HOVERBOARD MARKET SIZE AND SHARE ANALYSIS - GROWTH TRENDS AND FORECASTS (2024-2031)

Hoverboard Market Size and Trends

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.

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The market has seen steady rise in recent years due to rising popularity among young adults and kid as form of recreational mobility solution.

Market Driver - Increasing popularity and demand for personal mobility devices

The mobility landscape is constantly changing as new forms of transportation emerge. One such innovation that has captured consumer interest is the hoverboard. Often touted as a fun, portable way to zip around town, these self-balancing electric scooters have become increasingly mainstream in recent years. Their compact size and ease of use make hoverboards appealing for navigating both outdoors and indoors.

Perhaps more so than any other personal vehicle, hoverboards conjure a sense of freedom and adventure. For many, riding one evokes feelings of carefree gliding that were once limited to childhood imaginings. Their playful nature has drawn in both young people eager to experience an exciting new hobby as well as nostalgia-seeking adults. Beyond offering simple recreation, hoverboards are also gaining popularity as an eco-friendly micro-mobility option for shorter trips typically made by car or other motorized transport. Their battery-powered operation produces zero direct emissions, helping users reduce their carbon footprint while traversing neighbourhood streets and trails.

Advances Usher in an Improved Riding Experience

As with any emerging product category, safety has been a top priority for hoverboard manufacturers. Early models were sometimes prone to overheating or breaking, understandably creating hesitation among potential buyers. Today's devices reflect meaningful improvements thanks to continuous innovation. State-of-the-art lithium-ion battery technologies provide far greater reliability and lifespan between charges compared to initial hoverboard power sources. Rigorous testing and certification standards have also enhanced overall sturdiness, lowering the risk of accidents.

Riders now benefit from advanced balancing sensors and gyroscope mechanisms for smooth, precise control even at higher speeds. App-enabled features further upgrade the experience, allowing customization of settings as well as remote monitoring of battery levels and diagnostic data. Over-the-air updates also push new functionality and enhancements directly to devices. Water resistance on select models opens the door to fun excursions along paths and trails regardless of conditions. All told, technological refinements have made hoverboards a safer and more capable way to cruise around personally.

For instance, In January 2020, Segway-Ninebot, a global leader in the fields of intelligent short-distance transportation and service robotics, unveiled a new lineup of game-changing transportation products at CES 2020. Among these innovations was the Ninebot KickScooter T60, a revolutionary "roboscooter" designed with a reverse trike chassis. The T60 inherits the sturdy body, powerful drivetrain, excellent maneuverability, long-lasting range, and wireless charging capability from the shared scooter business model, but is tailored for consumers. The T60 aims to bring electric kickscooters to the next level by offering a better riding experience, improved portability, sleek and sturdy design, and smart capacity.