Hoverboard Market size was over USD 848.5 million in 2023 and is anticipated to exceed USD 1.8 billion by the end of 2036, witnessing over 6.7% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of hoverboard is estimated at USD 901.1 million.
A gradual shift toward sustainable mobility is driving the adoption of hoverboards. Consumers are becoming aware of the value of urban mobility systems that are sustainable, equitable, and accessible. As per a June 2023 report by the Eno Center for Transportation, about two-thirds of U.S. states have preempted local governments to minimize the use of fuel-powered vehicles by regulating the local transportation network companies (TNCs). This is aimed at promoting shared vehicles and EVs. Electric-powered mobility solutions are cost-effective. In 2023, the European Parliament stated that about 61% of EU transport emissions are credited to passenger cars. Ongoing measures to promote the adoption of EVs are projected to create opportunities for the market during the forecast period.
Growth Drivers
Challenges
|
Base Year |
2023 |
|
Forecast Year |
2024-2036 |
|
CAGR |
6.7% |
|
Base Year Market Size (2023) |
USD 848.5 million |
|
Forecast Year Market Size (2036) |
USD 1.8 billion |
|
Regional Scope |
|
Product (Single-Wheeled, Double-Wheeled)
Single-wheeled segment is set to account for hoverboard market share of more than 58.1% by the end of 2036. The segment's tremendous growth rate is ascribed to its affordable price as compared to double-wheeled vehicles of several companies such as Honda, Suzuki, and Tesla, and its greater suitability for practically all surface types. Furthermore, gyroscopic sensors and other electronics are used in single-wheeled hoverboards to balance the rider on a single wheel, creating a unique riding experience. These hoverboards are popular among tech-savvy consumers who are constantly searching for the newest and most inventive devices.
Sales Channel (Online, Offline)
The online segment in hoverboard market size was surpassed USD 6.3 trillion in 2023, attributed to the growth of online shopping platforms as they have been accompanied by a rise in smartphone penetration and easy access to fast internet facilities in both developed and developing economies. These platforms offer customers numerous benefits, including increased convenience, a wide range of options, and competitive pricing. A recent report by Research Nester estimated that there were about 2.71 billion shoppers globally who prefer e-commerce platforms. Moreover, online shopping allows customers to access a vast selection of products with just a few clicks.
Our in-depth analysis of the global market includes the following segments:
|
Product |
|
|
Sales Channel |
|
|
Size |
|
|
Application |
|
Europe Market Statistics
Europe hoverboard market is predicted to account for revenue share of more than 38.2% by the end of 2036. The region’s substantial growth is led by the demand for eco-friendly solutions boosted by their rising awareness about sustainability. European Environment Agency in 2024 reported that electric vehicles such as electric cars in Europe increased at a growth rate of 23% in 2023 as compared to previous years. There is a high demand for efficient and convenient commuting alternatives in Germany, as the European Cyclist Federation 2022, stated that most Germans would prefer public transport and bicycles to commute over their cars. According to estimates, about 60% of Germany’s greenhouse gas emissions were credited to the transportation sector.
There is a high usage of technologically advanced products in the UK, as a report- Trend Deck 2021 published by the UK government, estimated that the number of IoT devices crossed 150 million compared to 13 million between 2006 and 2024. Additionally, autonomous technologies and electric vehicles accounted for approximately 8% of UK exports in 2023, as stated by International Trade Administrations.
North America Market Analysis
By 2036, North America hoverboard market is estimated to capture over 26% revenue share. It will account for the second position owing to the slated growth in commercial spaces which will increase the adoption of hoverboard usage. U.S. Energy Information Administration in 2020 estimated that the commercial buildings and commercial square footage increased by 6% and 11% respectively compared to the last survey in 2012.
In the United States, there has been an increase in urbanization. Hoverboards are gaining popularity among urban commuters as a simple and convenient means of transportation for short distances, particularly in cities that are getting more crowded. World Bank published a report stating that by 2045 the global urban population will increase by 1.5 times and will surpass 6.0 billion.
There is an increasing disposable income in Canada which surge the market in the coming years. According to IBIS World 2024, the per capita disposable income showed a growth rate of 6.9% in 2020 attributed to the direct payments from the Canadian government to citizens.
Some of the top hoverboard companies are focusing on important market strategies such as mergers and acquisitions, as well as improving existing products and innovating new product development. They also focus on developing novel products to fulfill the demands of the ever-competitive market. Some of the key players include:
Author Credits: Parul Atri
Copyright © 2024 Research Nester. All Rights Reserved
FREE Sample Copy includes market overview, growth trends, statistical charts & tables, forecast estimates, and much more.
Have questions before ordering this report?