The global hoverboard market size was estimated to be US$ 787 Million in 2022 and is expected grow at a CAGR of 6.1% between 2023 to 2032.
A hoverboard, also known as a self-balancing scooter, is a wheeled, battery-powered personal transportation device that uses gyroscopic stabilizationization to allow the rider to control its movements.
The rider shifts their weight to steer the hoverboard and move forward, backward, or change direction. They are designed for short-distance travel and are popular among people of all ages for leisure and personal transportation.
The global hoverboard market is driven by a combination of technological advancements, rising popularity, growing demand for eco-friendly transport, and increasing disposable income. Technological advancements have led to the development of more advanced and innovative hoverboards, with features such as GPS tracking, mobile app integration, and music speakers enhancing the user experience.
Hoverboards have become increasingly popular, particularly among the younger generation, as they provide a unique and fun experience. There is a growing trend towards eco-friendly modes of transportation, and hoverboards, powered by rechargeable batteries, are seen as a sustainable alternative to traditional transportation methods.
As disposable incomes rise, consumers are more likely to purchase luxury items, including hoverboards, driving the growth of the market, particularly in developing countries.
On the basis of the product type, the market is segmented into double wheeled hoverboard, and single wheeled hoverboard. Among these segments, the double wheeled hoverboard segment is the largest owing to several factors, including increased stability and better balance provided by the double wheel design, making it easier and safer to use.
Additionally, double wheeled hoverboards are often equipped with more advanced features, such as LED lights and longer battery life, which appeals to consumers and drives demand for this type of hoverboard.
While, the single wheeled hoverboard segment is the fastest growing in the market. This is because single wheeled hoverboards are more compact and easier to maneuver, making them a popular choice for users who need a more agile and manoeuvrable hoverboard.
Additionally, the single wheel design allows for more advanced tricks and stunts, making them a popular choice among hoverboard enthusiasts and athletes. The growing popularity of hoverboarding as a sport and recreational activity is also driving demand for single wheeled hoverboards.
On the basis of size, the market is segmented into compact size, mid-size, and full-size. Among these segments, the full-size hoverboard segment is the largest owing to its versatility and ability to accommodate riders of all sizes. Full-size hoverboards typically have larger wheels and a longer deck, making them suitable for riders of all heights.
On the other hand, the compact size hoverboard segment is the fastest growing segment in the market. This segment is growing in popularity due to the increasing demand for portable and lightweight hoverboards that are easy to carry and store.
Compact size hoverboards are popular among commuters and travellers who are looking for a convenient mode of transportation that is easy to carry with them.
The mid-size hoverboard segment is also growing in popularity, particularly among younger riders who are looking for a hoverboard that is easy to manoeuvre and control. This segment offers a good balance between stability and portability, making it a popular choice for riders of all ages.
On the basis of application, the global hoverboard markets is segmented into the personal mobility, recreational activities, commercial, others. Among these segments, the personal mobility is the largest segment owing to it growing popularity due to the increasing demand for hoverboards as a convenient and eco-friendly mode of transportation.
Hoverboards are becoming increasingly popular among commuters, students, and others who are looking for a convenient way to get around for short distances.
The recreational activities segment is the fastest growing segment in the market. This segment is growing in popularity due to the increasing popularity of hoverboards as a recreational activity. Hoverboards are being used for events, races, and other recreational activities, attracting participants and spectators alike.
The commercial segment, which includes the use of hoverboards for commercial purposes such as delivery and security, is also growing in popularity. This segment is growing due to the increasing demand for hoverboards as a convenient and efficient mode of transportation for short distances.
Geographically the global hoverboard market is segmented into North America, Europe, Asia-Pacific, Middle East and Africa, and South America. Among these regions, the Asia-Pacific region is the largest in the global hoverboard market, primarily due to the presence of major manufacturing countries such as China, South Korea, and Taiwan. The region is also a major market for hoverboards, with countries such as China and India seeing a growing demand for personal transportation devices.
While the fastest growing region in the global hoverboard market is the South American region, primarily due to the growing demand for personal transportation devices and the increasing popularity of hoverboards as a recreational activity. The region is also seeing a growing demand for high-end, premium hoverboards, as consumers are willing to pay more for higher-quality products.
Companies operating in the global hoverboard market have adopted various growth strategies to expand their market share and increase their profitability.
One of the key strategies is product innovation and development, where companies are investing in research and development to introduce new and improved hoverboards that cater to the evolving needs and preferences of consumers. For instance, companies are developing hoverboards with larger wheels, better battery life, and increased speed, making them more convenient and efficient for personal transportation.
Another growth strategy being adopted by companies in the hoverboard market is marketing and brand promotion. Companies are investing in advertising and promotions to increase brand awareness and reach a wider audience. They are also partnering with retailers and distributors to expand their reach and increase their sales.
Furthermore, companies are launching partnerships and collaborations with other companies and organizations to enhance their product offerings and increase their market share.
In addition, companies in the hoverboard market are also focusing on expanding their geographical footprint by establishing operations and distribution channels in new and untapped markets. By doing so, they can tap into new customer segments and increase their revenue. Companies are also focusing on expanding their product offerings by launching new products and accessories to cater to a wider range of customers and increase their sales.
Some of the biggest companies operating in 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 many more.
By Product
By Size
By Application
By Region
The global hoverboard market is estimated to expand at a CAGR of 6.1% between 2023 to 2032.
The hoverboard market size was estimated to be US$ 787 Million in 2022.
The hoverboard market is driven by a combination of technological advancements, rising popularity, growing demand for eco-friendly transport, and increasing disposable income.
The single wheeled hoverboard product type is the fastest growing in the market. This is because single wheeled hoverboards are more compact and easier to maneuver, making them a popular choice for users who need a more agile and manoeuvrable hoverboard.
The full-size hoverboard segment is the largest owing to its versatility and ability to accommodate riders of all sizes. Full-size hoverboards typically have larger wheels and a longer deck, making them suitable for riders of all heights.
The personal mobility is the largest segment owing to it growing popularity due to the increasing demand for hoverboards as a convenient and eco-friendly mode of transportation.
The Asia-Pacific region is the largest in the global hoverboard market, primarily due to the presence of major manufacturing countries such as China, South Korea, and Taiwan.
Prominent players in the global hoverboard market include 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 many more.
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