Market Description:
In 2022, the Global Electric Skate Board Market was valued at $3.51 Billion, and is projected to reach a market size of $4.52 Billion by 2030. Over the forecast period of 2023-2030, market is projected to grow at a CAGR of 3.2%.
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A pivotal long-term market driver for electric skateboards is the growing concern for sustainable transportation solutions. With increasing awareness about environmental issues and the need to reduce carbon emissions, consumers are seeking eco-friendly alternatives to conventional modes of transportation. Electric skateboards offer an attractive solution as they produce zero tailpipe emissions and require minimal energy consumption.
COVID-19 presented both challenges and opportunities for the electric skateboard market. During the pandemic, strict lockdowns and restrictions on public transportation compelled people to seek individualized and socially distanced modes of commuting. Consequently, the demand for electric skateboards witnessed a significant surge as they offered a safe and convenient means of transportation, allowing people to travel without the need for crowded public spaces.
However, the pandemic also posed manufacturing and supply chain disruptions, impacting the production and distribution of electric skateboards. The shortage of raw materials and transportation hurdles resulted in temporary price hikes and limited product availability. Nonetheless, the market demonstrated its resilience, adapting to the challenges and steadily recovering as the global situation improved.
Short-term market drivers can significantly influence the electric skateboard industry, and one such driver is technological advancements. Manufacturers are continually innovating, integrating cutting-edge technologies into electric skateboards to enhance performance, safety, and user experience. Advanced features such as regenerative braking, improved battery efficiency, and app connectivity have heightened the appeal of electric skateboards, enticing consumers to invest in these modern commuting devices.
Amidst challenges lies the opportunity for market expansion through increased consumer awareness. As more people recognize the benefits of electric skateboards, the potential customer base widens. Moreover, government initiatives promoting sustainable transportation and offering incentives for adopting eco-friendly modes of commuting provide a favorable environment for market growth. This presents an opportune moment for manufacturers to capitalize on the rising demand and establish themselves as leading players in the industry.
An emerging trend observed in the electric skateboard market is the convergence of fashion and functionality. Electric skateboards are no longer solely utilitarian devices but have also become style statements for many riders. Manufacturers are now focusing on designs that appeal to fashion-conscious consumers, offering a variety of color options and stylish accessories. This trend is particularly noticeable among the younger demographic, who view electric skateboards not just as a means of transportation but also as a reflection of their personal style and identity.
Segmentation Analysis:
The Global Electric Skate Board Market segmentation includes:
By Type: Street Boards, Cruiser Boards, Longboards, Others
The electric skateboard market is categorized into three main types: Street Boards, Cruiser Boards, and Longboards, among others. Among these, the Street Board segment has emerged as the largest contributor to the market share in recent years. The Street Board's versatility and maneuverability make it a popular choice for urban commuters and riders seeking agility and convenience. Cruiser Boards, on the other hand, are valued for their comfortable design and smooth ride experience. They cater to riders looking for a leisurely and enjoyable journey, making them a sought-after segment in the electric skateboard market. Longboards, another significant segment, offer enhanced stability and control, attracting thrill-seeking riders and enthusiasts who crave an exhilarating experience. With their longer decks and larger wheels, Longboards have carved a niche in the market, appealing to those who prioritize speed and adrenaline.
By Speed: Less than 10 mph, 10-20 mph, and More than 20 mph
Speed is a crucial factor for electric skateboard enthusiasts, and the market is divided into three speed categories: less than 10 mph, 10-20 mph, and more than 20 mph. The top speed of an electric skateboard can vary greatly, ranging from a modest 9 mph (15 km/hr) to a staggering 68 mph (110 km/hr). The 10-20 mph speed segment has dominated the electric skateboard market due to its perfect balance between performance and safety. This speed range caters to a wide range of riders, from beginners seeking a comfortable pace to experienced riders craving an exhilarating ride.
By End-User: Children, Youth, and Adults
The electric skateboard market, based on End-User, is segmented into Children, Youth, and Adult categories. Among these, the Youth segment has emerged as the largest contributor to market development. In 2020, the Youth category accounted for over 50% of the overall revenues, and this trend is expected to continue in the forecast period. The popularity of electric skateboards among young riders reflects their preference for innovative and eco-friendly transportation options. As the market advances, manufacturers are likely to focus on catering to the specific needs and preferences of the Youth segment, driving further growth and innovation in the industry.
Regional Analysis:
The electric skateboard market is not only diverse in types and speed segments but also geographically widespread. It is categorized into North America, Europe, Asia Pacific, Latin America, the Middle East, and Africa based on regions.
Among these, the North American market stands out, securing the largest revenue share in the global electric skateboard market. This trend is predicted to persist over the forecast period, as the region continues to witness significant growth and adoption of electric skateboards.
Europe follows closely, experiencing steady growth in electric skateboard popularity. With a focus on sustainability and eco-friendly transportation, European consumers are increasingly embracing electric skateboards as a greener commuting option.
In the Asia Pacific, the electric skateboard market is gaining momentum rapidly. Countries like China, Japan, and South Korea are driving this growth, with their tech-savvy populations showing keen interest in innovative mobility solutions.
Latin America, the Middle East, and Africa are also witnessing a burgeoning electric skateboard market. As urbanization and awareness about environmental impact increase in these regions, the demand for electric skateboards is anticipated to grow further.
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Latest Industry Developments:
- In 2019, Launch Snowboards unveiled its latest skateboard collection, encompassing an array of products such as wheel kits, street decks, drop-through longboards, trucks, and pintail longboards.
- Loaded Boards partnered with Unlimited Engineering in July 2019 to introduce their newest line of electric skateboards and DIY electric kits.
- In April 2020, Boosted Inc. acquired Lime, a prominent scooter-sharing service, along with five of Boosted's primary patents and intellectual property.
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