An electric skateboard is a hand-controlled vehicle powered by an electric motor, batteries and wheels that provide greener alternative to conventional transportation. Electric skateboards are portable, provide longer range on a single charge and simplify rider's movement for commuting over short distances. Features like cruise control, smartphone connectivity and regenerative braking further make them user-friendly. Growing concerns regarding pollution and consumer inclination towards sustainable mobility options are fueling the demand for electric skateboards.
Global electric skateboard market is estimated to be valued at US$ 4.07 Billion in 2024 and is expected to reach US$ 9.10 Billion by 2031, exhibiting a compound annual growth rate (CAGR) of 12.2% from 2024 to 2031.
Key Takeaways
Key players operating in the electric skateboard market includes Boosted Boards, Marbel, Inboard, Yuneec, Mellow Boards and Stary Board. These companies are investing in developing long range, high torque electric skateboards integrated with advanced safety features.
rapid urbanization and increasing traffic congestion across metros provide huge growth prospects for electric skateboards as an alternative commute method. Moreover, government initiatives promoting adoption of eco-friendly vehicles and investment in electric vehicle infrastructure would drive the market expansion.
North America dominates the Electric Skateboard Market Demand attributed to high purchasing power of consumers and presence of major industry players. However, Asia Pacific region is expected to witness fastest growth due to rising middle class population, improving economic conditions and supportive government policies in countries like China and India.
Market Drivers
The key driver propelling the electric skateboard market growth is rising environmental concerns among consumers regarding pollution caused by fuel vehicles. Electric skateboards produce zero direct emissions and contribute to sustainable mobility. Also, cost advantages over fuel vehicles, ease of riding, portability and recreational benefits have increased product popularity, especially among youth. Government regulations regarding emission control and initiatives boosting EV adoption would further catalyze the electric skateboard demand globally over coming years.
PEST Analysis
Political: The governmental regulations regarding the usage of electric vehicles on public roads impacts the electric skateboard market.
Economic: The availability of attractive financing and lending options boosts the sales of expensive electric skateboards.
Social: The growing popularity of adventure sports and inclination of people towards eco-friendly commuting solutions support the demand for electric skateboards.
Technological: Advancements in lithium-ion battery technologies increases the driving range of Electric Skateboard Market Size and Trends. Development of smart electric skateboards with connectivity features through mobile applications gains traction.
Geographical regions with concentration in terms of value
North America dominates the electric skateboard market in terms of value, led by countries like the United States and Canada. Availability of high purchasing power, popularity of recreational activities, supportive infrastructure for electric vehicles, and presence of key market players drive the sales in the region.
Fastest growing region
The Asia Pacific region is expected to witness the fastest growth in the electric skateboard market during the forecast period. Rapid urbanization, increasing standards of living, growing youth population inclined towards adventure sports, and supportive government initiatives for electric mobility contribute to the high growth prospects. Countries like China and India showcase immense growth opportunities for electric skateboard manufacturers.
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