Hoverboard Market to Reach $3.33 Billion by 2032, driven by tech innovation & eco-friendly mobility trends

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.

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Key Takeaways from the Market Study:

• The global hoverboard market is projected to expand at an impressive CAGR of 6.1% and be valued at US$ 3,326.4 Million by 2032.The market witnessed a 6.1% CAGR for the period of 2017-2021.
• Under the product type segment, double wheeled dominates the market and is valued at US$ 1,464.1 Million in 2022.North America dominated the market with 23.8% market share in 2021.
• Based on region, demand for hoverboard is expected to increase at CAGRs of 6.2% & 6.2% respectively, in North America & Europe.

“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.

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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).

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