Market Challenges: High production costs and price sensitivity of consumers

One of the major challenges faced by the global hoverboard market is the high production costs associated with hoverboards and price sensitivity of consumers. Hoverboards use advanced technologies such as brushless motors, gyroscopic sensors and lithium-ion batteries to function. However, manufacturing hoverboards using these advanced components results in higher production costs. At the same time, consumers perceive hoverboards as recreational mobility devices and are very price sensitive towards the high price tags of hoverboards in the market. With the emergence of many local and international brands, consumers have started demanding affordable hoverboards. If the manufacturers are unable to reduce production costs and make hoverboards available at competitive prices, it can negatively impact the market growth in price sensitive domains. The industry needs to focus on collaborating with component suppliers and investing in R&D to develop cost-effective production techniques in order to address this challenge.

Market Opportunities: Development of new and innovative features to differentiate products

One of the major opportunities available for the global hoverboard market is the development of new and innovative features that can differentiate the products and attract more customers. In the nascent stage of market development, many local players as well as established brands are introducing hoverboards with basic functionality. However, to sustain intense competition and changing consumer preferences, the manufacturers need to continuously invest in R&D and innovation. Focusing on developing differentiated features such as improved battery life, variable speed control, Bluetooth connectivity, app-based services, and enhanced safety features provides huge opportunity. This will help brands to position their hoverboards with unique selling propositions. Moreover, it can also help in premium pricing of innovative products. The evolving customer demand for connected personalized mobility further boosts the opportunities for hoverboard manufacturers.