Hoverboard Market Trends

Growth Drivers

• Need for the local commute - The adoption of hoverboards and electric scooters is driven by their use for leisure and transportation. Ongoing developments in hoverboard technologies including Magnetic Field Architecture (MFA) are anticipated to improve their effectiveness, safety, and accessibility for a wider audience. According to a report by the World Resources Institute 2023, electric vehicles showed lucrative sales due to their reduced cost. Globally about 10% of such electric vehicles were sold in 2022, which were 10 times the sales between 2017 and 2021. Hoverboards are increasingly becoming an efficient and convenient local mode of commuting.

• Demand for green mobility - Transportation accounts more than one fifth of the global CO2 emissions. The World Economic Forum 2022 estimated that traveling contributes about 20% of overall greenhouse gas emissions, which necessitates the implementation of green transportation worldwide. Additionally, this has implored the use of economical and sustainable modes of transportation. Hoverboards are electric-driven and ensure zero-carbon footprints. Thus, the growing adoption of green mobility alternatives is fostering the electric vehicle expansion.

Challenges

• Rising safety concerns - Professionals with the necessary training are needed to operate hoverboards effectively. Consequently, one of the main factors impeding the hoverboard market share is the lack of qualified professionals. Due to its unusual design, there is a higher chance of accidents, which raises public safety concerns.

• Not suitable for long-distance - Hoverboards lack the appropriate safety features that come with riding a four-wheeler which can lead to injuries such as fractures, strains, contusions, and sprains. This increases the health risks associated with hoverboard scooters.