Insights on the Global Hoverboard Market 2020-2024 | COVID-19 Analysis, Drivers, Restraints, Opportunities and Threats | Technavio
The global hoverboard market size is expected to grow by USD 268.68 million during 2020-2024, progressing at a CAGR of 1% during the forecast period. Download Free Sample Report
The increasing popularity of online channels and the rise in number of Chinese manufacturers are among the major factors propelling market growth. However, factors such as the limitations and shortcomings of lithium-ion batteries are hampering market growth.
Vendors operating in the global hoverboard market have a strong presence at a country or regional level. However, as many vendors in the market are small and medium-sized players, the global presence is limited. Online sales mediums provide such vendors the opportunity to reach out to consumers across the world and widen the customer base. The presence of online distribution channels and platform providers, such as Walmart Inc. and Amazon.com Inc., is expected to boost the growth of online sales. Thus, the increasing popularity of online retailing is likely to boost the growth of the global hoverboard market.
Based on the wheel size segmentation analysis, the compact size segment is expected to witness lucrative growth during the forecast period. The key advantage of a compact size hoverboard is that the battery life is longer than its counterparts and on average can last for 4-5 hours on a single charge. Moreover, the implementation of favorable policies and regulatory frameworks for the use of hoverboards across different countries is anticipated to fuel market growth during the forecast period.
Global Hoverboard Market: Geographic Landscape
As per Technavio's geographical segmentation analysis, North America is expected to experience significant growth during the forecast period. The growth of the hoverboard market in North America is attributed to several factors such as the growing online sale of hoverboards and the increasing production of low-cost hoverboards in the region.
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Market share assessments for the regional and country-level segments
Strategic recommendations for the new entrants
Covers market data for 2019, 2020, till 2024
Market trends (drivers, opportunities, threats, challenges, investment opportunities, and recommendations)
Strategic recommendations in key business segments based on the market estimations
Competitive landscaping mapping the key common trends
Company profiling with detailed strategies, financials, and recent developments
Supply chain trends mapping the latest technological advancements
Technavio suggests three forecast scenarios (optimistic, probable, and pessimistic) considering the impact of COVID-19. Technavio's in-depth research has direct and indirect COVID-19 impacted market research reports.
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