TOKYO, Aug 7, 2022 (GLOBE NEWSWIRE) — The global hoverboard market was estimated at $778 million in 2021 and is projected to reach $1.215 billion by 2030, with a CAGR of 5.4%.
Hoverboards are a popular mode of transportation among young people in most developed countries. Everyone, from schoolchildren to workers, turn their attention to hoverboards. Hoverboards are becoming more and more popular with everyone from school kids to working adults. Because hoverboards are battery powered, they are an economical option for frequent travelers. Soaring diesel and gasoline prices are shifting consumer focus towards electric vehicles, causing hoverboard sales to skyrocket.
Increasing urbanization and changing local commuting requirements are boosting the revenues of the hoverboard market. The rapid advancement in hoverboard safety is one trend in the hoverboard market that will drive demand in the coming years. Increasing sizes and shapes for people of all ages is another factor driving hoverboard market share.
Like any other form of transportation, the COVID-19 pandemic has had a big impact on hoverboard sales. And because hoverboards are seen as a form of recreation rather than a reliable form of transportation, the industry has been hit harder during the coronavirus outbreak. In addition, the imposed quarantine and travel restrictions have once again hurt the industry. In addition, most of the non-essential manufacturing plants were closed for almost a year, and many of them operated with minimal staff. These factors have contributed to the growth of the hoverboard market throughout the pandemic. On the other hand, our analysis of the hoverboard industry predicts that the market will perform well over the next few years due to changing consumer habits, a move towards sustainable commuting options, and lower battery prices.
Growing enthusiasm among young people is driving demand for hoverboards. Many riders see hoverboards as a form of recreation. Professionals perform various hoverboard tricks and use them for entertainment purposes. Hoverboards are an eco-friendly option for commuting because they don’t use any oils like diesel or gasoline. Thus, hoverboards are good for the environment. Another factor driving the growth of the hoverboard market is the low cost of these smart devices. A hoverboard is a less expensive form of transportation than a car, motorcycle, or even a standard quality bike. Moreover, these smart devices do not require much maintenance, which increases the demand.
However, hoverboards are not commonly used for long-distance travel, which may be holding back market growth. In addition, they are difficult to balance and are not suitable for everyone. According to the latest statistics, more than 27,000 people worldwide have been affected by hoverboards. Fractures (40%), bruises (17%), sprains and/or dislocations (13%) were the most common injuries. Hoverboards are still not a safe way to get around the house or on the road. Therefore, manufacturers are focusing on commuting safety and developing improved hoverboards to reduce unbalanced accidents. This will create numerous opportunities for market growth in the coming years.
The market is divided into three segments based on product size: 6.5 inches, 8 inches and 10 inches. According to our research into the hoverboard industry, the 6.5″ sub-segment is expected to see significant growth between 2022 and 2030. The rapid growth of this segment can be attributed to its ease of use and safety among young people. In addition, 6.5-inch hoverboards are used in compact spaces such as homes, making them more popular with children.
According to the application area, the market is divided into leisure activities, personal mobility, business use and others. According to our forecast for the hoverboard market, the commercial use of hoverboards creates significant sales opportunities. This is due to the increased demand for hoverboards from law enforcement and security personnel. In addition, the growth in the use of hoverboards in shopping malls, school and university campuses, and manufacturing plants is driving the business segment.
The global hoverboard market is divided into five regions: North America, Asia Pacific, Europe, Latin America, Middle East and Africa. Asia Pacific is one of the leading regions in the hoverboard market and is expected to witness the highest growth rate in the coming years. The two main factors driving the hoverboard market in Asia Pacific are growing consumer interest in recreational activities and increasing disposable income. In addition, the growing preference for electronic devices among young people is one of the main factors driving regional growth.
In 2021, both North America and Europe will hold a significant share of the hoverboard market, and this is expected to continue into the future. The growing popularity of electric scooters among teenagers and the working population is driving the hoverboard market in North America. In addition, strict EU government regulations, the growing trend towards green mobility and the growing demand for high-tech electronics are some of the factors driving the European hoverboard market.
Some of the well-known companies in the hoverboard industry include Airwheel Technology Holding (USA) Co., Ltd., Fosjoas Technology Co., Ltd., Hangzhou Chic Intelligent Technology Co., Ltd., Hama GmbH & Co KG, Hoverboard Express, LLC. , Inventist, Inc., Jalike Electronic Company Ltd., Ninebot Limited, Phunkee Tree, Inc., PTX Performance Products USA, LLC, Razor USA LLC, Shenzhen Feizu Technology Co., Ltd., Shenzhen Luther Technology Co., Ltd., Shenzhen Wuyi Innovation Hardware Tool Co., Ltd., Shenzhen Union Technology Co., Ltd., Soibatian Corporation dba IO HAWK, Swagway LLC, The White Chair Limited, Zhejiang Topsoe Technology Co., Ltd., Zhengzhou Flywheel Industrial Co., Ltd . .
The global automotive transmission market is expected to grow at approximately 6.0% per annum between 2021 and 2028, with a market value of approximately US$285.8 billion by 2028.
By 2020, the global automotive electric HVAC compressor market is expected to exceed US$9,258.3 million with a CAGR of 22% from 2021 to 2028.
The global automotive switch market is expected to grow by approximately 3.2% per annum between 2020 and 2027, with a market value of approximately US$17.5 billion by 2027.
Acumen Research and Consulting is a global provider of market research and consulting services for the information technology, investment, telecommunications, manufacturing, and consumer technology markets. ARC helps the investment community, IT professionals, and business leaders make fact-based technology purchasing decisions and develop corporate growth strategies to sustain market competition. With a team of over 100 analysts and over 200 years of collective industry experience, Acumen Research and Consulting provides a combination of industry knowledge and global and national experience.
Post time: Apr-05-2023
