The report has further categorized the global hoverboard market into different segments based on wheel size (compact-size hoverboard, mid-size hoverboard, and full-size hoverboard) and geography (the Americas, APAC, and EMEA).
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Technavio analysts highlight the following top three market drivers that are contributing to the growth of the global hoverboard market:
- Dominance of Chinese manufacturers in hoverboard market
- Growing R&D on supercapacitors to replace lithium-ion batteries
- Sales of hoverboard through online channels
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Dominance of Chinese manufacturers in hoverboard market
The Chinese manufacturers manufacture hoverboards with advanced features at a lower price, and therefore, they are dominant in the hoverboard market. They export their hoverboards across the globe, including countries such as the US, Canada, the UK, Dubai, Brazil, and Australia. China is a pioneer in the manufacturing of cheap hoverboards and battery-powered toys. Cheap manufacturing technology is available in Shenzhen, and most of the cheap hoverboards are manufactured there.
However, the growth of the hoverboard market has been restricted as the Chinese hoverboard manufacturers are witnessing some serious challenges. In mid-December 2016, Amazon introduced stringent requirements regarding products sold on its website that resulted in the delisting of many Chinese manufacturers. It also led to several small players to exit the market.
Growing R&D on supercapacitors to replace lithium-ion batteries
The charge and discharge process in lithium-ion batteries is a slow process. Owing to numerous charge and discharge cycles, even the chemical compounds inside the battery get degraded with time. Researchers are trying to find alternative means of charging a battery because of this shortcoming of lithium-ion batteries. One such method is the use of supercapacitor. A supercapacitor uses a different storage mechanism and excels when it comes to power density. In the supercapacitor, energy is stored electrostatically on the surface of the material and does not involve chemical reactions.
According to Raj Gaurav Singh, a lead analyst at Technavio for automotive manufacturing research, “In the future, the supercapacitor will be developed to store more energy than a lithium-ion battery. It will also retain the ability to release its energy up to 10 times faster. The major challenge for a lithium-ion battery is that its price cannot decrease significantly as the price of lithium is high. Supercapacitors do not rely on metals and other toxic materials. Therefore, their disposal is environment-friendly.”
Sales of hoverboard through online channels
Several small Chinese manufacturers occupy the hoverboard market, and they cannot spend more on advertising, overhead expenses, distribution channel, and marketing. This has encouraged them to opt for online sales channel as the distribution channel for reaching out to the customers. More than 80% of the sales of the hoverboard in 2016 occurred through several online sales channels. Additionally, the traditional way of sales and advertising is fading as consumers now have access to social media, mobile technology, and already available online information about the products offered.
“Online sales channel has explicitly boosted the hoverboard market. Digitization is the main reason behind the exponential growth of the online sales channel. Apart from digitization, increase in the use of social media, growing mobile technology, and increase in Internet penetration are the factors contributing to the growth of the online sales channel,” says Raj.
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