US-based electric rideable manufacturing company, introduced the Shuttle Zipboard, the second generation of hoverboards designed for kids and teens. This hoverboard combines elements of skateboarding, surfing, and snowboarding to provide an exhilarating riding experience. Equipped with self-balancing technology, the Shuttle Zipboard offers precise control for riders of all skill levels on various terrains. Noteworthy features include a patented LiFePo battery known for durability and safety, providing a range of up to 3-5 miles on a single charge. With its cutting-edge design and advanced features such as LED lights and a Bluetooth speaker, the Shuttle Zipboard delivers a unique and enjoyable riding experience for young riders.

Major companies in the hoverboard scooter market are intensifying efforts to introduce high-speed hoverboards for a competitive advantage. High-speed hoverboards are electric self-balancing scooters designed for increased velocity, often incorporating advanced motors and batteries. In October 2023, Shane Chen, a China-based inventor, introduced the innovative concept of SHANE, a parallel two-wheeled electric car. This concept vehicle, designed to comply with the laws of physics, offers a futuristic driving experience on urban and highway roads. Claimed to be the first-ever practical and efficient two-wheeled car concept combining high speed with energy efficiency, SHANE features large wheels to reduce rolling resistance, in-wheel regenerative shocks, and a shifting center of gravity for stability, making it as secure as a four-wheeled car.

Major companies operating in the hoverboard scooter market report are Lexus, Razor Inc., Ducati Motor Holding S.p.A, Gogoro Inc., Dynacraft BSC Inc., Bluefin Robotics Corp, TOMOLOO, Segway Inc., Jetson Electric Bikes, Jetson Electric Bikes LLC, Megawheels Technologies Inc., Reid Bikes, Swagtron, Onewheel, Changzhou Airwheel Technology Co. Ltd., Skque Products, ERideHero, GoTrax, MiniMotors, EcoReco Electric Scooter, Evolve Skateboards USA, Fluid Freeride LLC, XPRIT, Future Motion Inc., VORO Motors Inc.

North America was the largest region in the hoverboard scooter market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the hoverboard scooter market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

The countries covered in the hoverboard scooter market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Spain, Canada.

The hoverboard scooter market consists of sales of classic hoverboard scooters, off-road hoverboard scooters, and smart balance hoverboard scooters. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

Hoverboard Scooter Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.

This report focuses on hoverboard scooter market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.

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Where is the largest and fastest growing market for hoverboard scooter ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The hoverboard scooter market global report from the Business Research Company answers all these questions and many more.

The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.

• The market characteristics section of the report defines and explains the market.
• The market size section gives the market size ($b) covering both the historic growth of the market, and forecasting its development.
• The forecasts are made after considering the major factors currently impacting the market. These include:

The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.

The impact of higher inflation in many countries and the resulting spike in interest rates.

The continued but declining impact of covid 19 on supply chains and consumption patterns.

• Market segmentations break down the market into sub markets.
• The regional and country breakdowns section gives an analysis of the market in each geography and the size of the market by geography and compares their historic and forecast growth. It covers the growth trajectory of COVID-19 for all regions, key developed countries and major emerging markets.
• The competitive landscape chapter gives a description of the competitive nature of the market, market shares, and a description of the leading companies. Key financial deals which have shaped the market in recent years are identified.
• The trends and strategies section analyses the shape of the market as it emerges from the crisis and suggests how companies can grow as the market recovers.

Scope

Markets Covered:

• 1) By Product Type: One Wheel Hoverboard; Unicycle
• 2) By Battery: Lithium-ion; Lead Acid; Nickel-metal Hydride
• 3) By Connectivity: Bluetooth; Wi-Fi; No Connectivity
• 4) By Sales Channel: Online; Offline
• 5) By Application: Personal Mobility Device; Business Purposes
• Companies Mentioned: Lexus; Razor Inc.; Ducati Motor Holding S.p.A; Gogoro Inc.; Dynacraft BSC Inc.
• Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA; Canada; Italy; Spain
• Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
• Time series: Five years historic and ten years forecast.
• Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita,
• Data segmentations: country and regional historic and forecast data, market share of competitors, market segments.
• Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.
• Delivery format: PDF, Word and Excel Data Dashboard.