Electric Skateboard Market is Projected to Reach US$ 3,691.4 Million by 2033, at a CAGR of ~5.4% From 2023 to 2033 | FMI

The Electric Skateboard Market is slated to reach US$ 2,061.2 million in 2023 and is further likely to reach US$ 3,691.4 million by the end of the forecast period. Throughout the aforementioned assessment period, sales of electric skateboards are projected to continue flourishing, reflecting a value CAGR of 6%. From 2018 to 2022, the market registered a growth rate of 5.4% CAGR.

Personal mobility is one of the running trends in the market. Since transportation comes with problems like parking and relatively high expenses, skateboards are increasingly adopted for their lightweight, compact, and easy-to-carry structure.

The surging popularity of electric skateboards as a recreational activity further impels the electric skateboard industry. Due to the swiftness, less requirement for effort, and better grip, electric skateboards are becoming an attractive option for skaters.

Growing environmental cognizance catalyzes the demand for e-skateboards as they emit zero emissions. Additionally, people are giving more importance to their health and frequently participating in outdoor activities. In these circumstances, electric skateboards assist in the enhancement of coordination and stability.

Technical upgrades to the product, like making it lighter, cheaper, and equipping it with modern motorized skateboards, are expected to foster the market development. However, it may also result in a drop in sales due to surged prices.

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Top Highlights from the FMI's Analysis of the Electric Skateboard Market:  

The North American electric skateboard industry is projected to acquire more than 32.5% over the forecast period.
In 2022, the Europe electric skateboard industry is estimated by FMI to account for a market share of 27.6%.
The United States is projected to emerge as the leading market for electric skateboards on a global scale. In 2022, the country registered a 28.3% global value share as per the revenue estimates.
Germany accounted for 7.3% market share in 2022, prominently making its space in Europe.
The United Kingdom is also projected to have a noticeable impact on regional market growth. From 2023 to 2033, FMI has predicted that the United Kingdom is assessed to record a CAGR of 5.7%.
Indian electric skateboard industry is expected to inflate at a CAGR of 7.6% over the estimated time.
China is going to register CAGR of 6.8% in the assessment period.
In 2022, Japan and Australia gained 5.8% and 2.6% market shares, respectively.
Based on type, the market accounted for a market share of 48.4% in 2022.
Under the wheels category, generic wheels registered a value share of 64.8% in 2022.

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Glad Tidings Sweeping the Key Players

Key players are enticing end users by introducing new products in the market. Further, mergers, acquisitions, and collaborations are some other tactics that are projected to help manufacturers generate increased sales. Enlisted below are the recent developments shaping the market:

In September 2022, Meepo, one of the leading e-skateboard brands, introduced a long-range electric skateboard with the Voyager X. The product has high torque and has the lengthiest range amongst its rivals, thus making it a suitable electric skateboard for people considering e-skateboard to commute to work or go out on adventure-spree regularly. The squishy wheels, sponge bushings, and flexible deck make for an unbeatable comfortable joy ride.
In February 2023, Defiant Board Society, an electric skateboard start-up, introduced a new high-power e-skateboard called Defiant: One. The company's aim is not restricted to constructing a fast board; rather, they want to go full circle by connecting the product with its non-powered cultural roots. The board is integrated with the latest tech, helping it compete with the emerging crop of durable and fast electric skateboards.

Key Segments of the Electric Skateboard Industry Survey

By Type:

Belt Driven Electric Skateboard
Hub Motor Design Electric Skateboard
Wheel Motors Electric Skateboard

By Wheels:

Generic Wheels-equipped Electric Skateboard
Clone Wheels-equipped Electric Skateboard

By Deck Size:

Mini Electric Skateboard
Mid Electric Skateboard
Full Electric Skateboard

By Speed:

Less than 10 mph Electric Skateboard
10 to 20 mph Electric Skateboard
More than 20 mph Electric Skateboard

By Distribution Channel:

Electric Skateboard Sales via OEM (Original Equipment Manufacturer)
Electric Skateboard Sales via Aftermarket

Electric Skateboard by Region:

North America
Latin America
Europe
Asia Pacific
The Middle East and Africa

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Future Market Insights, Inc. (ESOMAR certified, Stevie Award - recipient market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.

This release was published on openPR.