Fact.MR has recently added a new report to its vast online database. This research study is titled as “ Hoverboard Market Report” which presents an in-depth study about the production, consumption, market volume, revenue (million USD) and market share across different geographical regions.
In recent years, the demand for hoverboards has surged to a certain degree due to growing enthusiasm about the gadget among the youth population. For many hoverboard riders, the gadget is a source of entertainment. Expert riders perform various hoverboard stunts as well as use them for engaging in recreational activities. In addition, quick acceptance of battery operated vehicles coupled with the urgency to develop innovative transportation modes is expected drive the popularity of hoverboards in the forthcoming years. If perfected, hoverboads are fun to ride and can be an alternative to walking. A futuristic look and the cutting-edge technology that powers the gadget continues to attract the tech savvy consumer class. The latest versions of hoverboards are far more efficient as compared to the initial models. Developers are actively focusing on making their use more practically possible and also trying to improve their functionalities. Higher investment on research & development and product promotion by manufacturing companies are expected to make a positive impact on the global hoverboard market. Fact.MR’s latest report projects that the global hoverboard market will expand at an impressive CAGR of 6.1% over the forecast period (2017-2022).
Hoverboard is a self-balancing, and battery operated gadget that is used for personal transportation. Some high performance hoverboards are even referred to as electric skateboards or electric scooters. The gadget typically has two wheels that are parallel to each other and connected by a small electronic panel. The user has to place his/her feet on the panel and maneuver the hoverboard using body weight.
APEJ’s Hoverboard Market to Remain More Lucrative than Markets in North America & Europe
Asia-Pacific excluding Japan (APEJ) is to remain the most lucrative market for hoverboard in 2022, and the trend is anticipated to continue over the next couple of years. During the forecast period, the hoverboard market in APEJ is projected to expand at a strong CAGR of 6.2%.
Double Wheeled will Remain the Most Sought-After Hoverboard Type
On the basis of product type, demand for double wheeled segment will continue to grow in 2017 and beyond. Presently, the segment accounts for more than two-third share of the market in terms of revenue. The double wheeled product type segment is expected to grow at around US$ 75.6 Mn annually over the course of the forecast period.
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Global Hoverboard Market – Key Insights
Among regions, the market in Asia-Pacific excluding Japan (APEJ) is expected to present lucrative growth opportunities for players during the forecast period. China remain one of the largest producers of cost-effective electric vehicles including hoverboards. Manufacturing of single and double wheeled hoverboards is expected further escalate in China over the next few years. This, in turn, is projected to support the growth of the market in the region over 2022.
Based on product type, demand for double wheeled hoverboads is expected to remain strong throughout the assessment period. Global sales of double wheeled hoveboard currently command for over 80% share of the market in terms of revenue. Superior design and more convenience of riding makes double wheeled hoverboads more preferred among consumers.
By wheel size, consumer preference for hoverboards with 6.5 inch wheel size will remain strong in 2017 and beyond. Currently, sale of hoverboards with 6.5 inch wheel sizes more one-third revenue share of the market. Over 1,070 Mn units of hoverboards with 6.5 inch wheel size is expected to be shipped globally towards the end of 2022.
On the basis of application, the recreational activities application segment will retain its top position over 2022. In terms of revenue, the segment presently account for over 70% market share. Between 2017 and 2022, the recreational activities segment is set to reflect a robust CAGR of 6.5%, and surpass a market valuation in excess of US$ 1,300 Mn.
Razor USA, LLC, Ninebot Inc., HaloBoard, EPIKGO, Segway Inc., Skque Products, TOMOLOO Technology Industrial Co., Ltd., Megawheels, SURFUS, Genesis, Hangzhou Chic Intelligent Technology Co., Ltd., Shenzhen Rooder Technology Co., Ltd, Shenzhen JIALIKE Electronic Company Ltd., Airwheel Technology Holding ( USA ) Co., Ltd., Shenzhen Uwheel Technology Co., Ltd., are the key companies profiled in the Fact.MR’s report.
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