The hoverboard market has witnessed significant growth over the past few years owing to the increasing popularity of recreational sports activities among the younger population globally. Hoverboards are two-wheeled self-balancing electric scooters that do not require pushing or pedaling, and can be controlled through one's bodyweight and movements. The compact size and portability of hoverboards makes them ideal for indoor recreational use. Owing to their convenience and effortless maneuverability, hoverboards have become one of the most sought-after recreational equipment, especially for short-distance commuting and leisure activities.
The Global hoverboard market is estimated to be valued at US$ 1.2 Billion in 2024 and is expected to exhibit a CAGR of 8.4% over the forecast period 2024-2031.
Key players operating in the hoverboard market are Swagtron, Razor USA LLC, TOMOLOO Technology Industrial Co., Ltd., Xiaomi, Hangzhou Chic Intelligent Technology Co., Ltd., Guangzhou Cheerson Hobby Technology Co., Ltd., and Other prominent players.
Key Takeaways
Key players: Swagtron, Razor USA LLC, and TOMOLOO Technology Industrial Co., Ltd. are the prominent manufacturers of hoverboards globally. Swagtron offers various high-performance hoverboard models like the Swagtron T1 and K8 while Razor also provides entry-level and advanced hoverboards like E90 and E300 series.
Growing demand: The increasing popularity of adventure sports and recreational activities among millennials and Gen Z is significantly driving the demand for personal mobility vehicles like Hoverboard Market Demand. Their easy maneuverability and lightweight design make hoverboards ideal for indoor and outdoor leisure use.
Technological advancements: Hoverboard manufacturers are focusing on advanced technological developments to enhance performance, safety, and riding experience. Features like Bluetooth connectivity, crash protection, self-balancing tech, brake sensors, anti-slip footpads indicate the technological evolution of hoverboards. Lithium-ion batteries with higher capacity and swappable battery systems are also gaining traction.
Market Trends
Increasing customizable options - Manufacturers are offering hoverboards with various personalized customization options for panels, wheels, LED lights to attract more customers.
Growing off-road capabilities - All-terrain hoverboards with large non-inflated tires, higher power motors, and suspension systems are emerging to enable riding on rough terrains as well.
Smart features - The integration of AI, IoT, and apps is resulting in smarter hoverboards. Features like remote vehicle monitoring, WiFi connectivity, cruise control, and self-diagnostics are trending.
Market Opportunities
Rising health-conscious population - With growing health awareness, hoverboards are finding increased usage for short outdoor cycling/jogging as a fun cardio exercise equipment.
Evolving e-commerce platforms - Strong online product visibility and lucrative promotional offers on various e-commerce sites like Amazon are boosting the hoverboard sales globally.
Growing outdoor recreational market - The surging global outdoor recreational industry is present hoverboard manufacturers with opportunities to introduce innovative off-road models and accessary kits.
The Impact of COVID-19 on the Hoverboard Market Growth
The COVID-19 pandemic has significantly impacted the hoverboard market. During the initial lockdown phases, manufacturing facilities and supply chains were disrupted leading to reduced production. This led to decline in sales as customers were confined to their homes and recreational activities reduced significantly. However, as lockdowns eased, people started exploring innovative recreational equipment that can be used indoor for exercising and entertainment purpose. Thus hoverboards sales picked up as they provide contactless mobility solution for indoor usage. With restrictions on outdoor activities continuing in many parts, demand for hoverboards is expected to remain elevated in the near future.
Manufacturers are working on developing advanced models to strengthen their market position in the post COVID scenario. Lighter and more durable batteries allowing longer runtime are being integrated. Features like Bluetooth connectivity and apps are also being introduced to enhance user experience. Safety remains a top priority with improvements in braking and balance control systems. Companies are ramping up advertising campaigns highlighting the safe indoor usage of hoverboards. The pandemic has made people more health conscious helping hoverboards gain traction as family entertainment device providing low-impact cardio workout.
Geographically, North America has been the largest market for hoverboards due to growing popularity among kids and youth. However, Asia Pacific is emerging as the fastest growing regional market with China, India and other developing countries witnessing strong demand growth. This is attributed to rising incomes, increasing health awareness and expanding middle class demography in the region. Furthermore, growing e-commerce channels are enhancing product access in rural areas supplementing regional market expansion.
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About Author:
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc. (https://www.linkedin.com/in/money-singh-590844163)
