One Wheel Electric Scooter Market

The global one-wheel electric scooter market is to be worth more than USD 256.12 million by 2032.

The ongoing proliferation of fluctuating attitudes towards leisure & frivolous activities coupled with growing disposable income in developing regions is predicted to enormously support the one-wheel electric scooter market growth. The analysis has represented vast opportunities in the North American region. Along with the rise in disposable income, consumer interest, especially the young generation, is inclining toward hoverboards which are already the hot commodity of the market. The micro-mobility investors projected that more than 1.4 trillion miles of annual U.S. passenger travel and more than 4 trillion miles globally could be rehabilitated to micro-mobility modes, an addressable market worth hundreds of billions of dollars.

Another triggering factor for the one-wheel electric scooter market growth is the fact that the population growth is on the rise leading to rampant urbanization. More than half of the world's population stays in urban areas, which could climb to two-thirds by 2050, and all of those individuals will require a sustainable infrastructure to move. Demand for urban passenger miles across all modes could double between 2015 and 2050. Hence micro-mobility offers a marvelous business potential for urban transport service providers, allowing them to address worrisome transportation challenges facing urban areas, such as congestion, emissions, air quality, and jagged access to transit. Another factor why one-wheel electric scooter is gaining traction is the reduction in lithium-ion battery prices, leading to manufacturers introducing a higher number of one-wheel electric scooters offering high speed and travel range. According to a report, lithium-ion batteries accounted for over 90% of BEV battery capacity deployed worldwide in 2020.

Moreover, the worldwide production capacity for lithium-ion batteries for electric vehicles increased from 98 GWh in 2017 to 516 GWh in 2020. According to Bloomberg, the price of lithium-ion batteries declined from $1,100/kWh in 2010 to $137/kWh in 2020, witnessing a deterioration of 89%, and currently, the price is as low as $100 per kWh. This is accredited to battery technology enhancements, lower battery manufacturing costs, cost-effective cathode material prices, and erudite production quantities.

The companies operating within the one-wheel electric scooter industry are undergoing mergers, collaboration, acquisition, long-term contracts, and service agreements to increase their global footprint. For instance, in August 2022, Huse Mobility and Segway Ninebot formed a strategic partnership to empower the former to sell Segway's products and deliver support in India.

The arrangement between Huse Mobility and Segway Ninebot brings together a strong partnership for fixated electric micro-mobility solutions for the Indian market, supplying a wide range of vehicles, from electric scooters to electric bikes, Gokarts & self-balancing hoverboards which will carry the original patented gyro technology invented by Segway. Customers of HUSE x SEGWAY will be able to purchase the commercial range of products in India via the HUSE website and other online channels such as Amazon and Flipkart. HUSE Mobility is also making efforts to localize the technology and present a range of products in the HUSE Brand.

According to the CXOs and primary research conducted, the rise in disposable income and the growing need for micro-mobility in developing or developed regions would aggressively impact the one-wheel electric scooter market growth. The safety issues related to one-wheeled electric scooters are likely to hinder the market growth. There were at least four deaths between 2019 and 2021 and multiple reports of grave injuries after the Future Motion's Onewheel self-balancing electric skateboards failed to balance the rider or suddenly stopped while in motion. The reported deaths resulted from head trauma and injuries, including traumatic brain injury, concussion, paralysis, upper-body fractures, lower-body fractures, and ligament damage.

The one-wheel electric scooter market is analyzed across North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa. In line with the analyzed region, the North American region will witness the highest market growth, followed by Europe, Asia-Pacific, Latin America, and Middle East & Africa. Quick adoption of new demands, rise in disposable income, and the presence of major industry players within the region are primary factors supporting market potential within the North American region. The major companies operating within the market are Airwheel Holding Limited, CHANGZHOU SMILO MOTORS CO., LTD, Dongguan Begode Intelligent Technology Co., Ltd., FUTURE MOTION INC., IPS Electric Unicycle, King Song Intell Co., LTD, Ninebot Asia Pte Ltd., Onewheel, Segway Inc. and SuperRide.

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