The electric skateboard market has seen increased adoption in recent years. Electric skateboards consist of a deck, wheels and motor powered by lithium-ion batteries. They provide hassle-free commuting while reducing carbon footprint. Electric skateboards offer advantages like ease of use, maneuverability and portability compared to other modes of transport. Their growing popularity among young adults and commuters is driving the demand.
Global electric skateboard market is estimated to be valued at US$ 4.07 Billion in 2024 and is expected to reach US$ 9.10 Billion by 2031, exhibiting a compound annual growth rate (CAGR) of 12.2% from 2024 to 2031.
Key Takeaways
Key players: Key players operating in the electric skateboard market include Boosted Boards, Mellow Boards, Inboard, Marbel, Evolve Skateboards and Exway.
Key opportunities: Growing investments in development of advanced batteries, controllers and hub motors by manufacturers are opening new opportunities. Rising adoption in sharing mobility services also provides scope for Electric Skateboard Market Demand.
Technological advancements: Developments in battery technology, improvement in range per charge and introduction of new intelligent features controlled via smartphone apps are positively impacting the electric skateboard market.
Market drivers
Increasing environmental concerns combined with favorable government policies promoting electric vehicles for commuting are major market drivers. Growing popularity among youth and trend of micro-mobility solutions for last-mile connectivity are propelling the demand for electric skateboards.
Current Challenges in the Electric Skateboard Market
The electric skateboard market is still at a nascent stage and faces various challenges. Range anxiety and battery life issues top the list of concerns. Most electric boards can only travel 12-15 miles on a single charge, making them unsuitable for long-distance commuting. Finding replacement batteries is also difficult at times. Safety is another major issue as skateboards can reach high speeds without proper safety gear like helmets. Road accidents can occur easily. High prices also limit mass adoption as premium electric skateboards cost anywhere between $500 to $2000. These factors have slowed down market growth to some extent.
SWOT Analysis
Strength: Electric models provide a convenient and eco-friendly mobility solution. They are portable and easy to use.
Weakness: Limited driving range raises range anxiety. High prices compared to conventional skateboards.
Opportunity: Growing popularity among youth and working professionals offers huge market potential.
Threats: Electric Skateboard Market Challenges And Opportunities have Safety concerns due to high speeds can hurt demand. Entry of new competitors may lead to pricing wars.
Geographical Regions
North America currently dominates the electric skateboard market in terms of value. The U.S. alone accounts for over 40% share due to high adoption among young adults and teenagers. Europe is another major regional market led by countries like the U.K., Germany, and France. Growing popularity as an urban transportation alternative is driving sales across cities.
Fastest Growing Region
Asia Pacific region is forecast to be the fastest growing regional market during the forecast period. Countries like China, Japan and Southeast Asian nations are witnessing a rapid surge in electric skateboard sales owing to increasing health consciousness and preference for eco-friendly mobility solutions. Rising middle-class disposable incomes also support the market growth trajectory in developing APAC nations.
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc. (https://www.linkedin.com/in/money-singh-590844163)
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