Hoverboard Market Poised to Achieve High Growth Due to Increasing Popularity among Teenagers

The hoverboard market has witnessed significant growth in the past few years owing to its fun and convenient features. Hoverboards are self-balancing scooters that have become popular among teenagers and young adults. They do not require balancing to ride and can attain speeds of up to 10 mph. Made with lightweight materials like aluminum alloy, hoverboards provide mobility without breaking a sweat. They offer environment-friendly transportation as compared to gasoline vehicles. The growing inclination towards eco-friendly personal transportation modes and improving battery technologies are expected to further propel the demand for hoverboards.

The Global Hoverboard Market is estimated to be valued at USD 924.61 Bn in 2024 and is expected to reach USD 1,467.05 Bn by 2031, exhibiting a compound annual growth rate (CAGR) of 6.8% from 2024 to 2031.

Key Takeaways

Key players operating in the hoverboard market include Areema, CHIC Robotics, Hover-1 (DGL Group), Hoverboard (Cynova), InMotion, Jetson, Koowheel, Leray, Lime, Segway-Ninebot, Swagtron, TOMOLOO, VEVELINE, VeeBee, and Xiaomi. These players are focusing on developing advanced models with longer battery life and improved safety features to gain a competitive edge.

The rising environmental consciousness among consumers has opened lucrative growth opportunities for Hoverboard Market Trends manufacturers. Moreover, innovations in battery technology allowing longer riding range without recharging will further encourage the adoption of hoverboards.

Key players are expanding their presence globally to harness the untapped potential. Strategic partnerships with local distributors are helping players penetrate developing markets in Asia Pacific and Latin America at a rapid pace. Production is also being localized in different regions to cater to the growing hoverboard demand.

Market Drivers
Increased participation in recreational activities: The adoption of hoverboards is increasing among youth for recreational activities like riding in parks and on sidewalks due to their fun and thrilling riding experience. This is expected to continue driving their sales.
Technological advancements: Continuous improvements in lithium-ion battery technologies are allowing the development of hoverboards with longer battery lives of up to 20 miles on a single charge. This factor is boosting the market growth.