Hoverboards have never been more popular and the market is set to grow according to a report studying the market. The Global Hoverboard Market Industry Research Report suggests that the hoverboard market will be worth $2169m by 2026 – up from $1699m in 2020.
The report identifies that the keyplayers in the hoverboard market will be – Swagtron, Airwheel, Razor Hovertrax, IO Hawk and Megawheels.
In other hoverboard news, it is thought that a trade alliance with Chinese hoverboard manufacturers will be a major force in the growth of the market – more than 100 Chinese hoverboard manufacturers belong to the Hoverboard Industry Alliance. It’s main objective is to ensure that safety standards are adhered to across US, China and other countries.
When hoverboards first appeared on the market, there were reports of cheaper models bursting into flames, due to faulty batteries and there is a clear need for universal standards to be maintained.
The global Hoverboard market size is projected to reach $2169.7m by 2026, from $1699m in 2020 at a CAGR of 4.2% during 2021-2026. of 4.2% during 2021-2026.
The report covers the globe and includes South America, the Middle East, Africa, US, Europe, Brazil, Turkey and Saudi Arabia. It includes the value and sales figure analyses of each region in addition to containing volumes and revenue for each of the countries from 2015 to 2020. It also gives the reader accurate data on the volume of sales according to the consumption for the same years.
The report also looks on the impact that Covid-19 had on hoverboard sales and will prove a valuable resource for industry insiders.
In addition to market insights, the report looks at any issues that could affect the growth of the hoverboard market, it looks at market strategies in different countries and examines future prospects for the sale of hoverboards.
It is thought that the rapid acceleration in technology will have a far-reaching impact on the popularity of hoverboards.
The market is currently being fuelled by the spread of urbanisation, an increase in demand for gadgets, a growing demand for hoverboards among children, the use of hoverboards in commercial spaces, such as Amazon warehouses, investment in product safety and an ever-increasing demand for green personal transportation devices.
Some companies are already using hoverboards for policing and patrolling purposes and there has been a growth in the use of hoverboards indoors, generally. The fact that they are not allowed to be ridden in public spaces in countries such as the UK, hasn’t hindered growth.
If and when these rules change, it is expected that hoverboard use will rise dramatically amongst Brits.
One area where growth is slow, is underdeveloped nations, but if incomes rise and product knowledge becomes widely available, there is no reason why sales shouldn’t do well in these areas.