Shane Chen is the person who invented the most operational self-balancing scooter in 2013 called the hoverboard. He worked for the Hovertrax Company. Hoverboards are self-exercising and balancing personal transport that allows users to cover a distance with safety.
They provide an excellent activity for riding during the pandemic of Covid-19. People use it as a gadget for their fun time. Experts show different stunts while riding on a hoverboard. It is not only a form of modern transportation but also saves the environment by not spreading air pollution.
It is also a substitute for walking as the rider needs to hold the whole body in working condition. If the rider’s weight is not maintained, the rider may fall. The latest hoverboards have all the innovations for their practical usage.
This update is possible after the significant research and development done by the brands. The latest report reveals that the market for hoverboards has increased by a 6.1% compound annual growth rate.
Electric Hoverboard Market Analysis
Market analysis is the study of giving the particular market dynamics for a particular industry. It can also be a global environmental analysis. It can depend on a SWOT analysis of the product’s strengths, weaknesses, opportunities, and threats.
The market for the hoverboard depends on four types of consumer behavior;
- Habitual Buying Behavior: These consumers buy the product habitually.
- Variety Seeking Behavior: They seek variety in the same product.
- Dissonance Reducing Buying: Behavior: They look for little difference in brands.
- Complex Buying Behavior: They see significant differences in brands.
When we talk about hoverboard balancing scooter market analysis, it gives the customer the decision to buy a hoverboard due to its settings and applications to maintain the market analysis of the scooter. The report for the year 2022 for hoverboard balancing scooters shows the revenue generation and the profit taken by the brands of hoverboard balancing scooters for sale.
Electric Hoverboard Market Analysis in the Year 2022
In 2022, the Asia Pacific, excluding Japan, will be a more active market for hoverboards. It is also expected to be the same for more years. The CAGR is recorded as 6.2%, a robust rate in the Asian market.
When we see the market analysis of the product type, we know that people have demanded hoverboards since 2017. Now the market has two-thirds of the revenue for hoverboards. The forecast period is expected to grow by $75.6 million in two wheels vehicles.
The hoverboard market size was $781.2 million in 2020. It is forecasted to reach up to $1246 million by 2030. In North America, the revenue was calculated as $274.2 million in 2020. It will reach up to $402. 6 million in 2030.
Potential Customers for Hoverboard
Teenagers are much more comfortable with hoverboards. People who have higher incomes are obsessed with buying hoverboards as they are pretty expensive compared to electric scooters. Adults also buy this for their kids or themselves, but the rate among adults is not high.
Causes of Hoverboard Balancing Scooter Market Trends
The causes of increasing the trend of hoverboards are as follows;
1) Green Mobility
People are getting aware of the causes of global warming. They try to adopt a green lifestyle to protect the environment. Most air pollution is caused due to toxic fumes exerted by vehicles. Much of the community avoids using fuel vehicle as much as they can.
They are moving toward green mobility by using electric vehicles. These vehicles are made with modern technology for the safety and comfort of the riders. It makes sure not to leave carbon footprints as they run with electric power. The market growth is increasing, which shows the buyers’ interest in electric vehicles. They are mostly preferred due to the personal transport quality.
People who move towards urban areas because of better living and having employment prefer to use personal transport to reach their workplace on time. Also, urbanization involves technologies. People love to use gadgets and new technological instruments.
Their dependency on technology makes them purchase hoverboards for the commutation. Hoverboards are high-end technology in a compact size. Urban people are easy to buy online, so online sales are increasing.
The riders also demand a good speed of the hoverboard. They also use it in racing and for their recreational activity. They are experts in using the vehicle efficiently. Sometimes it may cause accidents when not in balancing mode.
Electric scooters are safer than hoverboards as they possess a handlebar to maintain the balance. The hoverboard is all about balancing body weight. Most riders run it at less than 15 km/h speed.
4) Distribution Network
Marketing depends on dealers. As strong as the supplying network of the dealers as the sale increases! People trust the dealers and buy the products due to the strong relationship between them and the dealer. Most of the manufacturers of the hoverboards are from China.
They need to distribute hoverboards around the world. The manufacturers make a distributors network for supplying it into the markets of different countries. INmotion and Swagtron have a vast distributor network for high operational efficiency. The presence of the hoverboard in the global market contributes to its market growth.
5) Competitive Landscapes
The hoverboard can run on smooth roads and grass, gravel, and sand. They are not functional to use on snow because the balancing cannot be maintained there. The regions that have smooth tracks for hoverboards have good market shares. People can easily ride on hoverboards there and make them a part of their commutation.
Covid-19 Effects on Hoverboard Market
The pandemic caused much disruption in the market of many products. Many hoverboard brands were shut down due to a lack of consumers. It is due to lack of commutation, lack of workforce, and no supply of raw material.
Top Manufacturers of Hoverboard
The major companies working on the hoverboard balancing scooters are;
- Mega wheels
- Hover 1
Classification of the Report
The report is classified based on product type, application type, and region.
Product Type: includes wheel sizes as 5 inches, 8 inches, and 10 inches. The middle size of the wheel dominates the other two. People like to use 8-inch wheels for their commutation.
Application Type: It has teenagers and adults categories. Teenagers prefer to buy hoverboards than adults. This segment will increase in market shares during the forecast period.
Regions: North America, Asia Pacific, Latin America, the Middle East, Europe, and Africa. North America seems to be the highest region where hoverboards have high market shares. The regions with enough space to utilize hoverboards, the presence of maximum vendors, and the income of the consumers may likely increase in market shares during the forecast period.
Hoverboard Balancing Scooter Market Scope
Hoverboard balancing scooter market analysis report offers you assessments of country-level segments. It shares the analysis for the players. It recommends strategies for new users. The reports show every segment mentioned above.
It also gives trends to challenges, opportunities, recommendations, and threats. The recommendation is based on the market estimation of the hoverboards. Common trends are landscape maps. It also shows the company profile of the hoverboard with its financial and strategic details.
Reasons to buy the Hoverboard Market Analysis Report 2022
Some reasons provide benefits when you buy the market analysis report 2022.
- It reveals competitor information.
- Recognize a strong product portfolio.
- Categorize potential clients or dealers.
- Focus areas of the top products are highlighted
- Identify the Top manufacturers of the hoverboard.
- Maintain the pipeline depth of the hoverboards.
- Identify specific partners for attractive projects.
- Get high-quality data and analysis.
What Initiatives Can Be Taken?
When buying the latest market analysis report, you can;
- Take competitive benefits by planning effective strategies.
- Develop tactics and initiatives for better market growth.
- Manage corrective measures for the project pipeline.
- Design License strategies for the hoverboard where it needs.
- Support internal and external presentation.
- Plan local strategies for the country and region.
Who Should Buy the Report?
- Material Suppliers
- Dealers and distributors
- Related agencies
- Commercial R&D institutions
- Wholesaler and retailer
- Importers and Exporters
- Consulting firms and organizations
- Trade and Industry Organization
Hoverboard Balancing Scooter Market Trends
The trend of the hoverboard self-balancing scooter is increasing due to its popularity for green mobility options and self-balancing factors. When the rider knows to operate it, he feels comfort in acceleration, movement, and spinning.
These are lightweight electrical gadgets that are eco-friendly. The batteries of the hoverboard are rechargeable and silent in working mode. Another benefit is that hoverboards are low-powered and need low maintenance. They are best used in parks, driveways, sideways, shopping malls, and roads.
Youngsters use it in their schools and college campuses. They also race with their friends. They look stylish, and it is fun to ride on a hoverboard. Having Bluetooth and wireless charging options make the hoverboard more favorable among people. The above benefits of the hoverboard self-balancing scooters are enough to allow them to be in the market trend.