The global and Chinese hoverboard balancing scooter market is anticipated to exhibit a stable growth rate from 2017 to 2022 (forecast period), according to a report on Radiant Insights, Inc. The market demand is expected to increase due to high interest among the teenage demographic. Rising use of hoverboards for recreational purposes and entertainment can positively impact the market in near future.
Emergence of hoverboards with attractive in-built features such as Bluetooth speakers, rapid charging of batteries, and light-emitting diode (LED) are anticipated to propel the market over the forecast period. Availability of hoverboards as an eco-friendly method of transport in urban areas can spur the growth of the market for hoverboard balancing scooters. Popularity of full-size balancing scooters and rise of hoverboard stunt experts can positively influence market sales.
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Introduction of electric skateboards and scooters can provide business expansion opportunities to market players for expansion. However, lack of safety standards can restrain market growth over the forecast period. Nevertheless, the formation of organizations and alliances to encourage safety measures can boost growth of the market in near future. For instance, aunion consisting of Chinese manufacturers called the Hoverboard Industry Alliance was formed in 2016. The alliance can play a big role in setting standards and attaining safety certificates from the U.S. Consumer Product Safety Commission (CPSC) and penetrating demanding markets. Such efforts can ease concerns of parents and drive the demand.
The China market for hoverboard balancing scooter is expected to register substantial growth during the forecast period due to ongoing advancements in hoverboard designs. Alliance between self-balancing scooter manufacturers and adoption of better safety standards can overcome the technical challenges like exploding hoverboards. This factor is anticipated to drive the regional growth. Emphasis on quality and safety can lead to strong sales during the forecast period. In 2017, Chinese manufacturer Mega wheels set up an outlet in Europe to sell various designs of self-balancing scooters with emphasis on safety.
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The global and Chinese hoverboard balancing scooter market is segmented by wheel size and region. By wheel size, the market is divided into compact-size, mid-size, and full-size.Regions covered in the market report includes Americas, Asia Pacific excluding China, China, and Europe and Middle East and Africa (EMEA). The Asia Pacific (excluding China) hoverboard balancing scooter market is anticipated to show signs of steady growth over the forecast period due to high demand from Australia, Malaysia, Singapore, and Japan. The India market has potential for growth owing to efforts towards solving urban traffic problems and rapid rise in population. A domestic manufacturer, Pata Electric, offers an electronic transport solution in India, in the form of self-balancing scooters. In addition, the adoption from law enforcement agencies to navigate narrow alleyways offers market scope for expansion.
The hoverboard balancing scooter market can exhibit a strong growth rate in the Americas due to a strong millennial demographic and rising interest in personal mobility devices. Increased emphasis on research and development to prevent fires in lithium-ion batteries can offer scope for innovation for the industry participants. High potential of super capacitors as a viable replacement to store energy in hoverboards can drive market growth during the forecast period. Endorsements by celebrities as a futuristic method of transport canfurther trigger market sales. The EMEA market is expected to register a healthy growth rate due to rising interest from Europe coupled with high disposable incomes of consumers.
Key market players include Razor Hovertrax, Airwheel Holding Limited, Swagtron, Hoverboard Express, LLC, and MonoRover. Acquisitions are common in the market with most of the leading companies acquiring smaller companies and startups for technology and design purposes. In 2016, Implant Sciences, a U.S. company acquired Zapata Industries to capitalize on the trend for mobility devices.
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