Hoverboard Market Growth, Size, Trends, Analysis Report by Type, Application, Region and Segment Forecast 2021-2025

The hoverboard market share is expected to increase by USD 402.93 million from 2020 to 2025, and the market's growth momentum will accelerate at a CAGR of 1.63%.

This hoverboard market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers hoverboard market segmentations by wheel size (compact size, mid-size, and full-size) and geography (North America, APAC, Europe, South America, and MEA). The hoverboard market report also offers information on several market vendors, including EPIKGO, Fosjoas Technology Co. Ltd., Hangzhou Chic Intelligent Technology Co. Ltd., Inventist Inc., Jetson Electric Bikes LLC, Lamboscooter, Omni Hoverboards Inc., Razor USA LLC, Segway Inc., and SWAGTRON among others.

What will the Hoverboard Market Size be During the Forecast Period?

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Hoverboard Market: Key Drivers, Trends, and Challenges

Based on our research output, there has been a negative impact on the market growth during and post COVID-19 era. The growing r&d for supercapacitors to replace lithium-ion batteries is notably driving the hoverboard market growth, although factors such as safety concerns about hoverboards are a major hindrance to the hoverboard market growth.  may impede the market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the hoverboard industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.

Key Hoverboard Market Driver

The growing R&D on supercapacitors to replace lithium-ion batteries will be one of the major factors that will drive hoverboard market growth. The charge and discharge process in lithium-ion batteries is a slow process, and due to numerous charge and discharge cycles, even the chemical compounds inside the battery get degraded over time. This shortcoming of lithium-ion batteries has prompted researchers to look into alternative means of charging a battery. One such method is the use of a supercapacitor, which uses a different storage mechanism. In a supercapacitor, the energy is stored electrostatically on the surface of the material and does not involve any chemical reactions. Supercapacitors excel when it comes to power density. They pack tremendous power and can be charged quickly and release that power in fast bursts of current. It is expected that growing instances of hoverboards catching fire due to lithium-ion batteries will lead to the replacement of these batteries with supercapacitors, as the technology for manufacturing supercapacitors matures.  The biggest challenge for lithium-ion batteries remains that their price cannot decrease significantly as the price of lithium is high. Supercapacitors do not rely on metals and other toxic materials either; hence, their disposal is environmentally friendly.

Key Hoverboard Market Trend

The growing focus on preventing hoverboards from exploding is one of the key trends that will contribute to the growth of this market. Lithium-ion batteries have been the main reason for hoverboards exploding or catching fire. They can store large amounts of power but can sometimes become unstable, thus, generating considerable heat, leading to the overheating of the hoverboard. Currently, most electronics goods, such as laptops and smartphones, are also powered by lithium-ion batteries. Overheating in a lithium-ion battery came to notice in 2006 when Sony recalled almost 10 million laptops due to this issue. In 2012, lithium-ion batteries in Boeing 787 started catching fire, then the US Federal Aviation Administration ordered to make all such planes grounded, and Boeing 787 was allowed to fly once the changes in the battery system were made. As a result, hoverboards are also banned in most US airline carriers. As a result, companies are using a protective circuit to ensure the safety of lithium-ion batteries under all circumstances. Thus, they include some of the following safeguards such as a built-in positive temperature coefficient to protect against the sudden increase in the current inflow releasing the excessive gas through a safety vent on excessive pressure buildup, and separators included inhibiting ion flow.

Key Hoverboard Market Challenge

Safety concerns about hoverboards are a major hindrance to the hoverboard market growth. There have been several reports of hoverboards exploding while charging, resulting in fire accidents. In several instances, people have lost their balance from the hoverboard, which caused several fatal injuries. Thus, the use of hoverboards gives rise to safety concerns.Many of the hoverboards are assembled with various parts that are sourced from numerous factories in China, mostly from Shenzhen. Shenzhen is considered the manufacturing hub for manufacturing hoverboards. Since the technologies used for manufacturing hoverboards are not capital-intensive, a lot of Chinese manufacturers entered the hoverboard market within a small timeframe. Safety standards were overlooked while manufacturing, which resulted in the sale of counterfeit products too.Thus, we believe that the disregard for safety norms by manufacturers poses a serious challenge for the global hoverboard market. However, governments across the globe are gradually implementing stringent safety norms regarding hoverboards for the welfare of consumers

This hoverboard market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2021-2025.

Parent Market Analysis

Technavio categorizes the global hoverboard market as a part of the global leisure products market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the hoverboard market during the forecast period.

Who are the Major Hoverboard Market Vendors?

The report analyzes the market's competitive landscape and offers information on several market vendors, including:

• EPIKGO
• Fosjoas Technology Co. Ltd.
• Hangzhou Chic Intelligent Technology Co. Ltd.
• Inventist Inc.
• Jetson Electric Bikes LLC
• Lamboscooter
• Omni Hoverboards Inc.
• Razor USA LLC
• Segway Inc.
• SWAGTRON

This statistical study of the hoverboard market encompasses successful business strategies deployed by the key vendors. The hoverboard market is fragmented and the vendors are deploying growth strategies such as organic and inorganic strategies to compete in the market.

To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.

The hoverboard market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.

Hoverboard Market Value Chain Analysis

Our report provides extensive information on the value chain analysis for the hoverboard market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.

The value chain of leisure products market includes the following core components:

• Inputs
• Inbound logistics
• Operations
• Outbound logistics
• Marketing and sales
• Service
• Support activities
• Innovation

The report has further elucidated other innovative approaches being followed by manufacturers to ensure a sustainable market presence.

Which are the Key Regions for Hoverboard Market?

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35% of the market's growth will originate from North America during the forecast period. The US is a key market for hoverboards in North America. Market growth in this region will be faster than the growth of the market in MEA and South America.

The increasing use of hoverboards in airplanes, universities, and public premises will facilitate the hoverboard market growth in North America over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.

COVID Impact and Recovery Analysis

The outbreak of the COVID-19 pandemic in 2020 severely affected most countries in the region. Most of the industries were negatively impacted due to significant disruptions in the manufacturing and supply chain operations as a result of mandatory lockdowns and restrictions enforced by governing authorities across the region. The regional hoverboard market was also severely affected. Furthermore, the shortage of semiconductors would further hinder the manufacturing of hoverboards in the region during the forecast period. 

What are the Revenue-generating Other 1 Segments in the Hoverboard Market?

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The hoverboard market share growth in the compact size segment will be significant during the forecast period. The advantage of a compact size hoverboard is that the battery life is longer than its counterparts and, on average, can last for 4-5 hours on a single charge. A compact size hoverboard has a lower load-carrying capacity. The maximum weight limit for a rider using a compact size hoverboard is 220 lbs. However, these hoverboards are generally cheaper than their larger counterparts. 

This report provides an accurate prediction of the contribution of all the segments to the growth of the hoverboard market size and actionable market insights on post COVID-19 impact on each segment.

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What are the Key Data Covered in this Hoverboard Market Report?

• CAGR of the market during the forecast period 2021-2025
• Detailed information on factors that will drive hoverboard market growth during the next five years
• Precise estimation of the hoverboard market size and its contribution to the parent market
• Accurate predictions on upcoming trends and changes in consumer behavior
• The growth of the hoverboard industry across North America, APAC, Europe, South America, and MEA
• A thorough analysis of the market's competitive landscape and detailed information on vendors
• Comprehensive details of factors that will challenge the growth of hoverboard market vendors

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