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2022

Self-Balancing Mobility Market

Self-Balancing Mobility Market Size, Share, Competitive Landscape and Trend Analysis Report by Product Type, Level of Automation, End Use and Vehicle Type : Global Opportunity Analysis and Industry Forecast, 2021-2030

AT : Electric and Hybrid Vehicles

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Author's: Abhay Singh | Lalit Janardhan Katare
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Self-Balancing Mobility Market Statistics 2030 -

The global self-balancing mobility market was valued at $1.53 billion in 2020, and is projected to reach $10.09 billion by 2030, registering a CAGR of 21.2% from 2021 to 2030.  

Self-balancing mobility includes vehicles that have capability to self-balance during propulsion as well as when the vehicle is in rest position, making it easy for the user to drive the vehicle even for someone who does not know how to ride a vehicle. It uses a self-balancing gyroscopic system for balancing, changing directions depending on the way the rider leans as well as control the vehicle. The increased demand for micromobility along with the need for green mobility vehicles to be present across the globe creates ample opportunities for the growth of the market across the globe. The main components of Self-balancing mobility include gyroscope (to determine the balance), motors (to maintain balance and move the vehicle forwards and backwards), microprocessors and batteries. The self-balancing mobility solutions are eco-friendly, flexible and versatile mode of transport. It helps to reduce traffic congestion due to its compact size.

Self-Balancing-Mobility-Market,-2021-2030

Factors such as rapid urbanization & local commute requirements, inclination toward the use of electric mobility as an eco-friendly & efficient solution and high portability as compared to other personal electric vehicles, supplement the growth of the market across the globe. However, factors such as rise in bike vandalism & theft and inaccuracy & calibration issues in autonomous vehicles, hamper the growth of the market across the globe. Moreover, factors such as continuous product development gains competitive advantage and growing R&D investments for enhanced battery technologies, create ample opportunities for the growth of the market during the forecast period.

Self-Balancing Mobility Market
By Product Type
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Single Wheeled is projected as the most lucrative segments

The self-balancing mobility market report is segmented on the basis of product type, level of automation, end use, vehicle type and region. Depending on product type, the global market has been segmented into single wheeled and double wheeled. By level of automation, the global market has been segmented into semi-autonomous and fully autonomous. By end use, the market has been segmented into personal use and commercial use. By vehicle type, the market has been segmented into unicycle, segway, hoverboard and scooter & bikes. Region wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. 

The key players operating in the global self-balancing mobility market are Airwheel Holding Limited, Eswingsports, Fosjoas, Freego High-Tech Corporation Ltd., Halo Board, Hangzhou Chic Intelligent Technology Co., Ltd., HoverRobotix, Inmotion Technologies Co., Ltd., Inventist, Inc., IO Hawk Invest, Oxboard B.V., Razor USA LLC, Segway Inc., UBoard and Zhejiang Aerlang Technology Co., Ltd. 

Self-Balancing Mobility Market
By Level Of Automation
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Fully autonomous is projected as the most lucrative segments

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 solutions for daily commute, which significantly boosts the demand for self-balancing mobility services across the globe.

Inclination toward the use of electric mobility as an eco-friendly & efficient solution

Continuously growing global fuel emission has been one of the foremost concerns for governments and environmentalists from the past few years. This bolsters the demand for electric mobility vehicles across the globe, thereby supplementing the growth of the market. Furthermore, technological advancements toward offering smart mobility have created numerous opportunities for the growth of global self-balancing mobility market across the globe. In addition, companies operating across the mobility industry have developed and introduced numerous mobility scooters to be used in different industries, thereby supplementing the growth of the market. 

Self-Balancing Mobility Market
By End Use
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Commercial Use is projected as the most lucrative segments

Inaccuracy and calibration issues in autonomous vehicles

Sensors are crucial components of the current fleet of automobiles. They are critically important to enable a whole lot of things in a vehicle; for instance, from existing advanced driver-assistance systems (ADAS) features and automated braking & lane keeping. For highly automated vehicles, the accuracy of sensors becomes more critical. Satisfactorily safe and high accuracy is of utmost importance, and calibration ensures that the vehicle’s sensors are operating at the highest reliability.

Sensors can often get out of calibration due to their daily usage, standard vibrations, vehicle part replacements, or variations in environmental conditions such as temperature. While vehicles getting out of calibration is quite an issue, no common metrics exist as of today that can measure the miscalibration and there are no specific standards that firms can follow. All manufacturers have their own exclusive sensor suites and a complementary set of unique calibration procedures, which further complicates the issues. In addition, a typical ADAS calibration procedure can last anywhere between 15 minutes to 2 hours and necessitates costly equipment. Furthermore, the automobile itself needs to be prepared for thorough testing and recalibration. For instance, tires must be appropriately inflated, the fuel tank has to be full, and vehicle must stand totally flat on a balanced surface. Most garages and technicians are under-prepared and unsatisfactorily skilled to perform a tedious and intricate method. This eventually leads to unsuitable calibration that risks the life of the vehicle’s passengers. Hence, inaccuracy and calibration issues in self-driving vehicles are expected to hinder the growth of the global self-balancing mobility market during the forecast period.

Self-Balancing Mobility Market
By Vehicle Type
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Scooter & Bikes is projected as the most lucrative segments

Continuous product development gains competitive advantage

Small mobility vehicle are new generation personal commute solution and gains momentum in the various nations across the globe. The increasing penetration of the electric mobility and increasing demand for personal commute solution is expected to gain traction in the upcoming decade. Unicycles, segways and hoverboards have been gaining popularity from the last decade and continue in the present era of green mobility.

Moreover, self-balancing scooters & bikes are still undergoing continuous R&D activities to cater to the changing requirements of the end products. The manufacturers need to invest more in R&D activities to develop fully integrated and high-end technologically supported devices. The continuous product development and catering to the changing requirement of the end users are creating competitive advantage. 

Self-Balancing Mobility Market
By Region
2030
Asia-pacific 
North America
Europe
LAMEA

LAMEA would exhibit the highest CAGR of 23.0% during 2021-2030.

Covid-19 Impact Analysis

  • The COVID-19 crisis is creating uncertainty in the market by slowing down the supply chains, hampering business growth, and increasing panic among the customer segments.
  • Governments across different regions announced total lockdown and temporary shutdown of industries, which adversely affected the overall production and sales.
  • The global business outlook has changed dramatically post COVID-19 health crisis.
  • Moreover, the overall production activities of market players have declined, owing to operations with limited workforce capacity and inadequate health safety measures along with current demand dynamics of the mobility scooters.
  • As per current scenario, the world is getting back on track slowly with the new restriction and policies to support the economic activities across all industries.
  • The growing inclination toward electric mobility and portability of the self-balancing vehicles, the end users are creating demand for self-balancing mobility in the upcoming days.

Key Benefits For Stakeholders

  • This study presents the analytical depiction of the global self-balancing mobility market analysis along with the current trends and future estimations to depict imminent investment pockets.
  • The overall market opportunity is determined by understanding profitable trends to gain a stronger foothold.
  • The report presents information related to the key drivers, restraints, and opportunities of the market with a detailed impact analysis.
  • The current 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.

Self-Balancing Mobility Market Report Highlights

Aspects Details
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By Product Type
  • Single wheeled
  • Double wheeled
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By LEVEL OF AUTOMATION
  • Semi-autonomous
  • Fully autonomous
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By END USE
  • Personal use
  • Commercial use
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By VEHICLE TYPE
  • Unicycle
  • Segway
  • Hoverboard
  • Scooter & bikes
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By Region
  • North America  (U.S., Canada, Mexico)
  • Europe  (Germany, France, UK, Italy, Rest of Europe)
  • Asia-Pacific  (China, Japan, India, South Korea, Rest of Asia-Pacific)
  • LAMEA  (Latin America, Middle East, Africa)
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Key Market Players

UBoard, INMOTION TECHNOLOGIES CO., LTD, Oxboard B.V., Freego High-Tech Corporation Ltd, Razor USA LLC, Fosjoas, Halo Board, Inventist, Inc, Airwheel Holding Limited, Eswingsports, SEGWAY INC., IO Hawk Invest, Hangzhou Chic Intelligent Technology Co., Ltd., HoverRobotix, Zhejiang Aerlang Technology Co., Ltd

Analyst Review

Self-balancing mobility includes vehicles with a capability to self-balance during propulsion as well as when in rest position, making it easy for the user to drive the vehicle even for someone who does not know how to ride a vehicle. The market is supplemented by numerous developments carried out by the top self-balancing mobility manufacturers. Moreover, technological advancements in automotive industry has created a positive impact on the growth of the global self-balancing mobility market.

In addition, the increased inclination toward the need for green mobility and micromobility has created numerous opportunities for the growth of the market across the globe. Moreover, government initiatives toward reducing carbon footprint has also created ample opportunities for the growth of the market across the globe along with key manufacturers to develop scooter & bike models that offer numerous features such as self-balancing & self-propelling. Moreover, the developments carried out by the key companies towards the introduction of advanced micromobility vehicles also creates a wider scope for the growth of the market across the globe.

Factors such as rapid urbanization & local commute requirements, inclination toward the use of electric mobility as an eco-friendly & efficient solution and high portability as compared to other personal electric vehicles supplements the growth of the market across the globe. However, factors such as rise in bike vandalism & theft and inaccuracy & calibration issues in autonomous vehicles hampers the growth of the market across the globe. Moreover, factors such as continuous product development, gain competitive advantage and growing R&D investments for enhanced battery technologies create ample opportunities for the growth of the market during the forecast period.

Among the analyzed regions, Asia-Pacific is the highest revenue contributor, followed by Europe, North America and LAMEA. On the basis of forecast analysis, LAMEA is expected to maintain its lead during the forecast period, owing to increased inclination for self-balancing mobility across LAMEA.

Author Name(s) : Abhay Singh | Lalit Janardhan Katare
Frequently Asked Questions?

The global self balancing mobility market was valued at $1.53 billion in 2020, and is projected to reach $10.09 billion by 2030, registering a CAGR of 21.2% from 2021 to 2030.

The increased demand for micromobility along with the need for green mobility vehicles to be present across the globe creates ample opportunities for the growth of the market

The report sample for global self-balancing mobility market report can be obtained on demand from the website

Factors such as rapid urbanization & local commute requirements, inclination toward the use of electric mobility as an eco-friendly & efficient solution and high portability as compared to other personal electric vehicles supplements the growth of the market across the globe

Continuous product development gains competitive advantage and growing R&D investments for enhanced battery technologies creates ample opportunities for the growth of the market

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 player’s operating in the industry along with their last three-year revenue, segmental revenue, product offerings, key strategies adopted, and geographical revenue generated

The increased inclination toward the need for green mobility and micromobility has created numerous opportunities for the growth of the market across the globe

By product type, the doubled weeled segment held the largest share in self-balancing mobility market

Asia Pacific is the most lucritive segment in self-balancing mobility market

The key players operating in the global Self-Balancing mobility market are Airwheel Holding Limited, Eswingsports, Fosjoas, Freego High-Tech Corporation Ltd., Halo Board, Hangzhou Chic Intelligent Technology Co., Ltd., HoverRobotix, Inmotion Technologies Co., Ltd., Inventist, Inc., IO Hawk Invest, Oxboard B.V., Razor USA LLC, Segway Inc., UBoard and Zhejiang Aerlang Technology Co., Ltd

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Self-Balancing Mobility Market

Global Opportunity Analysis and Industry Forecast, 2021-2030