The global electric skateboard market size is slated to reach US$ 1.93 Billion in 2022, and is further likely to reach US$ 3.52 Billion by the end of the 2022-2032 forecast period. Throughout the aforementioned assessment period, sales of electric skateboards will continue to flourish, reflecting a value CAGR worth 6.2%. From 2016 to 2021, the market registered a growth rate of 5.1%.
The majority of the skateboards market players have launched electric skateboards with a massive influx of new riders. Based on user tilt sensing technology, any desired motion can be achieved without a remote control. This makes the electric skateboard a smart transport with motion sensing capability.
Electric Skateboard Market – Key Trends
Connected features in electric skateboards, such as infrared connections, Wi-Fi, and Bluetooth, are gaining momentum in the global market. Progressions in technology are resulting in the development of innovative and AI featured electric skateboard. It offers greater control over speed together with accurate handling for riders with more efficiency in less time.
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As governments are increasingly focusing on smartening up their cities, they are seeking viable transport solutions that can decongest the traffic as well as create a cleaner environment for the entire community.
At present, there are only handfuls of nations that allow electric skateboard usage in public roads. The legalization of these electric skateboards will immensely diminish the number of vehicles on the road, clean the air, enhance the community’s mental health, and encourage a ‘forward-thinking’ environment.
The legislation will also give rise to dedicated electric vehicle retailers and certified repair agents. Rise in the electric skateboard market has also created space for the electric skateboard accessories market. Several manufacturers have started offering safety gears USB accessories and spare parts.
Rising awareness concerning different skateboarding competitions and contests held at the regional and country levels is motivating kids to engage in the sport. For instance, Skate Philippines Summer Championship, the 31st Annual Skate Malaysia and Skate Japan are a few of the competitions held in 2019
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Electric Skateboard Market – Growth Restraints
The conventional skateboards at available at affordable prices in the market as compared to electric skateboards. Moreover, there is an additional high cost associated with the use of advanced technology in electric skateboard motors. This is anticipated to impede the electrical skateboard market.
Lack of electric skateboard laws can negatively impact the growth of the electric skateboard market. The issues that legislative bodies are confronting are the product’s uncertainty and the absence of data concerning these vehicles usage.
COVID-19 Impact Analysis
The COVID-19 outbreak affected not only the skateboard industry but the professional skateboarders too. The outbreak has resulted in the cancelation of several events and championships such as the Tokyo Summer Olympics 2020 wherein skateboarding was included and has provided a boost to all skateboarders to outdo in the field.
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Rise of online fantasy sport(OFC) platforms has shown a rapid increase in the user base over the period. As per the FIFS-KPMG report, OFS operators’ gross revenues increased around 3X over the last 12 months.
Further, in a post COVID world, with social distancing standards in place, fantasy sports such as Skateboarding will play an increasingly important role in connecting fans to their favorite sports as well as increasing fan engagement.
Electric Skateboard Market – Region-Wise Analysis
North America spearheads the global electric skateboard market trailed by Europe over the assessment period. According to the Public Skatepark Development Guide, around 3.1 million youth in the US is described as being a core skater. Furthermore, the region is the biggest producer of skateboards across geographies.
The Asian market is anticipated to foresee rapid growth in the electric skateboard market owing to increasing awareness of the outdoor activities, also, to the rise in technology.
Electric Skateboard Market – Competitive Analysis
The global electric skateboard market is segmented with the presence of several global and local players. The majority of market players are introducing innovation in their products and acquisitions as their key strategy is to boost their market share. For instance,
- Rave skateboards have introduced their summer collection 2019 comprising funky graphic designed skateboards.
- LAUNCH SNOWBOARDS have launched their new skateboard line which consists of wheel kits, street decks, drop through longboards, truck, and pintail longboards.
- Loaded Boards entered into a partnership with Unlimited Engineering to launch their newest line of electric skateboards along with DIY electric kits.
- Lime, a scooter sharing company is taking over Boosted Inc. Around five of Boosted’s core patents were allotted to Lime in addition to intellectual property.
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