Dublin, May 10, 2023 (GLOBE NEWSWIRE) -- The "Global Hybrid Electric Vehicle Conversion Kit Market 2023-2030" report has been added to ResearchAndMarkets.com's offering.
The global hybrid electric vehicle conversion kit market size was valued at $0.61 billion in 2022, and is projected to reach $1.85 billion by 2030, registering a CAGR of 17.2% during the forecast period (2023-2030).
Segmental Outlook
The global hybrid electric vehicle conversion kit market is segmented by vehicle class and application. Based on vehicle class, the market is sub-segmented into mid-priced and luxury. Based on application, the market is sub-segmented into passenger cars and commercial vehicles. Among these, the commercial vehicles segment is expected to account for the majority of the market share. One of the key factors driving the segment's growth is the implementation of stricter regulations to reduce emissions from commercial vehicles.
The Mid-Priced Holds a Prominent Share in the Global Hybrid Electric Vehicle Conversion Kit Market
Based on vehicle class, the market is sub-segmented into mid-priced and luxury. Among these, the mid-priced segment is expected to hold a significant market share during the forecast period. Mid-priced vehicles are more common and affordable than high-end luxury vehicles, making them a popular choice for consumers who are looking to convert their existing vehicles into hybrid electric vehicles (HEVs). HEV conversion kits can be expensive, so mid-priced vehicles are a more practical option for many consumers. Additionally, mid-priced vehicles tend to have a larger customer base, which means that there is a greater potential market for HEV conversion kits for these vehicles. As a result, manufacturers of HEV conversion kits often focus on mid-priced vehicles to maximize their market share and profitability.
Regional Outlook
The global hybrid electric vehicle conversion kit market is segmented based on geography, including North America (the US and Canada), Europe (Italy, Spain, Germany, France, and others), Asia-Pacific (India, China, Japan, South Korea, and others), and the rest of the world (the Middle East and Africa and Latin America). The market can be analyzed for a particular region or country level as per the requirement. Among the regions, the North American region is expected to generate the highest market share. However, the Asia-Pacific market is expected to grow at the fastest rate owing to the increasing number of HEV and PHEV (plug-in electric vehicle) buyers. According to the International Energy Agency, by 2030, China, Japan, and India combined will account for 18.5 million EV sales, and of the total global sales, PHEVs share in EVs is expected to be 27%.
The key factor driving the hybrid electric vehicle conversion kit market's growth in the North American region is the growth of EV consumers. According to the International Energy Agency, EV sales in the US were 0.3 million in 2020, which is expected to reach 1.4 million by 2025 and 2.9 million by 2030. The key factor responsible for the growth of the EV market in this region is the increasing awareness and concern about climate change and the environmental impact of traditional gasoline-powered vehicles.
As a result, more consumers are looking for cleaner and more sustainable transportation options, and EVs provide an excellent alternative. Another factor driving the growth of the North American EV market is government incentives and regulations. Federal and state governments in the US and Canada offer tax credits, rebates, and other incentives to encourage the adoption of EVs.
Market Players Outlook
The major companies serving the global hybrid electric vehicle conversion kit market include Altigreen Propulsion Labs Pvt. Ltd., EVDrive, Hybrid Design Services Inc., IX Energy Pvt. Ltd., and others.
These companies are considerably contributing to the market's growth through the adoption of various strategies, including mergers and acquisitions, partnerships, collaborations, investments, and new product launches to stay competitive in the market.
For instance, in February 2022, Altigreen announced that it had raised INR 300 crore ($36.4 million) in a funding round for expansion projects, new product launches, and the development of a pan-India network. Sixth Sense Ventures led the Series A investment, which also included Reliance New Energy, Xponentia Capital, Accurant International, and Momentum Venture Capital, according to the company.
Key Topics Covered:
1. Report Summary
2. Market Overview and Insights
3. Competitive Landscape
4. Market Segmentation
5. Regional Analysis
6. Company Profiles
A selection of companies mentioned in this report includes
- A123 Systems LLC
- Altigreen Propulsion Labs Pvt. Ltd.
- EV West
- EVDrive
- Hybrid Design Services Inc.
- IX Energy Pvt. Ltd.
- KPIT Technologies Ltd.
- Odyne Systems LLC
- REAPsystems Ltd.
- Spruce Power
- Stealth EV
For more information about this report visit https://www.researchandmarkets.com/r/8z5vkg
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