ELECTRIC SKATEBOARD MARKET SIZE AND SHARE ANALYSIS - GROWTH TRENDS AND FORECASTS (2024-2031)
Global electric skateboard market is estimated to be valued at US$ 4.07 Billion in 2024 and is expected to reach US$ 9.10 Billion by 2031, exhibiting a compound annual growth rate (CAGR) of 12.2% from 2024 to 2031.
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Global electric skateboard market is expected to witness significant growth driven by the increasing popularity of electric skateboarding among the young population for adventure sports and recreation activities. Moreover, the evolution of lithium-ion battery technologies enabling longer riding range and convenience of electric skateboards over traditional skateboards is further boosting the demand. Manufacturers are continuously investing in research & development to upgrade products with latest features such as remote-control connectivity, cruisability, and safety features, which is positively impacting the consumer acceptance and adoption of these boards. However, high product and maintenance cost of electric skateboards may hamper the market growth over the short term.
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Insights by Type: The Superiority of Hub Motor Technology Drives the Hub Motor Electric Skateboards Adoption
In terms of type, Hub motor electric skateboards segment is estimated to hold the highest market share of 61.9% in 2024 owing to its inherent technological advantages over belt-driven boards. Hub motors directly integrate into the wheel hub itself, eliminating the need for drive belts that can slip or break in belt-driven designs. As a result, hub motor skateboards experience less friction and power loss translation, providing longer range and better acceleration than belt-driven competition.
Insights by Battery Type: Dominance of Lithium-Ion in Electric skateboards and beyond
In terms of Battery Type to their indisputable energy density advantages over legacy technologies. Lithium-ion chemistry revolutionized portable electronics and are now the standard across most electric vehicles as well, including electric skateboards. Weighing less and occupying less space than nickel-cadmium or lead-acid alternatives, lithium-ion batteries maximize available energy capacity within the tight footprint constraints of electric skateboard battery packs. This allows for longer riding ranges per charge that better meet consumer expectations. Additionally, lithium-ion's rapid charging ability and minimal memory effects eliminate range anxiety concerns that could discourage adoption. As lithium-ion technology continues advancing - with higher capacities, faster charging, and improved safety - its lock on the electric skateboard and broader e-mobility market will remain unchallenged for the foreseeable future.
Insights by Application: Commuting Revolutionizes through Electric Skateboarding
In terms of application, commuting segment is estimated to hold the highest market share of 39.7% in 2024 as electric skateboards become a viable eco-friendly last-mile transportation solution. Their compact size lets riders easily carry boards onto public transit or fit them into tight urban living spaces. Combined with capable ranges of 10+ miles per charge, electric skateboards provide a fun and emissions-free alternative to walking or driving for short neighborhood trips.
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Regional Analysis: Global Electric Skateboard Market
Dominating Region: North America
North America is expected to account for the greatest revenue share of 40.3% in 2024. North America’s dominance in the electric skateboard market can be attributed to factors such as established industry presence, supportive government policies encouraging eco-friendly commuting, and growing popularity of recreational boards among the younger population. Major players like Boosted Boards and Inboard have cemented their leadership in the region with continuous innovation and brand awareness campaigns.
Fastest-Growing Region: Asia Pacific
The Asia Pacific region exhibits the fastest growth fueled by rising adoption across populous countries like China and India. Growing youth interest in adventure sports combined with improving local manufacturing capabilities are accelerating the market expansion. Emerging companies such as Acton, teenage in the region are introducing affordable options to tap the vast potential.
Electric Skateboard Market Outlook for Key Countries
U.S.: The electric skateboard market in the U.S. continues to thrive on product premiumization led by premium branded offerings from the likes of Boosted Boards and Inboard.
China: The electric skateboard market in China is a result of massive uptake in the lower price segments on the back of indigenous manufacturing and supportive infrastructure development programs.
Japan: Japanese players like Terra Motors are strengthening their presence with customized solutions targeted towards daily urban commuting needs.
South Korea: The electric skateboard market in South Korea continues to lead technology innovation in the mobility industry, with growth driven by collaborations between established auto majors and startups.
Germany: The electric skateboard market growth in Germany is spurred by growing popularity among university students and shifting preference towards micro-mobility as a commute alternative in cities.
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Top Strategies Followed by Global Electric Skateboard Market Players
Established players in the global electric skateboard market focus heavily on research and development to differentiate their products. Industry leaders like Boosted, Swagtron, and Inboard continuously invest in innovating battery technologies, powertrain systems, and design elements to enhance performance. They collaborate extensively with parts suppliers and manufacturing partners to optimize production efficiency.
Mid-sized companies look to cost-effectively meet the needs of price-conscious customers. For example, Exway and WowGo deliver capable electric skateboards at competitive price-points through streamlined manufacturing and direct-to-consumer sales models. They form strategic alliances to augment production capabilities and source high-quality components at lower costs.
Smaller players focus on niche segments left untapped by larger brands. For instance, Marbel specializes in customizable electric longboards suited for cruising, while Mellow focuses on folding e-boards for urban commuters. They leverage emerging technologies like sensor-enabled stability controls or wireless charging solutions. Some partner with local startups or manufacturers for market validation and distribution support.
Emerging Startups in the Global Electric Skateboard Market
The thriving electric skateboard market has given rise to innovative startups. Companies like Anthropic are developing AI-based technologies for advanced stability and obstacle detection functions. Grishin Robotics is working on self-balancing electric skateboards controlled via smartphone. Such innovations could transform rider safety and the interactive experience.
Sustainability is a priority for startups like Evolve Skateboards and Clever Devices. Evolve uses bamboo in its decks and recycles 98% of its waste. Clever Devices has created an electric skateboard from fully recycled aluminum and plastic. Their eco-friendly approaches set an example and meet rising consumer demand for green alternatives.
Niche startups like Skatebolt and Carvon customize electric skateboards for specific activities. Skatebolt focuses on freestyle e-boards for parks and pools, while Carvon builds powerful commuter models. Through such targeted approaches, these startups effectively serve community needs left unmet by larger brands.
In January 2024, Teamgee, a prominent innovator in electric skateboard technology, launched a lightweight electric skateboard specifically designed for college students and commuters. This new model underscores Teamgee's focus on providing an efficient and portable transportation solution, making it easier for students and urban commuters to navigate their daily routines with ease and style.
In September 2023, WowGo, a leading innovator in electric skateboards, unveiled its latest model featuring advanced suspension technology designed to deliver an exceptionally smooth ride. This new release marks a significant upgrade from previous models, incorporating cutting-edge suspension enhancements to improve overall ride comfort and handling.
In April 2023, Skatebolt, a prominent player in the electric skateboard market, introduced a groundbreaking new model equipped with advanced braking technology and customizable speed settings. This latest release offers riders enhanced control and safety features, allowing for a more tailored and responsive riding experience.
Key Takeaways from Analyst
Electric skateboards market provide an eco-friendly and exciting mode of transportation for people of all ages. Major drivers for the market include growing popularity of watersports, increasing concerns about environmental pollution, and need for personalized mobility solutions. However, high product and maintenance costs could restrict mass adoption to some extent.
North America currently dominates the electric skateboard market owing to high consumer demand and presence of key industry players. However, the Asia Pacific region is expected to emerge as the fastest growing market led by countries like China and India.
Electric Skateboard Market Report Coverage
| Report Coverage | Details | ||
|---|---|---|---|
| Base Year: | 2023 | Market Size in 2024: | US$ 4.07 Bn |
| Historical Data for: | 2019 To 2023 | Forecast Period: | 2024 To 2031 |
| Forecast Period 2024 to 2031 CAGR: | 12.2% | 2031 Value Projection: | US$ 9.10 Bn |
| Geographies covered: |
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| Segments covered: |
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| Companies covered: |
Boosted Boards, Evolve Skateboards, Meepo Board, Inboard Technology, Acton, Razor USA, Skatebolt, WowGo, Teamgee, Koowheel, Onan, Urban Arrow, Landwheel, and X1 Electric Skateboards |
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| Growth Drivers: |
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| Restraints & Challenges: |
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Market Driver - Rise in popularity of adventure sports
Global electric skateboard market is witnessing significant growth owing to the rising interest of people in adventure sports activities. More and more people today, especially youth and millennials, want to try something unconventional and exciting to break away from their routine life. Electric skateboarding has emerged as one of the trending adventure sports owing to the thrill and adventure it provides to riders. According to data of 2022 from the World Economic Forum, the proportion of millennial and generation Z population involved in adventure sports increased from 29% in 2017 to over 34% in 2021.
Market Challenge - High costs associated with electric skateboards
One of the major challenges currently being faced by the global electric skateboard market is the high costs associated with electric skateboards. The upfront costs of purchasing an electric skateboard can be quite high compared to a traditional non-electric skateboard. This is because electric skateboards require expensive lithium-ion batteries and electric motors to function, which significantly increases their manufacturing costs.
Market Opportunity: Strategic alliance and partnerships
Electric skateboards are still an emerging transportation category. By collaborating, companies may be better able to tackle challenges like improving battery capacity, lowering costs, enhancing safety features, and gaining user acceptance. Larger companies with established research budgets could partner with smaller startups bringing new ideas. For instance, domestic electric skateboard leaders could ally with international distribution firms to step up their overseas presence. Suppliers may cooperate with retailers and logistics players to broaden sales channels. According to the United Nations Environment Programme, sales of new electric two and three-wheelers more than doubled in 2021 as compared to 2019 levels, indicating growing global interest in personal electric mobility solutions (UNEP, 2022).
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About Author
Sakshi Suryawanshi
Sakshi Suryawanshi is a Research Consultant with 6 years of extensive experience in market research and consulting. She is proficient in market estimation, competitive analysis, and patent analysis. Sakshi excels in identifying market trends and evaluating competitive landscapes to provide actionable insights that drive strategic decision-making. Her expertise helps businesses navigate complex market dynamics and achieve their objectives effectively.
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