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Self-Balancing Scooter Market: Current Status, In-depth Analysis and Forecast Outlook 2028

05-16-2022 01:53 PM CET | Business, Economy, Finances, Banking & Insurance

Press release from: Orion Market Reports

The global self-balancing scooter market is anticipated to grow at a CAGR of 4.5% during the forecast period (2022- 2028).

A self-balancing scooter also known as a hoverboard is a self-balancing personal transporter consisting of two motorized wheels connected to a pair of articulated pads on which the rider places their feet. The rider controls the speed by leaning forwards or backward, and the direction of travel by twisting the pads. These scooters are designed as an alternative to walking. Initially, self-balancing scooters did not perform in the market owing to various drawbacks such as improper functioning of electronics, and high cost. However, now companies are investing a lot in R&D and advertisement owing to which the demand for these scooters has increased. These scooters are used in the shopping complex, manufacturing facilities, parks, and many more places.

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The increase in the trend of using modern and advanced electronic devices and the use of these scooters by police to patrol places such as streets and airports are some driving factors for the growth of the global self-balancing scooter market. Additionally, manufacturers of these scooters are adding more features to it such as wireless charging, Wi-Fi, and Bluetooth which can connect them with users' gadgets. This encourages people to buy these advanced products. This scooter consumes low power and less maintenance cost. However, overheating of batteries in these scooters leads to the catching of fire, charging time, and the unavailability of charging stations are some restraining factors for the growth of the global self-balancing scooter market.

Some major players in the market include Segway Inc., Inventist Inc., and Koogo Technology Inc., among others. The market players are contributing significantly to the growth of the market by the adoption of various strategies including mergers and acquisitions, geographical expansion, partnerships, new product launches, and collaborations, to stay competitive in the market. For instance, the Hover Pro company S11 wheel balancing scooter has been designed for the more comfort-seeking rider. Equipped with adjustable padded handlebars and large air-filled tires, the S11 takes away some of the stress of balancing, so that the user can enjoy the ride.

Market Coverage
• The market number available for - 2021-2028
• Base year- 2021
• Forecast period- 2022-2028
• Segment Covered-
o By Type
o By Application

• Regions Covered-
o North America
o Europe
o Asia-Pacific
o Rest of the World

• Competitive Landscape- Segway Inc., Inventist Inc., and Koogo Technology Inc., among others.

Key questions addressed by the report

• What is the market growth rate?
• Which segment and region dominate the market in the base year?
• Which segment and region will project the fastest growth in the market?
• How has COVID-19 impacted the market?
o Deviation from the pre-COVID-19 forecast
o Most affected region and segment
• Who is the leader in the market?
• How players are addressing challenges to sustain growth?
• Where is the investment opportunity?

Global Self-Balancing Scooter Market Report by Segment

By Type
• Two-Wheeled Self-Balancing Scooter
• Unicycle Self-Balancing Scooter

By Application
• Personal Recreation Vehicle
• Business Application
• Patrol

Media Contact:

Company Name: Orion Market Reports
Contact Person: Mr. Anurag Tiwari
Email: info@orionmarketreports.com
Contact no: +91 780-304-0404

About Us:

Orion Market Reports (OMR) endeavors to provide an exclusive blend of qualitative and quantitative market research reports to clients across the globe. Our organization helps both multinational and domestic enterprises to bolster their business by providing in-depth market insights and the most reliable future market trends. Our reports address all the major aspects of the markets providing insights and market outlook to global clients.

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