This industry research report identifies Swagtron, Airwheel, and Razor Hovertrax as the key vendors in the global hoverboard market. A comprehensive analysis of this market is also presented by wheel size (compact-size, mid-size, and full-size) and by geography (the Americas, APAC, and EMEA).
Overview of the global hoverboard market
Research analysis on the global hoverboard market identifies that the formation of trade alliance by Chinese hoverboard manufacturers will be one of the major factors that will have a positive impact on the growth of the market. In China, over 100 Chinese hoverboard manufacturers have introduced trade association called the Hoverboard Industry Alliance in 2016. The objective of this alliance is mainly to work with the organizations that set safety standards for hoverboard and patents in the US, China, and other countries. This will help hoverboard manufacturers to get assistance on UL certification on exporting hoverboards to the US that is required by most of the US retailers. Moreover, this alliance also communicates constantly with UL and CPSC to bring in and enforce safety standards. The formation of this alliance will offer guidance to the Chinese hoverboard manufacturers to meet the stringent safety norms and raise the sales of their products. Technavio’s market research analysts predict that this market will post a revenue of more than USD 3.2 billion by 2021.
The rising popularity of full-size hoverboards is one of the key trends that will contribute to the growth of this market in the forthcoming years. The full-size hoverboard offers a comfortable riding experience and can travel at a faster speed, with a maximum speed of around 9 miles per hour. In addition, the bigger wheels, with rubber inflatable tires enables fine riding even on rough terrains with less bump or jerk. Also, the load capacity of a full-size hoverboard is more than its counterparts.
Competitive landscape and key vendors
The hoverboard market consists of multiple players and the Chinese manufacturers hold the maximum share at a lower price. The key vendors in the hoverboard market are presently expanding their customer base by offering products at a competitive price with improved features. The competition in the hoverboard market is largely based on pricing with R&D activities playing a major role in this market during the forecast period.
The leading vendors in the market are –
- Razor Hovertrax
The other prominent vendors in the market are Hoverboard Express, IO HAWK, Megawheels, and MonoRover.
Segmentation by wheel size and analysis of the hoverboard market
During 2016, the compact size segment accounted for the major shares of the hoverboard market. Advantages such as the small, light-weight, and well suited to perform spins and tricks will contribute to the growth of this industry segment in the coming years.
Geographical segmentation and analysis of the hoverboard market
This market study estimates that in terms of geographic regions, the Americas will be a key revenue contributor to the hoverboard market throughout the forecast period. The high utilization of hoverboard for personal mobility and rising popularity of the hoverboard among the kids and youth as a recreational activity are the major factors driving the hoverboard market in the region.
he “Global Hoverboard Market 2017-2021” report has been added to Research and Markets’ offering.
The global hoverboard market to grow at a CAGR of 4.26% during the period 2017-2021.
Global Hoverboard Market 2017-2021, has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers the market landscape and its growth prospects over the coming years. The report also includes a discussion of the key vendors operating in this market.
According to the report, one driver in the market is growing R&D on supercapacitors to replace lithium-ion batteries. The charge and discharge process in lithium-ion batteries is a slow process, and due to numerous charge and discharge cycles, even the chemical compounds inside the battery get degraded over time. This shortcoming of lithium-ion batteries has prompted researchers to look into alternative means of charging a battery. One such method is the use of supercapacitor, which uses a different storage mechanism. In the supercapacitor, energy is stored electrostatically on the surface of the material and does not involve chemical reactions.
One trend in the market is integrating advanced features in hoverboard. Hoverboard manufacturers are offering advanced features in their hoverboards to make them more enticing to consumers. Currently, manufacturers are providing a built-in GPS system for global tracking, a remote resembling a car-key to turn it on and off, Bluetooth speakers, and an application to connect hoverboards with smartphones.
Further, the report states that one challenge in the market is the limitations and shortcomings of lithium-ion batteries. In December 2015, 12 instances were reported in the US, where lithium-ion batteries had resulted in the hoverboard catching fire. By July 2016, the number rose from 12 to 60, totalling a total property damage of more than $2 million. As a result, a lot of hoverboards have been recalled by the vendors due to faulty lithium-ion batteries, which were responsible for overheating of the hoverboard. The lithium-ion batteries are attractive to hoverboard manufacturers as they have a very high energy density, and thus, can store large amounts of energy in a small space.