Growing urbanization and local transportation needs, rise in use of electric mobility as environmentally friendly and effective solution, and high flexibility as compared to personal electric vehicles boost the growth of the global self-balancing mobility market.
Allied Market Research recently published a report, titled, “Self-Balancing Mobility Market by Product Type (Single Wheeled and Double Wheeled), Level of Automation (Semi-Autonomous and Fully Autonomous), End Use (Personal Use and Commercial Use) and Vehicle Type (Unicycle, Segway, Hoverboard and Scooter & Bikes): Global Opportunity Analysis and Industry Forecast, 2021–2030.” According to the report, the global self-balancing mobility industry was pegged at $1.53 billion in 2020, and is expected to reach $10.09 billion by 2030, growing at a CAGR of 21.2% from 2021 to 2030.
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Drivers, restraints, and opportunities-
Rapid urbanization and local commute requirements, inclination toward the use of electric mobility as an eco-friendly & efficient solution, and high portability as compared to other personal electric vehiclesdrive the growth of the global self-balancing mobility market. On the other hand, inaccuracy and calibration issues in autonomous vehicles and rise in bike vandalism & theft impede the market growth to some extent. However, growing R&D investments for enhanced battery technologies and continuous product development are anticipated to pave the way for multiple opportunities in the industry.
COVID-19 scenario-
- Due to the imposed lockdown and various restrictions to curb the spread of the virus, the manufacturing and industrial operations were either slowed down or completely stopped, thus declining the demand dynamics of mobility vehicles.
- However, with relaxation in restrictions, the world is steadily getting back to normalcy. Due to the growing inclination of people toward electric mobility and portability of self-balancing vehicles, the demand for self-balancing mobility is expected to grow in the coming years.
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The double wheeled segment to dominate by 2030-
By product type, the double wheeled segment accounted for nearly three-fourths of the global self-balancing mobility market share in 2020, and is anticipated to retain its dominance throughout the forecast period. This is owing to the increase in dependency on mobility equipment and trend of using advanced technologies and modern mobility vehicles among people. The single wheeled segment, however, would showcase the fastest CAGR of 21.8% by 2030. Growth in inclination of middle age generation toward trendy & technologically advanced medium to commute and carry out recreational activities drives the growth of the segment.
The fully autonomous segment held the lion’s share in 2020-
By level of automation, the fully autonomous segment held the lion’s share in 2020, contributing to more than two-thirds of the global self-balancing mobility market, and is expected to continue its lead during the forecast period.The demand is due to the growing adoption of automation in the transportation sector. Moreover, this segment is expected to witness the highest CAGR of 21.6% by 2030. The report also includes analysis of semi autonomous segment.
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North America to manifest the highest CAGR through 2030
By region, the global self-balancing mobility market across North America is expected to grow at a CAGR of 21.7% during the forecast period, owing to production and sales of vehicles and increased infrastructure development across North America. The region across LAMEA is anticipated to grow at the fastest CAGR of 23.0% by 2030. However, the global self-balancing mobility market across Asia-Pacific held the largest share in 2020, accounting for more than two-fifths of the market. This is due to the emerging trend of vehicle electrification in the region, market players are investing in development of electrical driven technology to cater the changing demand for electric mobility.
Major market players
- Fosjoas
- Airwheel Holding Limited
- Freego High-Tech Corporation Ltd.
- Eswingsports
- Hangzhou Chic Intelligent Technology Co., Ltd.
- UBoard
- Razor USA LLC
- Halo Board
- Inventist, Inc.
- Oxboard B.V.
- Zhejiang Aerlang Technology Co., Ltd
- HoverRobotix
- IO Hawk Invest
- Segway Inc.
- Inmotion Technologies Co., Ltd.
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