Hoverboard Market 2019 Global Industry – Key Players, Size, Trends, Opportunities, Growth- Analysis to 2024
Oct 1, 2019
Wiseguyreports.Com Publish New Market Research Report On -“Hoverboard Market 2019 Global Analysis, Size, Share, Trends, Opportunities and Growth, Forecast 2024”
Pune, India - October 1, 2019 /MarketersMedia/ —
Hoverboard Market 2019
In the last decade or so, people have been leaning slowly but steadily towards the self-propelling mobility products including the amazing batter powered hoverboard. A hoverboard is a two-wheeled mobile device that runs on battery. These have a platform for riders who have to learn to balance in them. These are such fun products to travel short distances in and are a rage amidst people globally. The first model of the hoverboard was released in the year 2014. Since then, the product has gone through many technological updates and right now, hoverboards with smart features like GPS, Bluetooth, and the ability to sync with smart apps are available.
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China is one of the leading manufacturers of hoverboards. In 2017, about 100 different Chinese hoverboard manufacturers came together and created an association called the Hoverboard Industry Alliance. According to this, the association will work closely with organizations that set safety standards for these hoverboards. This alliance makes it easy to get safety approvals and hence exporting hoverboards to the USA becomes easy too. This alliance will increase the sales of hoverboards in the global market as the products will perfectly adhere to stringent safety norms of UL and CPSC certifications. In 2018, this market was valued at USD 1700 million and in 2025, the market value is set to increase to about USD 2350 million. The CAGR growth percentage during the periods of 2019 to 2025 will be about 4.2%.
Market Segmentation
There are five key players identified in the market and these, combined together, hold a majority of the market share. Razor Hovertrax, Swagtron, IO HAWK, Airwheel, and Megawheels are the companies under consideration. Their competitive landscape, their potential for growth and their expansion plans are all explained crystal clear in the report.
Compact, Mid and full sized hoverboards are the three different types taken into consideration by the report. The growth factor of these individual types and their demand in the global market for the forecasted period are analyzed. Based on the application, the use of hoverboards as recreational activities, as personal mobility devices and for business purpose are investigated.
Regional Analysis
Almost all regions globally have a demand for hoverboards and how extensive the demand is and how much the opportunity for growth is in these regions are few factors discussed in the regional analysis. The entry and exit barriers in these regions along with the market drivers, the sales and the distribution channels and the market value are investigated in the report.
Industry News
In January 2016, a Tennessee based family found their house burnt because of a faulty hoverboard bought from Amazon. The family pressed charges and in July 2019, a US circuit court finally allowed the family to press charges against the company. It is also to be noted that Amazon had also launched its own investigation on the fire incident and had ceased the sales of hoverboards on its website after the issue.
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