Electric Skateboard Market Size (2024 – 2030)

The Electric Skateboard Market attained a value of $3.62 Billion in 2023, with projections indicating a market size reaching $4.52 Billion by 2030, reflecting a Compound Annual Growth Rate (CAGR) of 3.2% during the forecast period from 2024 to 2030. This growth is spurred by the increasing recognition of skating as a sport, driving up the demand for electric skateboards in the United States and globally. Particularly favored by skaters in the United States, Australia, and Europe, electric skateboards offer enhanced speed and superior control compared to traditional models.

INDUSTRY OVERVIEW:

Skating has evolved into a recognized sport in numerous countries, transitioning from a mere recreational activity. With parents encouraging their children to engage in sports for health benefits without the need for structured coaching, the skateboarding industry has witnessed a surge in innovative designs, notably with the rising popularity of electric skateboards. Responding to a substantial influx of new riders and enthusiasts, a majority of skateboard manufacturers have introduced electric variants. These new electric skateboards boast features such as intuitive motion control without the requirement of a remote, incorporating user tilt sensing technology to detect and adjust to any tilting or drifting. Consequently, these electric skateboards are being embraced as intelligent modes of transportation.

An electric skateboard, equipped with a motor, provides various control mechanisms such as brakes, handheld controllers, and pads. A significant trend globally is the burgeoning field of personal mobility, where electric skateboards contribute significantly. Offering both enjoyment and utility, these skateboards are characterized by their compactness, lightweight, and portability. Moreover, compared to their traditional counterparts, electric skateboards are not only more affordable but also faster. The rise in personal mobility trends, coupled with increased consumer disposable income and the environmentally friendly nature of electric skateboards, is anticipated to drive substantial revenue growth in the global market. Furthermore, the growing enthusiasm for outdoor activities, particularly sports and leisure pursuits, has contributed to the increased popularity of electric skateboards. With their superior speed, reduced physical exertion, and enhanced control, electric skateboards have become a preferred choice among skaters of all ages. The shifting market trends, emphasizing compactness, ease of use, and enhanced speed over traditional models, are expected to propel sales in the global electric skateboard market at a significant CAGR over the forecast period.

COVID-19 IMPACT ON THE ELECTRIC SKATEBOARD MARKET:

The global instability triggered by the COVID-19 pandemic significantly disrupted numerous industries, particularly the industrial sector. Pandemic-induced lockdowns forced major manufacturing sectors to halt operations, leading to supply chain disruptions affecting both raw materials and finished products. The resulting shortage of labor and localized shutdowns of production plants significantly decelerated overall market growth. The electric skateboard market was not immune to these challenges. The outbreak resulted in the cancellation of various events and championships, including skateboarding events at the Tokyo Summer Olympics 2020. Over time, online fantasy sports (OFS) platforms have witnessed a rapid increase in their user base, with gross revenues for OFS operators tripling in the last year. Furthermore, in a post-COVID era marked by social distancing regulations, fantasy sports such as skateboarding are poised to play a crucial role in engaging fans and bringing them closer to their favorite sports.

MARKET DRIVERS:

The adoption of advanced technologies in the development of electric skateboards is expected to yield significant market benefits:

Companies are heavily investing in research and development to create lighter, more affordable, and technologically advanced motorized skateboards. These technological advancements by global industry leaders are projected to bolster the electric skateboard market. Notably, features such as compact size, ease of use, and superior speed compared to traditional skateboards are anticipated to boost sales significantly, driving a substantial CAGR over the forecast period. Electric skateboards incorporating connected features like infrared connections, Wi-Fi, and Bluetooth are gaining popularity worldwide. Technological innovations have led to the development of innovative, AI-enabled electric skateboards, offering riders enhanced speed control and precise handling, resulting in more efficient rides.

The inherent environmental benefits of electric skateboards have led to increased adoption by daily commuters, further propelling market growth:

As governments focus on developing smarter cities, they seek feasible transportation solutions to reduce traffic congestion and promote cleaner environments. Electric skateboards, operating on rechargeable batteries, contribute to reducing carbon footprints. Consequently, an increasing number of people, including daily commuters, are embracing electric skateboards as a cost-effective means of transportation, fostering market growth.

MARKET RESTRAINTS:

Advancements in technology might lead to price increases, potentially acting as a market restraint:

Compared to traditional skateboards, electric variants are generally more expensive. The integration of modern technologies into electric skateboard motors adds to their overall cost. This factor could potentially hinder the growth of the electric skateboard market.

Regulatory limitations in several states within the United States and other countries, lacking adequate guidelines for electric skateboard usage, could stifle industry growth:

Presently, only a few countries permit the use of electric skateboards on public roads. The absence of standardized regulations for electric skateboards may impede market growth. Legislative bodies are grappling with the unpredictability of these products, along with a lack of comprehensive data on their usage, both of which are negatively influencing market expansion.

The ELECTRIC SKATEBOARD MARKET– BY TYPE

• Street Board
• Cruiser Board
• Long Board
• Others

The electric skateboard market is categorized by type into Street Boards, Cruiser Boards, and Longboards, among others. Historically, the Street Board segment has been the leading contributor to market share, a trend expected to persist throughout the forecast period. This segment generated revenues exceeding USD 290 million in 2021 and is forecasted to reach approximately USD 330 million by 2030. Additionally, the Longboard electric skateboard segment is poised to make a significant contribution to market growth, with an anticipated compound annual growth rate (CAGR) of 3.8% over the forecast period. The Longboard segment achieved a revenue of USD 112 million and is projected to attain USD 142 million in the coming years.

ELECTRIC SKATEBOARD MARKET– BY SPEED

• Less than 10 mph
• 10–20 mph
• More than 20 mph

The electric skateboard market is segmented based on speed into three categories: less than 10 mph, 10-20 mph, and more than 20 mph. The top speed of electric skateboards varies from 9 mph (15 km/hr) to 68 mph (110 km/hr). The 10-20 mph segment leads the electric skateboard market, particularly in skateboards designed for children. Electric skateboards designed for children generally operate at slower speeds, typically ranging from 9-13 MPH (15-21 km/hr), making them a safer option for younger riders. The slower speed requirements necessitate smaller motors, resulting in smaller and lighter boards suitable for children. These boards, tailored for younger riders, also offer the most affordable options. Conversely, traditional and higher-end electric skateboards intended for adults and more experienced riders generally have top speeds ranging from 15-30 MPH (24 to 48 km/hr).

ELECTRIC SKATEBOARD MARKET– BY END-USER

• Children
• Youth
• Adults

The electric skateboard market is segmented by end-users into Children, Youth, and Adults categories. The Youth segment has been the primary driver of market development within the electric skateboard industry. In 2020, the Youth category accounted for over 50% of total revenues and is expected to maintain this trend into the forecast period. Statistics indicate that numerous parents in the United States have encouraged their children to engage in skateboarding due to its various benefits, such as promoting weight loss, eliminating coaching fees, and reducing transportation costs. These factors are contributing to the expansion of the electric skateboard market.

ELECTRIC SKATEBOARD MARKET– BY REGION

• North America
• Europe
• Asia Pacific
• Latin America
• The Middle East
• Africa

The Electric Skateboard market is regionally divided into North America, Europe, Asia Pacific, Latin America, The Middle East, and Africa. North America currently holds the largest share of revenue within the global electric skateboard market, a trend expected to continue over the forecast period. The market growth in this region can be attributed to the presence of numerous local and global market players, as well as the increasing adoption of electric skateboards due to their cost-effectiveness. Factors such as rising consumer disposable income and technological advancements also drive growth in the electric skateboard market in North America. Following closely behind, the European market is expected to mirror the growth of North America, while the Asia Pacific region is anticipated to witness rapid expansion owing to technological advancements and increased disposable income. In emerging economies, the affordability of electric skateboards is expected to further stimulate market demand.

ELECTRIC SKATEBOARD MARKET– BY COMPANIES

Key players in the Electric Skateboard market include:

1. Boosted Boards
2. Elwing Boards
3. Inboard Technology
4. LEIF Technologies
5. Marbel
6. Mellow Boards
7. Metroboard
8. Onewheel
9. Stary Board
10. Swagtron
11. Yuneec
12. ZBoard
13. Evolve Skateboards

NOTABLE EVENTS IN THE ELECTRIC SKATEBOARD MARKET

• PRODUCT LAUNCH - In 2019, Launch Snowboards unveiled its latest skateboard collection, featuring wheel kits, street decks, drop-through longboards, trucks, and pintail longboards.
• COLLABORATION - In July 2019, Loaded Boards partnered with Unlimited Engineering to introduce their latest line of electric skateboards and DIY electric kits.
• ACQUISITION - In April 2020, Boosted Inc. acquired Lime, a scooter-sharing service, transferring five of Boosted's primary patents and intellectual property to Lime.