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2021
Hoverboard Scooter Market

Hoverboard Scooter Market by Type (Compact Size, Mid-size, and Full Size), Application (Personal Mobility Device and Business Purposes), Sales Channel (Online Sales and Offline Sales), and Speed Limit (Less than 15 Kmh and More than 15 Kmh): Global Opportunity Analysis and Industry Forecast, 2021–2030

A12257
Pages: 235
Sep 2021 | 3274 Views
Author(s) : Omkar Bachal , Sonia Mutreja
Tables: 128
Charts: 48
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COVID-19

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Hoverboard Scooter Market Statistics 2021–2030:

The global hoverboard scooter market was valued at $781.2 million in 2020, and is projected to reach $1,246.2 million by 2030, registering a CAGR of 5.1%. North America was the highest revenue contributor, accounting for $274.2 million in 2020, and is estimated to reach $402.6 million by 2030, with a CAGR of 4.2%. Asia-Pacific is estimated to reach $295.5 million by 2030, at a significant CAGR of 6.4%.       

The spread of the COVID-19 pandemic has negatively impacted the global hoverboard scooter market, owing to commute restrictions, negative demand outlook, and expected weak financial performance of the market players in 2020. As a consequence, policy restrictions have led to lower number of public commute on roads. In addition, the corporate workforce’s return to the office will be a slow process, and with social distancing rules still in place, create a requirement for personal commute solution as considering the health concerns in the coming years. Changing urban commute requirements are expected to witness a recovery in 2021.

Hoverboard scooter is a micro-mobility solution majorly used for personal commute requirements that is powered through electric sources and driven by one or two wheels. This personal commute transportation solution is popular among the generation Z and millennials. Hoverboard scooter has witnessed strong demand from the urban areas. Hoverboard scooter can be operated on the plane as well as uneven surfaces along with various speed ranges, weight capabilities, and battery capacities. In the recent years, manufacturers of the hoverboard scooters have introduced solutions along with advanced technologies such as application-supported functions, LED lighting system, and Bluetooth system. Hoverboard scooters are not considered under the specific motor vehicle regulations and rules for riding on or off the road. However, increase in number of pedestrian & footpath accidents is limiting the penetration of such commute solutions and are even banned in some nations, which is threatening the growth of the global market.

Hoverboard-Scooter-Market--2021-2030

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Factors such as increase in trend of green mobility, rapid urbanization coupled with local commute requirements, decline in price of batteries per Kwh, and changes in outlook of the leisure & recreational activities are expected to drive growth of the hoverboard scooter market. However, low safety as compared to other commuting options and uncomfortable riding experience for long route commute due to design structure restrain the market growth. On the contrary, strong dealership and supplier network and increase in need for continuous product development are projected to offer lucrative growth opportunities for the market players.

The global hoverboard scooter market is segmented type, application, sales channel, speed limit, and region. On the basis of type, the market is categorized into compact size, mid-size, and full-size. The applications covered in the study include personal mobility device and business purposes. By sales channel, the market is fragmented into online sales and offline sales. On the basis of speed limit, it is segregated into less than 15 Kmh, and more than 15 Kmh.  Region wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

Leading players and their key business strategies have been analyzed in the report to gain a competitive insight into the market. Key players covered in the report include FUTURE MOTION INC, Halo Board, HETECHI LTD., HoverRobotix, INMOTION Technologies Co., Ltd, Jetson Electric Bikes LLC, Shenzhen Gyroor Tech (China) Co., Ltd, SWAGTRON, Tomoloo Technology Industrial Co., Ltd., and UBOARD INDIA LIMITED.

Hoverboard Scooter Market
By Type

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Mid Size segment is projected as the most lucrative segments

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Increase in trend of green mobility

Mobility outlook across the globe is witnessing significant change from the past decade, as traditional mobility medium is replaced with electrically driven solution equipped with advanced technologies. Electric-driven mobility solution serves as an economical mode of conveyance and is environmental friendly. Thus, multiple benefits associated with electric-driven mobility solution notably contribute toward the growth of the global market. Moreover, hoverboard scooter is trending as a personal commute solution driven by electric motor, which ensures zero carbon footprint, thereby fostering the market growth. In addition, increase in environmental concerns and inclination toward e-mobility are expected to support the growth of hoverboard scooter market in the upcoming years. 

Hoverboard Scooter Market
By Application

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Personal Mobility Device segment is projected as the most lucrative segments

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Rapid urbanization and local commute requirements

In the recent years, urbanization has been attaining peak year on year, as majority of the population is shifting to urban areas, owing to increase in work opportunities and rapid industrialization. In this era of urbanization, daily commute between the workplace and residence is the need for every individual passenger, which is associated with travel time. Moreover, urban passengers are more inclined toward technologically advanced commute solutions along with its time-effective commute option to avoid unnecessary long traffic congestion along with green mobility. Thus, urban passengers are more dependent on technologically advanced commute solutions for daily commute, which significantly boosts the sale of hoverboard scooters across the globe. Hoverboard scooter is one of the leading solutions with high-end technology along with its compact design. In addition, it is one of the efficient commute systems for continuously changing rider requirements, which notably contributes toward the growth of the global market.

Hoverboard Scooter Market
By Sales Channel

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Online Sales segment is projected as the most lucrative segments

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Lower safety as compared to other commuting options

In the recent years, personal commute solution is gaining high traction, owing to increase in urbanization and continually changing ridership outlook of urban commuters. These urban commuters are demand for compatible and cost-effective transport solution along with time-effective operations, which fosters the demand for hoverboard scooter. This is attributed to the fact that hoverboard scooter serves as a leading urban commute solution, which caters to changing requirement of urban commuters. However, hoverboard scooter require well-trained operators for efficient operation. Thus, dearth of trained professionals acts as a key deterrent factor of the global hoverboard scooter market. Furthermore, owing to its complex design, the risk of accidents increases, thus lowing operators safety. Thus, lower safety associated with hoverboard scooter as compared to other personal commute solutions is anticipated to hamper the growth of the global market in the upcoming years.

Hoverboard Scooter Market
By Speed Limit

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Less than 15 Kmh segment is projected as the most lucrative segments

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Strong dealership and supplier network

In the global hoverboard scooter market, the marketing strategy of majority of market participants relies on distributor or dealer networks to trade their products and to be the experts and local face for their brand. Dealers and distributors provide personal relationship with end consumers that builds loyal customers and eventually increases sales. Selling hoverboard scooters directly to end users may seem an efficient way of generating revenue along with eliminating the administrative and operations expenses. Moreover, majority of the manufacturers are situated in China, and the potential demand for hoverboard scooter are from North America and Europe. The direct entry into these markets along with additional office and manufacturing unit incurs additional capital expenditure along with add on working capital requirement. Developing distributors network primarily minimizes the operating as well as capital expenditure along with ready-made client base of distributors to expand the product reach. The market participants such as Inmotion Technologies Co., Ltd. and SWAGTRON are developing dealer’s network across the global market for optimum product reach along with high operational efficiency. Thus, market participants are focusing on developing strong dealers and distributors network for witnessing strong sales footprints, optimum distribution of capital expenditure, and wide presence of the brand across the global market, which is anticipated to notably contribute toward the market growth.

Hoverboard Scooter Market
By Region

2030
Europe 
North America
Asia-pacific
Lamea

Asia-Pacific would exhibit the highest CAGR of 6.4% during 2021-2030.

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COVID-19 impact analysis

The spread of the COVID-19 pandemic has negatively impacted the global hoverboard scooter market, owing to implementation of stringent commute restrictions and expected weak financial performance of market players in 2020. Majority of manufacturing facilities of hoverboard scooters have been shut down during the pandemic, owing to commute restrictions, workforce unavailability, and short supply of raw materials due to supply chain disruption. Moreover, it has impacted the overall economy and contributors such as market participants formulating strategic cost-saving plans. The major risk factors of the hoverboard scooter market participants are supply chain execution, regulatory & policy changes, dependency on labor, working capital management, and liquidity & solvency management. The second wave of COVID-19 hit hard more than earlier strain of COVID-19 in February 2021, and is expected to impact the overall economic outlook negatively to a greater extent. The global business outlook has changed dramatically post the COVID-19 health crisis.

Key Benefits For Stakeholders

  • This study presents analytical depiction of the global hoverboard scooter market analysis along with the current trends and future estimations to depict imminent investment pockets.
  • The overall hoverboard scooter market opportunity is determined by understanding profitable trends to gain a stronger foothold.
  • The report presents information related to key drivers, restraints, and opportunities of the global hoverboard scooter market with a detailed impact analysis.
  • The current hoverboard scooter market is quantitatively analyzed from 2020 to 2030 to benchmark the financial competency.
  • Porter’s five forces analysis illustrates the potency of the buyers and suppliers in the industry.

KEY MARKET SEGMENTS

By Type

  • Compact Size
  • Mid-size
  • Full Size

By Application

  • Personal Mobility Device
  • Business Purposes

By Sales Channel

  • Online Sales
  • Offline Sales

By Speed Limit

  • Less than 15 Kmh
  • More than 15 Kmh

By Region

  • North America
    • US
    • Canada
    • Mexico
  • Europe
    • UK
    • Spain
    • France
    • Italy
    • Rest of Europe
  • Asia-Pacific
    • China
    • Japan
    • Australia
    • Singapore
    • Rest of Asia Pacific
  • LAMEA
    • Latin America
    • Middle East
    • Africa

KEY PLAYERS

  •  
  • Future Motion Inc.
  • Halo Board
  • Hetechi Ltd.
  • HoverRobotix
  • INMOTION Technologies Co., Ltd.
  • Jetson Electric Bikes LLC
  • Shenzhen Gyroor Tech (China) Co., Ltd.
  • SWAGTRON
  • Tomoloo Technology Industrial Co., Ltd.
  • Uboard India Limited
 

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The global hoverboard scooter market is expected to witness significant growth, owing to rise in urbanization, changes commute requirements in the urban areas, and increase in traction toward the green mobility. Hoverboard scooter solution is popular among the millennial and Z generation used for leisure and urban commute solution. In addition, online sales channel is a new era of the sales distribution gaining traction in the recent years. Majority of market participants are introducing the own e-commerce platforms or through third-party e-commerce platforms.  

The global hoverboard scooter market is a fairly fragmented in which several market participants are operating in the global market. Market participants are focused to develop their sales footprints by expanding dealer network and introduce new product lines of hoverboard scooters to cope up with changing requirement of end users. Numerous developments have been carried out by top companies, such as INMOTION TECHNOLOGIES CO.,LTD., Shenzhen Gyroor Tech ( China ) Co., Ltd., SWAGTRON, and Tomoloo Technology Industrial, which supplement growth of the global hoverboard scooter market. Impacts of COVID-19 significantly affected the global hoverboard scooter market in 2020. Furthermore, the market witnessed negative growth or significant downfall in 2020, and is expected to witness a recovery in 2021.

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FREQUENTLY ASKED QUESTIONS?

A. Development of the strong dealership and supplier network is the key trend amongst the market players

A. The global hoverboard scooter market was valued at $781.21 million in 2020, and is projected to reach $1,246.18 million by 2030, registering a CAGR of 5.1% from 2021 to 2030.

A. The report sample for global Hoverboard Scooter market report can be obtained on demand from the website.

A. Yes, The global hoverboard scooter market is expected to register a CAGR of 5.1% from 2021 to 2030.

A. Yes, hoverboard scooter is one of the key micromobility solution

A. The company profiles of the top players of the market can be obtained from the company profile section mentioned in the report. This section includes analysis of top ten player’s operating in the industry along with their last three-year revenue, segmental revenue, product offerings, key strategies adopted, and geographical revenue generated

A. INMOTION Technologies Co., Ltd, Shenzhen Gyroor tech (china) Co., Ltd, SWAGTRON are the key market participants in the global market

A. Millennials and Generation Z are the target market for hoverboard scooters

A. North America was the highest revenue contributor, accounting for $274.20 million in 2020, and is estimated to reach $402.64 million by 2030, with a CAGR of 4.2%.

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