More than 500,000 "hoverboards" were announced to be recalled by the U.S. watchdogs. These hoverboards are not to be confused with the flying hoverboards used by Marty Mcfly in "Back to the Future" films. These motorized scooters use self-balancing technique and run on lithium ion batteries that can overheat and cause fire incidents, the Consumer Product Safety Commission said.

So far, more than 90 cases have already been reported to the agency about the battery problems and burn injuries, not to mention the damage to property due to these fire explosions. "Consumers should immediately stop using these recalled products and contact the recalling company to return their hoverboard for a full refund, a free repair or a free replacement depending on the model," the agency said.

While the recall impacts many producers, but more than half of these faulty units came from Swagway, an Indiana-based manufacturer. According to Swagway, the recalled units will only impact their previous X1 models. They also added that the consumers who own defective units can get their batteries upgraded with latest units that are designed to prevent overheating. As a goodwill gesture, they also give the users an option to take a $200 credit to purchase the company's latest models. "Consumer safety remains Swagway's number one priority," the company said in a news release.

When these hoverboards were launched last season, they became an instant hit in the market. However, reported incidents and injuries caused by battery issues has naturally affected their sales. In one such drastic incident, fire caused by a hoverboard burned a house in Nashville to ashes, putting the lives of two children in danger.

Several flights last years prohibited carrying hoverboards in flight because of the risks involved. Some retailers, such as Amazon, also stopped stocking some of these models.