Emergent Trend of Environment-friendly Transportation Will Elevate the Hoverboard Market Growth, States Fact.MR
Emergent Trend of Environment-friendly Transportation Will Elevate the Hoverboard Market Growth, States Fact.MR
According to Fact.MR, market research and competitive intelligence provider, the global hoverboard market is estimated at US$ 1,784 Million in 2022 and is expected to expand at an impressive CAGR of 6.1% during the forecast years of 2022-2032.
The global population has started searching for electric-based transportation owing to rising the trend of making transportation eco-friendly and awareness about the availability of hoverboards as a suitable option. This factor has created a demand for hoverboards in past years.
Moreover, market players are engaged to bring technologically advanced products to elevate strong customer retention. Also, growing per capita disposable income among developing and emerging economies will incline the population pool toward purchasing environment-friendly products. Thus, Fact.MR suggests that the market players can focus on the APAC region to capture a strong customer base for their business.
Apart from basic characteristics, manufacturers also added interesting and unique features to their products such as LED design, incorporation of music, etc. This innovation will help to amplify children’s interest in hoverboards which will intensify market growth.Furthermore, as the global population is moving towards weight loss management hoverboard is fit into the picture as it helps to burn calories, muscle workout, and boost reflexes. Along with physical fitness, it also helps in improving focus and mental health. Thus, the above-mentioned revealing benefits of hoverboards will deteriorate its sales over the projected period.
Fact.MR analysis suggests that product improvisation from the manufacturer’s end such as making the hoverboard waterproof will enhance the market growth in the upcoming years.
Click to Request a Sample of this Report for Additional Market Insights: https://www.factmr.com/connectus/sample?flag=S&rep_id=219
Key Takeaways from the Market Study:
“Continuous focus on product development will heightened the hoverboard demand in near term forecast years,” says a Fact.MR analyst.
Enhanced Use of Hoverboards for Local Commutes Fuels Market Growth
Hoverboards are becoming an increasingly popular mode of transport, particularly among young people in developed nations. Their appeal spans across various demographics, including working adults and children, due to their economical, battery-powered design ideal for short-distance travel. The growing adoption of electric mobility, driven by rising petroleum and gasoline prices in developed economies, is further boosting market expansion.
Moreover, the use of hoverboards is broadening across diverse sectors such as malls, tourist destinations, manufacturing facilities, and sidewalks. Notably, some countries are modernizing police patrolling systems by deploying self-balancing electric scooters, thereby enhancing operational efficiency. These factors collectively contribute to the significant growth and development of the hoverboard market.
Fitness Benefits and Unique Features of Hoverboards to Propel Market Sales
The demand for innovative travel solutions that provide excitement, fun, and adventure during commutes has risen substantially, greatly benefiting hoverboards. With their self-balancing design, futuristic aesthetics, and affordability compared to other mobility scooters, hoverboards are becoming a popular choice among consumers.
Moreover, the fitness benefits associated with hoverboards—including calorie burning, improved posture, and more—are expected to drive demand in the coming years. Their environmentally friendly, energy-efficient, and noiseless operation further enhances their appeal, attracting greater promotion and contributing to the market's steady growth during the forecast period.
Get a Custom Analysis for Targeted Research Solutions: https://www.factmr.com/connectus/sample?flag=S&rep_id=219
Market Development
Hoverboard manufacturers are investing their time and money to launch technologically advanced products in the market to increase customer attraction. Also, manufacturers are trying to spread awareness about hoverboards through marketing which will further help to generate a strong customer base.
Apart from this, inorganic tactics such as acquisitions, partnerships, and mergers will support the manufacturers to generate expected revenue through global expansion.
More Valuable Insights
Fact.MR, in its new offering, presents an unbiased analysis of the global hoverboard market, presenting historical market data (2017-2021) and forecast statistics for the period of 2022-2032.
The study reveals essential insights into the product type (single wheeled, double wheeled), wheel size (6.5 inch, 8 inch, 10 inch), application, (recreational activities, business purpose, personal mobility), sales channel (modern trade, speciality store, departmental store, online, sports store, others) across major regions of the world (North America, Latin America, Europe, East Asia, South Asia & Oceania, and the Middle East & Africa).
Explore More Related Studies Published by Fact.MR Research:
The global wingboards market is estimated to increase from a valuation of US$ 265 million in 2022 to US$ 526 million by the end of 2032, expanding at a CAGR of 7.1% between 2022 and 2032.
The global riflescope market was valued at US$ 5.5 Billion in 2022 and is expected to reach a valuation of US$ 5.74 Billion in 2023. During the forecast period ranging from 2023 to 2033, a CAGR of 4.3% is expected, with a projected market value of US$ 8.74 Billion.
Global sales of badminton apparel are expected to reach US$ 11.72 Bn in 2022. The market is slated to expand at a staggering CAGR of approximately 11% through 2032, surpassing a valuation of US$ 33 Bn.
The global cycling apparel market is expected to garner a market value of US$ 7.67 Million in 2023 and is expected to accumulate a market value of US$ 12.49 Million by registering a CAGR of 5% in the forecast period 2023 to 2033.
The global kids bicycle market is likely to reach a valuation of US$ 18.7 Billion in 2023 and is expected to register at a CAGR of 4.7% to reach US$ 29.64 Billion by the end of 2033.
The Sport Protection Equipment market reached a valuation of US$ 8.42 Billion in 2022, and is likely to register a Y-o-Y growth rate of 5.0% in 2023, closing at US$ 8.87 Billion.
The global basketball shoes market is set to enjoy a valuation of US$ 5,291 Million in 2022 and further expand at a CAGR of 2.7% to reach US$ 6,907 Million by the end of 2032.
A hoverboard is a self-balancing electric scooter that allows users to ride on two wheels while standing. It is powered by rechargeable batteries and is popular for short-distance travel.
CAGR stands for Compound Annual Growth Rate. It is a useful measure that indicates the mean annual growth rate of an investment over a specified time period, assuming the investment grows at a steady rate.
Eco-friendly transportation refers to modes of transport that have minimal impact on the environment, such as electric vehicles, bicycles, and hoverboards, which reduce carbon emissions and promote sustainability.
Explore more articles in the Research Reports category
