COVID-19 Accelerates Growth of Personal Transporter Market as Mass Transport Declines |Major Key Players are Inventist Inc. (US), Airwheel Holding Limited (China), BOXX Corp. (US), Segway Inc. (US).
Market Research Future (MRFR) projects the personal transporter market 2020 to accelerate at a robust pace of 8.5% from 2019 to 2025, which is the review period. We will provide COVID-19 impact analysis with the report, offering detailed market developments following the coronavirus disease outbreak.
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Key Drivers and Primary Deterrents
With the recent COVID-19 outbreak, personal mobility solution has emerged as the latest buzzword within the automotive industry. Segways, autonomous vehicles and electric two-wheelers have come into the limelight since the lockdown imposed following the pandemic. The automotive consumers are changing their transport choices as the novel coronavirus prompts them to seek out safer travel options. As SARS-CoV-2 boosts the need for social distancing, many people are naturally drawn to personal transporters instead of mass transport.
The escalating demand for better-performance digital signal processors such as actuators and sensors and the thriving tourism industry worldwide can significantly boost the market growth for personal transporter. The mounting demand for self-balancing electric two-wheelers also adds to the market strength. One of the top trends in the market can be the accelerated demand for eco-friendly smart personal transporter, personal mobility transporter and personal e-transporter. Many of the renowned automakers are highly focused on product innovation to facilitate mass reduction, sophisticated DSP processor, as well as an advanced battery technology. These advancements can be huge investment opportunities for the leading market firms in the following years, especially considering the COVID-19 impact on the world economy.
The global industry is flooded with new product launches as renowned vendors strive to gain higher impetus among their existing as well as potential customers. For instance, in July 2020, Lidl launched its latest e-hoverboard and e-scooter that features a rear electric brake, 2 independent braking systems 8” double-walled tires, front lights along with high-contrast display and yellow side reflectors.
The personal transporter industry can be dissected with respect to vehicle type, product, wheel type, weight capacity, travel range as well as application.
The primary vehicle types considered in the market study are e-scooter, e-bike, e-skateboard, e-hoverboard, and more.
Products that are outlined in the report are standing/self-balancing, folding and retro.
Depending on the weight capacity, the market caters to up to 10 kg, 10 kg-20kg, along with more than 20 kg.
In terms of the travel range, the market can be considered for up to 20 km, 20 km-35km, and more than 35 km.
The main application areas of personal transporters are off-road as well as on-road.
The personal transporter industry can be regionally segregated with respect to North America, Europe, Asia Pacific or APAC as well as rest of the world or RoW.
Over the next few years, it is expected that APAC can be the global leader in the personal transporter market, thanks to the escalating use of retro two-wheelers and self-balancing scooters across the emerging countries of Vietnam, India, Japan and China. The mounting popularity of affordable and scaled-down e-vehicles, technological innovations in personal transporters, evolving lifestyles of the people combined with the improving economy are also some of the key factors that can enhance the market attractiveness in the region.
Europe is slated to be another strong contender in the global market, as a result of the surge in the number of strict government regulations paired with the soaring preference and sales of personal motorized transporters. Swing personal transporters are also gaining traction in Spain, France and the UK, while the off-road personal transporters are gaining interest from malls, hospitals and school. The high frequency of technological innovations in the field also boosts the market growth prospects in Europe.
Renowned Industry Companies
The renowned industry companies outlined in the MRFR study are Honda Motor Co., Ltd. (Japan), Inventist Inc. (US), Airwheel Holding Limited (China), BOXX Corp. (US), Segway Inc. (US), RazorUSA LLC (US), INMOTION TECHNOLOGIES CO. LTD. (China), Hangzhou CHIC Intelligent Technology Co., Ltd. (China), T3 Motion, Inc. (US), Onewheel (US), to list a few.
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Evolve, a world renowned e-skateboard brand from Australia, has decided to set up its London base in the East London location for its business expansion. The company is expected to sell and distribute their famous e-skateboards in the region, in addition to product demos as well as test rides.
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