Electric Skate Board Market Size (2023 – 2030)

The Electric Skate Board Market was valued at $3.51 Billion in 2022, and is projected to reach a market size of $4.52 Billion by 2030 growing at a CAGR of 3.2% over the forecast period of 2023 - 2030. The market is driven because of the growing popularity of skating as a sport, demand for electric skateboards has increased in the United States and around the world. Electric skateboards are preferred among skaters in the United States, Australia, and Europe because they are faster than traditional skateboards and provide superior control.

INDUSTRY OVERVIEW:

Skating is now regarded as a sport in many nations, rather than merely an enjoyable outdoor activity. Parents encourage their children to participate in sports since it helps in maintaining health and also does not require coaching. The skateboarding business has seen many innovative skateboards released throughout the years, with electric skateboards becoming increasingly popular. With a tremendous influx of new riders and skateboard enthusiasts, the majority of skateboard manufacturers have developed electric skateboards. The new electric skateboard has features such as any required motion can be done without the necessity of remote control, it has user tilt sensing technology that senses any tilt and drift in that direction. As a result, the electric skateboard can be used as a smart mode of transportation.

A skateboard with an electric motor is referred to as an electric skateboard. Brakes, hand-held controllers, and pads fitted on the electric skateboard can all be used to control it. One of the fastest-growing trends in the globe is personal mobility. Personal mobility can be improved by using electric skateboards. They're a lot of fun to ride and quite useful. These skateboards are compact, light, and portable. Compared to regular skateboards, electric skateboards are less expensive as well as faster. Due to the rising trend of personal mobility, rising disposable income of consumers, and electric skateboards being an environmentally friendly method of transportation, revenue from the global electric skateboard market is predicted to grow at a significantly high rate throughout the forecast period.  Another factor driving up the use of electric skateboards is the growing popularity of outside activities, such as sports and leisure activities. Electric skateboards are also faster than traditional skateboards, take less effort, and provide better control, increasing their popularity among skaters. The growing demand for electric skateboards among end-users, including children and adults, is driven by changing market trends. Reduced small size, ease of use, and faster than traditional skateboards are just a few of the factors expected to drive global electric skateboard market sales and increase at a substantial CAGR over the forecast period. 

COVID-19 IMPACT ON THE ELECTRIC SKATEBOARD MARKET:

The worldwide instability brought on by the COVID-19 outbreak wreaked havoc on most businesses, particularly the industrial sector. The pandemic-related lockdown forced the major manufacturing sectors to shut down their operation. The government of several countries imposed a lockdown that resulted in slowing the production and the import and export of raw materials and finished products. The restriction created a supply chain crisis during the pandemic as there was a shortage of labor, and raw materials, and the localized shutdown of a few production plants decelerated the overall market growth. The COVID-19 pandemic harmed the electric skateboard market. The outbreak has caused the cancellation of various events and championships, including the Tokyo Summer Olympics 2020, which included skateboarding. Over time, the user base of online fantasy sports (OFC) platforms has grown at a rapid pace. According to the FIFS-KPMG research, gross revenues for OFS operators surged by 3X in the last year. Furthermore, in a post-COVID environment with social distancing regulations in place, fantasy sports like skateboarding will play an increasingly essential role in bringing people closer to their favorite sports and improving fan involvement.

MARKET DRIVERS: 

Usage of advanced technologies in the development of e skateboards is going to provide a tremendous number of benefits which will boost the market growth:

Many companies are investing in research and development to create lighter, less expensive, and more advanced motorized skateboards. The electric skateboard market is projected to benefit from global leaders' technological advancements. Fewer variables, such as reduced size, the convenience of use, and faster than a traditional skateboard, are expected to enhance global electric skateboard market sales and rise at a considerable CAGR over the forecast period. Electric skateboards with connected features, such as infrared connections, Wi-Fi, and Bluetooth, are gaining popularity across the world. Technology advancements have resulted in the development of an innovative and AI-enabled electric skateboard. It gives riders more speed control and precise handling, allowing them to ride more efficiently in less time.

The inherent befit of using an electric skateboard is that it is Environment friendly. As a result, daily commuters are adopting electric skateboards which are propelling the market growth:

As governments place a greater emphasis on developing smarter cities, they are looking for feasible transportation solutions that may reduce traffic congestion while also providing a cleaner environment for the entire community. The benefit of using an electric skateboard is that it works on rechargeable batteries and aids in reducing carbon footprints. Because of these reasons, many people and daily commuters are readily adopting the electric skateboard as a means of transportation which is helping them in saving money as well.

MARKET RESTRAINTS:

Technology advancements may result in a price increase for the product, which may operate as a market restraint:

In comparison to electric skateboards, traditional skateboards are more affordable on the market. Furthermore, the utilization of modern technology in electric skateboard motors comes at an additional expensive expense. The electric skateboard market is expected to be hampered as a result of this.

Many states in the United States and other nations have not approved electric skateboards, and there are no adequate guidelines in place, which could stifle industry growth:

Only a few countries currently permit the use of electric skateboards on public roadways. The lack of electric skateboard rules may harm the market's growth. Legislative bodies are dealing with the product's unpredictability as well as a lack of data on how these vehicles are used is acting as a negative influence on the market growth.

ELECTRIC SKATE BOARD MARKET REPORT COVERAGE:

This research report on the Backup and Disaster Recovery Market has been segmented and sub-segmented based on Type, By Speed, By End - User, and By Region.

ELECTRIC SKATEBOARD MARKET– BY TYPE

• Street Board

• Cruiser Board

• Long Board

• Others

Based on type, the electric skateboard market is segmented into Street Board, Cruiser boards, and Longboards among others. Among these, the street board segment contributed the maximum in the market share in the past few years and is projected to continue with this trend over the forecast period. The street board accounted for over USD 290 million in revenue in 2021 and is projected to reach about USD 330 million by 2030. The Longboard electric skateboard segment is also set to contribute significantly to the market growth. The market is projected to expand at a CAGR of 3.8% over the forecast period. The longboard segment registered a revenue of USD 112 million and is estimated to reach USD 142 million in the next few years.

ELECTRIC SKATEBOARD MARKET– BY SPEED

• Less than 10 mph

• 10–20 mph

• More than 20 mph

Based on speed, the electric skateboard market is segmented into three categories, less than 10mph, 10-20 mph, and more than 20mph speed. The top speed of an electric skateboard can range from 9 mph (15 km/hr) to 68 mph (110 km/hr). The 10-20 mph segment dominates the electric skateboard market as it is widely used in skateboards designed for kids. Electric skateboards made for children are often the slowest. Electric skateboards for kids typically have a top speed of 9-13 MPH (15-21 km/hr). This is a better option for small children. Slower speeds necessitate smaller motors, allowing for smaller and lighter boards for children. These slower boards, which are geared towards younger riders, are also the most affordable electric skateboards. The usual top speed range for conventional and higher-end electric skateboards geared at adults and more serious riders is 15-30 MPH (24 to 48 km/hr).

ELECTRIC SKATEBOARD MARKET– BY END-USER

• Children

• Youth

• Adults

Based on End – User, the electric skateboard market is Divided into Children, Youth, and Adult categories. Among these, the Youth segment contributed the maximum to the market development of the electric skateboard market.  The Youth category accounted for over 50% of the overall revenues in 2020 and is projected to continue with this trend over the forecast period. According to statistics, many parents in the United States motivated their children to ride skateboards because of the numerous advantages skateboarding provides, such as weight loss, no coaching fees, and lower transportation costs which in turn is propelling the market expansion of electric skateboards.

ELECTRIC SKATEBOARD MARKET– BY REGION

• North America

• Europe

• The Asia Pacific

• Latin America

• The Middle East 

• Africa

Based on region, the Electric Skateboard market is grouped into North America, Europe, Asia Pacific, Latin America, The Middle East, and Africa. The North American market accounts for the largest revenue share in the global electric skateboard market, and this trend is expected to continue over the forecast period. The market growth in the region is attributed to the presence of various local and global market players in the region, as well as the rising adoption of electric skateboards among individuals in the region due to their cost-effectiveness.  Other significant drivers driving growth in the electric skateboard market in North America are rising consumer disposable income and technological improvements. During the forecast period, the European market is expected to closely follow that of North America. Due to advancements in technology and increased disposable income, Asia Pacific is expected to see rapid expansion in the electric skateboard market. In emerging economies, the low cost of electric skateboards is expected to encourage more people to buy them.

ELECTRIC SKATEBOARD MARKET– BY COMPANIES

Prominent players operating in the Electric Skateboard market include

• Boosted Boards

• Elwing Boards

• Inboard Technology

• LEIF Technologies

• Marbel

• Mellow Boards

• Metroboard

• Onewheel

• Stary Board

• Swagtron

• Yuneec

• ZBoard

• Evolve Skateboards 

NOTABLE HAPPENING IN THE ELECTRIC SKATEBOARD MARKET

• PRODUCT LAUNCH- In 2019, Launch Snowboards has announced the release of its new skateboard collection, which includes wheel kits, street decks, drop-through longboards, trucks, and pintail longboards.

• COLLABORATION- To debut their newest line of electric skateboards as well as DIY electric kits, Loaded Boards collaborated with Unlimited Engineering in July 2019.

• ACQUISITION- In April 2020, Lime, a scooter-sharing service, is acquired by Boosted Inc. Lime was given five of Boustred’s primary patents in addition to intellectual property.