The global hoverboard market to grow at a CAGR of 4.26% during the period 2017-2021.
Global Hoverboard Market 2017-2021, has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers the market landscape and its growth prospects over the coming years. The report also includes a discussion of the key vendors operating in this market.
According to the report, one driver in the market is growing R&D on supercapacitors to replace lithium-ion batteries. The charge and discharge process in lithium-ion batteries is a slow process, and due to numerous charge and discharge cycles, even the chemical compounds inside the battery get degraded over time. This shortcoming of lithium-ion batteries has prompted researchers to look into alternative means of charging a battery. One such method is the use of supercapacitor, which uses a different storage mechanism. In the supercapacitor, energy is stored electrostatically on the surface of the material and does not involve chemical reactions.
One trend in the market is integrating advanced features in hoverboard. Hoverboard manufacturers are offering advanced features in their hoverboards to make them more enticing to consumers. Currently, manufacturers are providing built-in GPS system for global tracking, a remote resembling to a car-key to turn it on and off, Bluetooth speakers, and an application to connect the hoverboard with smartphones.
Further, the report states that one challenge in the market is limitations and shortcomings of lithium-ion batteries. In December 2015, 12 instances were reported in the US, where lithium-ion batteries had resulted in the hoverboard catching fire. By July 2016, the number rose from 12 to 60, totaling a total property damage of more than $2 million. As a result, a lot of hoverboards have been recalled by the vendors due to faulty lithium-ion batteries, which were responsible for overheating of the hoverboard. The lithium-ion batteries are attractive to hoverboard manufacturers as they have a very high energy density, and thus, can store large amounts of energy in a small space.
Integrating advanced features in hoverboard
Growing popularity of full-size hoverboards
Growing focus on preventing hoverboard from explosion