The current valuation of the self-balancing scooter market in 2022 is US$ 1,784.0 Million and it is projected to grow at a promising CAGR of 6.1% between 2022-2032 reaching a valuation of US$ 3,326.4 Million.
| Attributes | Details |
|---|---|
| Market Valuation (2022) | US$ 1,784.0 Million |
| Market Valuation (2032) | US$ 3,326.4 Million |
| CAGR | 6.1% |
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Despite a positive self-balancing scooter market growth outlook, certain factors inhibit the market’s expansion. The lack of regulations on the use of self-balancing motors has led to frequent accidents and other hazards. As a result, many nations have placed restrictions on the use of self-balancing scooters.
By product type, the double-wheeled self-balancing scooter segment dominates the market due to its diverse application across manufacturing and commercial sectors.
Based on industry, commercial application segmentation is projected to dominate the market during the forecast period. This is due to the self-balancing scooter’s compact design, ease of use, and flexibility. The segment is further boosted by application in police patrolling.
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The global self-balancing scooter market is dominated by Europe. This is primarily due to Europe’s policy-based initiatives toward becoming more sustainable and energy efficient. There is greater awareness concerning sustainable transport modes in Europe, especially amongst the younger generation.
The Asia-Pacific region is projected to grow by a CAGR of 6.2% during the forecast period. This is mostly propelled by a sharp increase in per capita disposable income of the nation in this region. There is an increased interest in recreational activities and rising awareness of sustainable transport modes.
The developed nations of this region provide fertile ground for the manufacture of self-balancing scooters due to the availability of cheap labor and input materials.
Along with Europe, North America continues to be a global leader in the self-balancing scooter market. The North American market’s growth is triggered by the presence of advanced technologies as well as automotive industry giants.
North America currently accounts for 23.8% of the global self-balancing scooter market share.
Globally, industry growth is primarily driven by the combined effort of nations to reduce their carbon emissions.
Self-balancing scooters or Hoverboard use gyroscope to determine balance of board, motors keep speed according to the inclination of the person riding it. These scooters are designed to look futuristic and an alternative to walking.
Initially, self-balancing scooters did not perform in market because of many limitations such as low range, improper functioning of electronics, and high cost. Now after spending a lot in research & development and advertisement by manufacturing companies, these scooters are becoming a profitable product.
Many nation have now removed ban over using these scooters in public areas. These scooters are majorly used in shopping complexes, manufacturing facilities, sidewalks, parks, and various government buildings.
Self-balancing scooter market is still at primitive stage. Awareness regarding self-balancing scooter is still a primary concern for the manufacturers. A lot of promotion techniques are being used by companies such as promotion on social media, celebrity advertising, and free rides to increase the awareness about self-balancing scooter.
Self-balancing scooter look futuristic and are fun to drive. Moreover these scooters are less expensive than any other mobility scooters available in market. Self-balancing scooters are being promoted at office and college campuses because they are environment friendly, noise free and operate on electricity.
The trend of using modern and advanced electronic devices and increasing dependency on mobility equipment is driving its demand in advanced economies. These scooters are being used by police to petrol certain places like streets and airports.
Manufacturers of self-balancing scooters are regularly improving its ergonomics, technology, range, and adding various modern features such as wireless charging, Wi-Fi, and Bluetooth which can connect it with user’s personal gadgets. Features like these are encouraging people to buy these advanced products.
There have been various reports of explosion and malfunctioning of Self-balancing scooters. As the result of these reports, in Feb 2016, United States government declared these scooters as unsafe for public use.
Governments of various countries have different rules regarding use of these scooters. These barriers are restraining its use and limiting its market to private properties.
Usually these scooters have 15- 30 km range, charging time and the unavailability of charging stations is major problem. Despite of using various promotion techniques, awareness is still a major problem restraining its market growth.
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Countries with high per capita income are encouraging markets for self-balancing scooters. Western Europe and North America have highest demand for these scooters. Especially U.S. has shown big demand for these scooters. China players are providing cheap scooters throughout the world.
This has made China a major manufacturer of both Unicycle and double wheeled scooters. Self-balancing scooter market has limited signs of rise in African nations. Safety regulations are still posing problem in many cities around the world.
The key players involved in the manufacturing of Self-balancing scooter include:
The research report presents a comprehensive assessment of the market and contains thoughtful insights, facts, historical data, and statistically supported and industry-validated market data.
It also contains projections using a suitable set of assumptions and methodologies. The research report provides analysis and information according to market segments such as geography, production methods, end-use industries and applications.
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain.
The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
Self-balancing scooter market can be segmented on the basis of product types, end use industries and region.
The market is likely to register a CAGR of 6.1% through 2032.
The market is currently valued at US$ 1,784.0 Mn in 2022.
The market is likely to grow to a valuation of US$ 3,326.4 Mn by 2032.
Asia Pacific is likely to be a leading market during the forecast period.
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