For those who enjoy being on the move but prefer not to walk, self-balancing scooters are a great option. An excellent alternative to bikes and cars for short distance rides, they allow individuals to make their commute without leaving a carbon footprint.
Also known as a hoverboard, the self-balancing scooter is an electrically powered mobility scooter that is portable and has rechargeable batteries. Unlike the electric skateboard and or the self-balancing scooter that is equipped with handlebars, a typical self-balancing scooter has two wheels that are arranged side-by-side. By standing on the built-in gyroscopic-sensored pads, the rider can control the device with ease.
Facts sourced from www.statisticbrain.com; graphic created by Technavio.
The self-balancing scooter: a brief history
According to an article published by Wired, the Chinese marketing industry moves so rapidly that it is difficult to pinpoint who actually invented the self-balancing scooter, however, it is thought that Chinese company Chic Robotics was the first to create it. Today, thanks to celebrities showcasing self-balancing scooters in their videos and Instagram pictures, the devices have gained popularity. In fact, in 2015, self-balancing scooters were among the top sellers in Amazon’s sports and outdoor category. That same year, the self-balancing scooter market was valued at $3.87 billion.
The current market
According to analysts at Technavio, China has the largest number of manufacturers of self-balancing scooters, but when it comes to product consumption, the US leads the pack, followed by APAC and EMEA. This is due to a large number of vendors, coupled with a decent percentage of the population having a significant amount of disposable income.
Some of the prominent vendors in the self-balancing scooter market include Coolreall, Esway (Shenzhen Ocam Electronic Technology), eVoy Technologies, Freego, Hangzhou Chic Intelligent Technology and HoverBoardVault.
Several safety issues have been raised regarding the use of self-balancing scooters. Today, there are a number of government regulations on the sale of the product, with a few countries even banning the device on the grounds of safety. Many e-commerce sites have made it mandatory for sellers to present certifications of their self-balancing scooter products before selling them on their websites. This definitely a reason why a decreasing CAGR is predicted for this market in the coming years.
That being said, self-balancing scooters have a number of advantages, and their value shouldn’t be ignored or ruled out entirely. They are cost and time efficient, easy to operate, and serve as an eco-friendly means of transport. With that in mind, governments across the globe should rethink their regulations when it comes to the sale of self-balancing scooters, while vendors should also strive to produce higher-quality, safer products.
View the 2016-2020 Global Self-Balancing Scooter Market Report
