Hoverboard Market Share, Size, Trends, Industry Analysis Report, By Product Type (Single Wheeled and Double Wheeled); By Application; By Sales Channel; By Region; Segment Forecast, 2024 - 2032
- Published Date:Jan-2024
- Pages: 119
- Format: PDF
- Report ID: PM3527
- Base Year: 2023
- Historical Data: 2019-2022
Report Outlook
The global hoverboard market size and share was valued at USD 900.72 million in 2023 and is expected to grow at a CAGR of 4.90% during the forecast period. The increasing penetration of hoverboards as an effective and eco-friendly mode of transportation across various major economies due to rising efforts of manufacturers in product cost reduction and incorporation of modern transportation technologies are among the primary factors driving the market growth. The utilization of modern and sophisticated electronic equipment has increasingly become popular over the years, and the adoption and acceptance of cutting-edge technologies across numerous sectors, such as schools, universities, tourism, and police departments, is further likely to create significant growth opportunities in the forecast period.
A hoverboard, also referred to as a self-balancing scooter, is a portable levitating board used for personal transportation. First described in science fiction, these scooters made their entry into the market in the past decade and have been gaining traction ever since. Hoverboards are powered by rechargeable lithium-ion batteries and have the rider suspended on a platform between two wheels. The platform of hoverboards is large enough to accommodate the rider’s two feet and have some space for balance between.
Hoverboards are generally made of six main concepts. They include the body, two wheels, a gyroscope, a logic board, a motor, and a battery. Along with the gyroscope, these boards make use of a variety of sensors to move, balance, and function. The rider steps both feet on the platform and uses them to control the power and tilt of the hoverboard. There are several benefits of hoverboards, including quick transportation, compact size, ease of use, and their eco-friendly nature. Furthermore, as riders engage their muscles when riding, they offer good exercise. The growing trend of green mobility worldwide and the surging popularity of several electric-driven mobility solutions are the primary factors driving the hoverboard market demand.
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For instance, in March 2023, the New York-based unveiled its new hoverboard, ' Flyte, which does not have wheels. It can fly and comes with a special stand. The hoverboard is powered by magnetic power that makes it able to fly into the air, and it cannot be ridden as its flying function is completely decorative.
Moreover, some global hoverboard manufacturers have started focusing on featuring artificial intelligence (AI) that can learn the user's riding style and easily adapt to it, resulting in a more personalized and intuitive riding experience. Apart from this, many hoverboards now come with improved safety features such as UL certification, LED lights for better visibility, and advanced sensors that can detect changes in weight distribution and adjust speed and balance accordingly, resulting in higher product adoption worldwide.
The outbreak of the COVID-19 pandemic has significantly impacted the growth of the hoverboard market. The emergence of the pandemic caused economic uncertainty, leading many people to cut their expenditures or spend on unnecessary things, which could have affected the sales of hoverboards globally. Moreover, to control the spread of the pandemic, countries-imposed lockdowns, and other stringent restrictions resulted in high disruptions in supply chains and the closure of manufacturing facilities globally.
The research report offers a quantitative and qualitative analysis of the hoverboard market to enable effective decision-making. It covers the key trends and growth opportunities anticipated to have a favorable impact on the market. Besides, the study covers segment and regional revenue forecasts for market assessment.
Industry Dynamics
Growth Drivers
The rapid increase in the trend for green mobility across the globe and the growing popularity of several electric-driven mobility solutions, along with the emergence of hoverboards as an effective personal commute solution driven by the electric-based motor, ensuring zero carbon emissions and footprint, are the major factors driving the global hoverboard market growth. Besides this, there has been a drastic increase in urbanization and local commute requirements due to larger work and growth opportunities in cities, which leads to higher demand for convenient transportation solutions for individuals.
Furthermore, the growing prevalence of the usage of the targeted products in several commercial places, including malls, manufacturing facilities, tourist attractions, and sidewalks, among others, coupled with the surging need for traveling products offering fun, adventure, and excitement while moving from one location to another has drastically increased in the recent years, which in turn, has propelled the demand for products at a significant pace.
Report Segmentation
The market is primarily segmented based on product type, application, sales channel, and region.
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By Product Type |
By Application |
By Sales Channel |
By Region |
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Single Wheeled Segment Is Anticipated to Witness the Highest Growth During the Projected Period
The single-wheeled segment is anticipated to grow at the highest CAGR during the forecast period because of its higher suitability to almost all types of surfaces and availability at lower prices than others. Single-wheeled hoverboards use advanced technology to provide a unique riding experience, as they incorporate gyroscopic sensors and other electronics to balance the rider on a single wheel, attracting tech-savvy consumers who are always looking for the latest and innovative gadgets.
The double-wheeled segment led the industry market with significant market share in 2022, which is mainly driven by its numerous beneficial features, including ease of availability and higher convenience, along with the growing preference among people for double-wheeled hoverboards because of its better self-balancing feature and higher penetration. Additionally, these hoverboards are usually equipped with Bluetooth speakers, smartphone apps, and LED lights, allowing users to remotely control their devices, which has propelled the segment market growth.
Recreational Activities Segment Held a Significant Market Share in 2022
The recreational activities segment held a significant market share in terms of revenue in 2022, which is highly attributable to the growing acceptance of hoverboarding as an attractive recreational activity among the global population due to the increased number of people participating in various types of outdoor fitness activities that help them to maintain cardio-vascular fitness, muscle development, and vestibular systems. Hoverboards are relatively lightweight and compact. Hence they are quite easy to transport and use in various settings, making them a popular choice for outdoor activities like picnics, beach trips, and camping, as well as among fitness enthusiasts worldwide.
The personal mobility segment is likely to exhibit a considerable growth rate over the coming years, mainly due to its increasing penetration as a convenient mode of transportation, allowing people to travel without the need for cars, bikes, and others, and are comparatively more affordable than other transportation modes, making them a preferred option for price-sensitive consumers globally.
Online Segment Accounted For the Largest Market Share in 2022
The online segment accounted for the largest market share in 2022 and is expected to maintain its dominance throughout the anticipated period. The growth of the segment market can be largely attributed to due to rapid emergence of several online shopping platforms offering numerous benefits to customers, including higher convenience, availability of various options, and competitive pricing, among others, coupled with the surge in smartphone penetration and easy access to fast internet facilities across both developed and developing economies.
Europe Region Dominated the Global Market in 2022
The Europe region dominated the global for hoverboards with a substantial share in 2022 and is projected to maintain its dominance over the study period, mainly accelerated by the rising need and demand for eco-friendly commuting solutions and surging awareness towards the importance of sustainable and environment-friendly products mainly in developed countries like Germany, France, and Spain among others. The continuous development of advanced hoverboard technologies has led to the introduction of more innovative and high-tech features and endorsement by celebrities and influencers, increasing the appeal of hoverboards to European consumers and thereby boosting the regional market growth.
The North American region is projected to be the fastest growing region with a healthy CAGR during the forecasted period, owing to the growing rate of urbanization across the region; as cities become more crowded, hoverboards provide an easy and convenient mode of transportation for short distances, making them popular among urban commuters along with this, the high level of disposable income of consumers allowing them to afford expensive or luxury items like hoverboards easily.
Competitive Insight
Some of the major players operating in the global market include Ninebot, HaloBoard, Segway, TOMOLOO Technology Industrial, SURFUS, Hangzhou Chic Intelligent, Shenzhen Rooder Technology, JIALIKE Electronic, Airwheel Technology, Shenzhen Uwheel Technology, Skque Products, Razor USA, Sky Walkers, Shenzhen Lezway, Evoy Technologies, and Robstep.
Recent Developments
- In October 2022, SWAGTRON announced the launch of its second generation of hoverboards specially designed for kids and teens that combines the look and feel of surfing, snowboarding, and skateboarding. The newly developed self-balancing Shuttle Zipboard creates the aesthetic appearance of the hovering board centered over the two wheels, making it easy for kids to shred like a pro skateboarder.
- In March 2021, Filterboard announced the launch of its next-gen hoverboard, specially designed for the sea, that lets the riders fly over the water without wind. The new and improved generation of Filterboard offers enhanced performance across a wide range from beginner-friendliness & stability to maneuverability.
Hoverboard Market Report Scope
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Report Attributes |
Details |
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Market size value in 2024 |
USD 943.69 million |
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Revenue Forecast in 2032 |
USD 1,384.19 million |
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CAGR |
4.90% from 2024 - 2032 |
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Base year |
2023 |
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Historical data |
2019 – 2022 |
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Forecast period |
2024 – 2032 |
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Quantitative units |
Revenue in USD million and CAGR from 2024 to 2032 |
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Segments Covered |
By Product Type, By Application, By Sales Channel, By Region |
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Regional scope |
North America, Europe, Asia Pacific, Latin America, Middle East & Africa |
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Key Companies |
Ninebot Inc., HaloBoard, Segway Inc., TOMOLOO Technology Industrial Co. Ltd., SURFUS, Hangzhou Chic Intelligent Technology Co., Shenzhen Rooder Technology Co. Ltd., JIALIKE Electronic Company Ltd., Airwheel Technology Company Co. Ltd., Shenzhen Uwheel Technology, Skque Products, Razor USA LLC, Sky Walkers, Shenzhen Lezway Technology, Evoy Technologies, and Robstep GB. |
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FAQ's
The hoverboard market report covering key segments are product type, application, sales channel, and region.
Hoverboard Market Size Worth $1,384.19 Million By 2032.
The global hoverboard market is expected to grow at a CAGR of 4.9% during the forecast period.
Europe is leading the global market.
key driving factors in hoverboard market are increasing need for continuous product development gains competitive advantage.
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