PUBLISHER: Global Market Insights Inc. | PRODUCT CODE: 1535904
PUBLISHER: Global Market Insights Inc. | PRODUCT CODE: 1535904
Hybrid Electric Vehicle (EV) Conversion Kit Market Size - By Vehicle (Passenger Cars, Commercial Vehicle), By Conversion Kit (Plug-in Hybrid Electric Vehicle (PHEV), Parallel Hybrid, Series Hybrid), By Component, By Sales Channel & Forecast, 2024 - 2032
Hybrid Electric Vehicle (EV) Conversion Kit Market size is projected to record over 15% CAGR from 2024 to 2032, driven by the rapid expansion of the EV infrastructure. More vehicle owners are seeking ways to transition to hybrid or electric options as charging stations and support systems are continually established.
Hybrid EV conversion kits offer a practical solution for upgrading the existing vehicles to electric or hybrid power. With advancements in technology, these kits are becoming more efficient and affordable for meeting the rising demand for sustainable transportation solutions. For instance, in November 2023, BYD partnered with KG Mobility to enhance electric and hybrid vehicle production. This collaboration supported the development and adoption of hybrid EV conversion kits for driving advancements in sustainable transportation solutions.
The overall market is segregated into vehicle, component, conversion kit, sales channel, and region.
In terms of vehicle, the commercial vehicles segment in the hybrid EV conversion kit market will experience significant growth by 2032. This is driven by increasing usage in commercial vehicles to reduce emissions and operational costs. Companies are developing hybrid EV conversion kits to support the electrification of commercial fleets for transforming the transportation sector. The evolution in technology is also making hybrid EV conversion kits more accessible and economically viable for driving a broader adoption of hybrid systems in commercial transportation.
By conversion kit, the hybrid electric vehicle conversion kit industry value from the parallel hybrid EV conversion kit segment is projected to rise from 2024 to 2032, driven by rising usage for transforming traditional vehicles into hybrid models. Hybrid EV conversion kits are integrating seamlessly with existing vehicle systems for combining internal combustion engines with electric powertrains. In addition, developers are optimizing these conversion kits for better integration and efficiency for improving battery management and electric motor performance.
Regionally, the Asia Pacific hybrid electric vehicle conversion kit market size is projected to exhibit robust growth between 2024 and 2032, fueled by the growing awareness of climate and the rising fuel prices. With increasing environmental concerns, more individuals and businesses are seeking ways to reduce their carbon footprints. Consequently, hybrid EV conversion kits are incorporating cutting-edge technologies for offering greater performance benefits to make hybrid EV conversion kits a common choice for environmentally conscious drivers across the region.
Table of Contents
Chapter 1 Methodology & Scope
- 1.1 Market scope & definitions
- 1.2 Base estimates & calculations
- 1.3 Forecast calculations
- 1.4 Data sources
- 1.4.1 Primary
- 1.4.2 Secondary
- 1.4.2.1 Paid sources
- 1.4.2.2 Public sources
Chapter 2 Executive Summary
- 2.1 Industry 360° synopsis, 2018-2032
Chapter 3 Industry Insights
- 3.1 Industry ecosystem analysis
- 3.2 Supplier landscape
- 3.2.1 Manufacturers
- 3.2.2 Installation and service providers
- 3.2.3 Suppliers & distributors
- 3.2.4 End users
- 3.3 Profit margin analysis
- 3.4 Technology & innovation landscape
- 3.5 Patent analysis
- 3.6 Key news & initiatives
- 3.7 Regulatory landscape
- 3.8 Impact forces
- 3.8.1 Growth drivers
- 3.8.1.1 Increasingly stringent regulations on emissions
- 3.8.1.2 Fuel price fluctuations worldwide
- 3.8.1.3 Ongoing advancements in battery technology, electric motors, and power electronics
- 3.8.1.4 Rising adoption of hybrid conversion technology
- 3.8.2 Industry pitfalls & challenges
- 3.8.2.1 Complexity and compatibility challenges
- 3.8.2.2 Regulatory uncertainty regarding emissions standards, safety regulations, and certification requirements
- 3.8.1 Growth drivers
- 3.9 Growth potential analysis
- 3.10 Porter's analysis
- 3.10.1 Supplier power
- 3.10.2 Buyer power
- 3.10.3 Threat of new entrants
- 3.10.4 Threat of substitutes
- 3.10.5 Industry rivalry
- 3.11 PESTEL analysis
Chapter 4 Competitive Landscape, 2023
- 4.1 Introduction
- 4.2 Company market share analysis
- 4.3 Competitive positioning matrix
- 4.4 Strategic outlook matrix
Chapter 5 Market Estimates & Forecast, By Vehicle, 2018-2032 ($Mn, Units)
- 5.1 Key trends
- 5.2 Passenger cars
- 5.3 Commercial vehicles
Chapter 6 Market Estimates & Forecast, By Component, 2018-2032 ($Mn, Units)
- 6.1 Key trends
- 6.2 Electric motor
- 6.3 Battery pack
- 6.4 Power electronics
- 6.5 Control systems
- 6.6 Regenerative braking systems
- 6.7 Wiring harnesses
- 6.8 Cooling systems
- 6.9 Mounting hardware
Chapter 7 Market Estimates & Forecast, By Conversion Kit, 2018-2032 ($Mn, Units)
- 7.1 Key trends
- 7.2 Plug-in hybrid electric vehicle (PHEV)
- 7.3 Parallel hybrid EV conversion kits
- 7.4 Series hybrid EV conversion kits
- 7.5 Others
Chapter 8 Market Estimates & Forecast, By Sales Channel, 2018-2032 ($Mn, Units)
- 8.1 Key trends
- 8.2 Direct sales
- 8.3 Automotive parts retailers
- 8.4 Online retail platforms
- 8.5 Specialty conversion shops
Chapter 9 Market Estimates & Forecast, By Region, 2018-2032 ($Mn, Units)
- 9.1 Key trends
- 9.2 North America
- 9.2.1 U.S.
- 9.2.2 Canada
- 9.3 Europe
- 9.3.1 UK
- 9.3.2 Germany
- 9.3.3 France
- 9.3.4 Italy
- 9.3.5 Spain
- 9.3.6 Nordics
- 9.3.7 Rest of Europe
- 9.4 Asia Pacific
- 9.4.1 China
- 9.4.2 India
- 9.4.3 Japan
- 9.4.4 Australia
- 9.4.5 South Korea
- 9.4.6 Southeast Asia
- 9.4.7 Rest of Asia Pacific
- 9.5 Latin America
- 9.5.1 Brazil
- 9.5.2 Mexico
- 9.5.3 Argentina
- 9.5.4 Rest of Latin America
- 9.6 MEA
- 9.6.1 South Africa
- 9.6.2 Saudi Arabia
- 9.6.3 UAE
- 9.6.4 Rest of MEA
Chapter 10 Company Profiles
- 10.1 EV West LLC
- 10.2 EVDrive Inc.
- 10.3 Hybrid Design Services Inc.
- 10.4 IX Energy Private Limited
- 10.5 Metric Mind Corporation
- 10.6 Moditech
- 10.7 Odyne Systems LLC
- 10.8 Out of Spec Motors
- 10.9 Prometheus Electric Vehicle Company
- 10.10 Protean Electric Limited
- 10.11 Quantum Technologies Inc.
- 10.12 REVOLT Electric Vehicle Conversion
- 10.13 SAE Magmotor
- 10.14 Solectria Renewables LLC
- 10.15 Soliton
- 10.16 Stealth EV
- 10.17 Sunlight Motors Inc.
- 10.18 Thunderstruck Motors
- 10.19 Tilden Motorsports
- 10.20 Zelectric Motors
