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Hoverboard Scooters: Rolling Into the Future of Urban Mobility
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According to The Business Research Company's, 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 growth in the historic period can be attributed to viral popularity and cultural trend, influence of celebrity endorsements, rise of personal mobility devices, increase in urban commuting challenges, expansion 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 growth in the forecast period can be attributed to accessibility of manufacturing, social media marketing and user-generated content, competitive pricing and affordability, integration of advanced safety features, growth of the electric mobility market, adoption of hoverboards in recreational and sports activities, customization options for personalized hoverboard designs. Major trends in the forecast period include innovative design and engineering of hoverboards, technological advancements in battery technology, adoption of sustainable and eco-friendly materials, collaboration between hoverboard brands and tech companies, integration of smart technologies, integration of ai for improved stability and user experience, customization options for personalized hoverboard designs.
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Market Drivers and Trends:
The increase in the trend of green mobility is expected to propel the growth of the hoverboard scooter market going forward. Green mobility refers to using environmentally friendly and sustainable modes of transportation that have a lower impact on the environment than traditional vehicles. Hoverboard scooters, being battery-powered and emission-free, align with the principles of green mobility. They offer a convenient and eco-conscious solution for short-distance commuting, especially in urban areas. For instance, in September 2022, according to the International Energy Agency, a France-based autonomous intergovernmental organization, electric car sales nearly doubled to 6.6 million compared to 2020, increasing the total number of electric vehicles on the road to 16.5 million. Furthermore, in August 2022, according to the North American Bikeshare Association (NABSA), a US-based non-profit organization, in 2021, the percentage of cities with shared e-scooter systems increased to 64%, compared to 58% in 2020 and 52% in 2019. Therefore, the increase in the trend of green mobility is driving the growth of the hoverboard scooter market.
Technological advancements are a key trend gaining popularity in the hoverboard scooter market. Major companies operating in the hoverboard scooter market are adopting new technologies to sustain their position in the market. For instance, in October 2022, Swagtron, a US-based electric rideable manufacturing company, launched the Shuttle Zipboard, the second generation of hoverboards for kids and teens. It combines skateboarding, surfing, and snowboarding elements into a thrilling riding experience. With its self-balancing technology, riders of all skill levels can easily navigate any terrain with precision control. The board features a patented LiFePo battery, known for its 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 kids and teens.
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Major Key Players of the Market:
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.
Hoverboard Scooter Market 2024 Key Insights:
• 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 Growth In Green Mobility Fuels Expansion Of The Hoverboard Scooter Market
• Technological Advancements Transforming The Landscape Of Hoverboard Scooters
• North America was the largest region in the hoverboard scooter market in 2023
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