Self-balancing scooter, also called a hoverboard, is a one or two wheeled powered vehicle that balances both rider and itself on the basis of the driver’s leaning action. The in-built sensors measure the rate and pitching angle and send signals to the motor to drive accordingly, thus balancing the scooter. These scooters contain lithium-ion-batteries and can be fully charged within three hours. They can easily cover distance up to 10-15 km with one full charge. Moreover, wireless chargers similar to the one used for mobile phones are expected to be launched in the forthcoming period, thus aiding their growth further.
The key factor driving the growth of the self-balancing scooter market includes the balancing act of the scooter. It is easier to accelerate, stop, and operate the scooter. Moreover, self-balancing scooters are eco-friendly and light-weight, making them convenient to carry it anywhere. It runs on rechargeable batteries and is noiseless. Thus, owing to the low power consumption and low maintenance cost, a self-balancing scooter is considered to be a better alternative to walking as well as regular electric scooters and is increasingly used in parks, manufacturing facilities, shopping complexes, etc. across several countries of the world.
The key restraint affecting the self-balancing scooter market includes the early reporting of improper functioning of the device and overheating of battery, leading to catching of fire. Owing to this, these scooters are banned in several countries as a part of safety regulation. However, after increased investment in research and development as well as advertising and marketing strategies, self-balancing scooter manufacturers are again expecting to witness growth in countries across the world. Despite this, high cost and lack of awareness are still expected to be major hindrances for self-balancing scooter manufacturers, especially in the developing countries of the world.
The opportunity anticipated to boost the self-balancing scooter market includes its increasing demand in college campuses owing to its stylish look and fun ride experience. Also, it is noise-free and operates on electricity, thus causing no pollution. Apart from being environment friendly, it incorporates advanced features including wireless charging and Bluetooth. Thus, the increasing inclination toward advanced electronic devices is expected to provide opportunities to the self-balancing scooter market in college campuses in the near future.
Also, self-balancing scooters are expected to explore new opportunities in assisting security guards and police officers in patrolling areas of public gatherings where automobiles might not be an efficient alternative .
The self-balancing scooter market can be classified on the basis of product type, end-use industry, and geography. On the basis of product type, the self-balancing scooter market can be classified into unicycle and double wheeled. On the basis of end-use industry, the self-balancing scooter market can be segmented into personal and commercial. The commercial industry can be further segmented into security applications, corporate campus, and manufacturing facilities. In terms of geography, the self-balancing scooter market can be segmented into North America, Europe, Asia Pacific (APAC), Middle East & Africa (MEA), and South America. Europe is expected to be a highly attractive region contributing to the self-balancing scooter market owing to high disposable income of consumers and availability of sufficient area to use these scooters in the region.
Prominent players operating in the self-balancing scooter market include Hangzhou Chic Intelligent Technology Co., Ltd., Ninebot Inc., Shenzhen Counterbalance Technology Co., Ltd., Inventist, Inc., Segway, Inc., Koogo Technology Inc., Freego Inc., Oxboard B.V., Robstep GB, IPS Electric Unicycle Co., Limited, Evoy Technologies, LLC, Razor USA, Sky Walkers USA, RioRand Advanced Technology, and Shenzhen Iezway Technology and so on.
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