Hybrid Electric Vehicle Conversion Kit Market | Technavio
LONDON---The global hybrid electric vehicle conversion kit market size is poised to grow by 27.70 thousand units during 2020-2024, progressing at a CAGR of almost 13% throughout the forecast period, according to the latest report by Technavio. The report offers an up-to-date analysis regarding the current market scenario, latest trends and drivers, and the overall market environment. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. Download a Free Sample of REPORT with COVID-19 Crisis and Recovery Analysis.
The rising development of simplified and lightweight conversion kits, one of the key hybrid electric vehicle conversion kit market driver, will positively impact the market growth. The change of conventional vehicles into hybrid vehicles demands alterations to the vehicle powertrain, in addition to the need for experts to install conversion kits. Conversion kits in the developed regions are priced between USD 9,500 and USD 12,000 and professional fitment raise the cost further. In addition, the weight of the vehicle rises due to the conversion kit fitment. As a result of these factors, conversion kit manufacturers are looking at simplifying the conversing kit by lowering the weight of the kit.
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- The major hybrid electric vehicle conversion kit market growth came from the commercial vehicles segment. The enforcement of regulations to reduce emissions from commercial vehicles (CVs) is driving the adoption of hybrid drivetrains. the high initial cost of a new hybrid commercial vehicle is benefiting the conversion kit market, as conversion kits are cost-effective to convert conventional CVs into hybrid commercial vehicles. Market growth in this segment will be faster than the growth of the market in the passenger car segment.
- North America was the largest hybrid electric vehicle conversion kit market in 2019, and the region will offer several growth opportunities to market vendors during the forecast period. The regulatory focus toward the adoption of conversion kits in both passenger cars and CVs will significantly drive hybrid electric vehicle conversion kit market growth in this region over the forecast period. Market growth in this region will be faster than the growth of the market in Europe.
- The global hybrid electric vehicle conversion kit market is fragmented. A123 Systems LLC, ALTe Technologies, Altigreen Propulsion Labs Pvt. Ltd., Enginer, EVDrive, Hybrid Design Services Inc., IX Energy Pvt. Ltd., KPIT Technologies Ltd., Odyne Systems LLC, and XL Hybrids Inc. are some of the major market participants. To help clients improve their market position, this hybrid electric vehicle conversion kit market forecast report provides a detailed analysis of the market leaders.
- As the business impact of COVID-19 spreads, the global hybrid electric vehicle conversion kit market 2020-2024 is expected to have Negative and Inferior. As the pandemic spreads in some regions and plateaus in other regions, we revaluate the impact on businesses and update our report forecasts.
Read the full report here: https://www.technavio.com/report/report/hybrid-electric-vehicle-conversion-kit-market-industry-analysis
Focus of Government Authorities Towards Attaining Economies of Scale for Conversion Kits will be a Key Market Trend
The focus of government authorities towards attaining economies of scale for conversion kits will be one of the major trends that will drive hybrid electric vehicle conversion kit market growth. There has been an increasing shift toward alternative fuel vehicles such as EVs due to rising pollution levels is seen in urban cities. The poor charging infrastructure in emerging countries such as India has led the authorities to push the adoption of hybrid technology and conversion kits.
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Hybrid Electric Vehicle Conversion Kit Market 2020-2024: Key Highlights
- CAGR of the market during the forecast period 2020-2024
- Detailed information on factors that will assist hybrid electric vehicle conversion kit market growth during the next five years
- Estimation of the hybrid electric vehicle conversion kit market size and its contribution to the parent market
- Predictions on upcoming trends and changes in consumer behavior
- The growth of the hybrid electric vehicle conversion kit market
- Analysis of the market’s competitive landscape and detailed information on vendors
- Comprehensive details of factors that will challenge the growth of hybrid electric vehicle conversion kit market vendors
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View market snapshot before purchasing
- Market ecosystem
- Value chain analysis
- Market definition
- Market segment analysis
- Market size 2019
- Market outlook: Forecast for 2019-2024
Five Forces Analysis
- Five forces summary
- Bargaining power of buyers
- Bargaining power of suppliers
- Threat of new entrants
- Threat of substitutes
- Threat of rivalry
- Market condition
Market Segmentation by Application
- Market segments
- Comparison by Application
- Commercial vehicles - Market size and forecast 2019-2024
- Passenger cars - Market size and forecast 2019-2024
- Market opportunity by Application
- Geographic segmentation
- Geographic comparison
- North America - Market size and forecast 2019-2024
- APAC - Market size and forecast 2019-2024
- Europe - Market size and forecast 2019-2024
- South America - Market size and forecast 2019-2024
- MEA - Market size and forecast 2019-2024
- Key leading countries
- Market opportunity by geography
- Market drivers
- Market challenges
- Market trends
- Vendor landscape
- Landscape disruption
- Vendors covered
- Market positioning of vendors
- A123 Systems LLC
- ALTe Technologies
- Altigreen Propulsion Labs Pvt. Ltd.
- Hybrid Design Services Inc.
- IX Energy Pvt. Ltd.
- KPIT Technologies Ltd.
- Odyne Systems LLC
- XL Hybrids Inc.
- Scope of the report
- Currency conversion rates for US$
- Research methodology
- List of abbreviations
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