Global Hoverboard Market 2017-2021
The hoverboard is a battery-operated, self-balancing device, which is mainly used for recreational activities and personal mobility. Hoverboard has made significant advancement after the first-generation hoverboards were released in 2014. The advanced features, such as Bluetooth connectivity, GPS system, integrating hoverboard with smartphones, etc. are being added in hoverboards.
Technavio’s analysts forecast the global hoverboard market to grow at a CAGR of 4.26% during the period 2017-2021.
Covered in this report
The report covers the present scenario and the growth prospects of the global hoverboard market for 2017-2021. The report presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Hoverboard Market 2017-2021
Technavio recognizes the following companies as the key players in the global hoverboard market: Swagtron, Airwheel, and Razor Hovertrax.
Other Prominent Vendors in the market are: Hoverboard Express, IO HAWK, Megawheels, and MonoRover.
Commenting on the report, an analyst from Technavio’s team said: “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 built-in GPS system for global tracking, a remote resembling to a car-key to turn it on and off, Bluetooth speakers, and an application to connect the hoverboard with smartphones.”
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.
Further, the report states that one challenge in the market is 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, totaling 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.
Swagtron, Airwheel, and Razor Hovertrax, Hoverboard Express, IO HAWK, Megawheels, and MonoRover.
Learn how to effectively navigate the market research process to help guide your organization on the journey to success.Download eBook