Self-balancing scooters or Hoverboard use gyroscope to determine balance of board, motors keep speed according to the inclination of the person riding it. These scooters are designed to look futuristic and an alternative to walking. Initially, self-balancing scooters did not perform in market because of many limitations such as low range, improper functioning of electronics, and high cost. Now after spending a lot in research & development and advertisement by manufacturing companies, these scooters are becoming a profitable product. Many nation have now removed ban over using these scooters in public areas. These scooters are majorly used in shopping complexes, manufacturing facilities, sidewalks, parks, and various government buildings. Self-balancing scooter market is still at primitive stage. Awareness regarding self-balancing scooter is still a primary concern for the manufacturers. A lot of promotion techniques are being used by companies such as promotion on social media, celebrity advertising, and free rides to increase the awareness about self-balancing scooter.
Self-balancing scooter market: Market Dynamics
Self-balancing scooter look futuristic and are fun to drive. Moreover these scooters are less expensive than any other mobility scooters available in market. Self-balancing scooters are being promoted at office and college campuses because they are environment friendly, noise free and operate on electricity. The trend of using modern and advanced electronic devices and increasing dependency on mobility equipment is driving its demand in advanced economies. These scooters are being used by police to petrol certain places like streets and airports. Manufacturers of self-balancing scooters are regularly improving its ergonomics, technology, range, and adding various modern features such as wireless charging, Wi-Fi, and Bluetooth which can connect it with user’s personal gadgets. Features like these are encouraging people to buy these advanced products.
There have been various reports of explosion and malfunctioning of Self-balancing scooters. As the result of these reports, in Feb 2016, United States government declared these scooters as unsafe for public use. Governments of various countries have different rules regarding use of these scooters. These barriers are restraining its use and limiting its market to private properties. Usually these scooters have 15- 30 km range, charging time and the unavailability of charging stations is major problem. Despite of using various promotion techniques, awareness is still a major problem restraining its market growth.
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Self-balancing scooter market: Segmentation
Self-balancing scooter market can be segmented on the basis of product types, end use industries and region.
- Based on product type
Single wheeled and double wheeled. Single wheeled scooter or self-balancing Unicycle are comparatively new in market. Due to this Unicycle is manufactured by less number of companies.
- Based on end use industries
Personal use and Commercial use. Residential and college campus market comes under Personal use, while Commercial use segment is further divided into office campus, manufacturing facilities and government infrastructure such as airport and railways (usually used by police during patrolling).
Self-balancing scooter market: Regional outlook
Countries with high per capita income are encouraging markets for self-balancing scooters. Western Europe and North America have highest demand for these scooters. Especially U.S. has shown big demand for these scooters. China players are providing cheap scooters throughout the world. This has made China a major manufacturer of both Unicycle and double wheeled scooters. Self-balancing scooter market has limited signs of rise in African nations. Safety regulations are still posing problem in many cities around the world.
Self-balancing scooter market: Keyplayers
The key players involved in the manufacturing of Self-balancing scooter include:
- Ninebot Inc.
- Inventist, Inc.
- IPS Electric Unicycle Co.,Limited
- Robstep GB
- Hangzhou Chic Intelligent Technology Co., Ltd.
- ESWING TECH.
- Shenzhen Counterbalance Technology Co., Ltd.
- Segway, Inc.
- IO Hawk
- Oxboard B.V.
- Freego Inc.
- Evoy Technologies
- Koogo Technology Inc.
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