Basically what Dash_ said, but keep in mind that when someone boosts they leave behind a barrier. Hit that and you take damage. If your ship is destroyed, you're set back 5 zones. Moreover, each successive speed pad you hit will add more zones to your charge meter than the previous one. This makes it a choice between waiting to boost, to get the most out of each speed pad, vs. boosting slightly earlier to both decrease the time you need between speed pads (because you go faster) and to release yourself from the pack, which can be very dangerous when your opponents start dropping barriers when you're close to them.
Lastly, you can absorb your charge meter to gain a shield and regain ship energy. This can be useful when the track is littered with barriers, which you cannot dodge.