Global HEV Conversion Kit Market
Global Hybrid Electric Vehicle (HEV) Conversion Kit Market Size Booming to Touch USD 1.8 Billion by 2029
Published | 01 August 2023
Global hybrid electric vehicle (HEV) conversion kit market is flourishing because of a growing focus on managing rapidly increasing fossil fuel costs, governments’ incentives and supportive regulations for the adoption of EVs, and growing awareness about the environmental impact of conventional vehicles.
BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated global hybrid electric vehicle (HEV) conversion kit market size at USD 0.687 billion in 2022. During the forecast period between 2023 and 2029, BlueWeave expects global hybrid electric vehicle (HEV) conversion kit market size to grow at a significant CAGR of 17.62% reaching a value of USD 1.783 billion by 2029. Major growth drivers for the global hybrid electric vehicle (HEV) conversion kit market include an increasing demand for eco-friendly transportation options, the desire to reduce carbon emissions and fuel consumption, government regulations and incentives promoting the adoption of electric and hybrid vehicles, technological advancements in battery and motor technologies, and consumer preferences for more sustainable transportation alternatives. Retrofitting conventional vehicles with hybrid technology enables reduced fuel consumption and lower emissions, contributing to a more environmentally friendly and sustainable transportation system. Government initiatives and regulations that encourage the adoption of electric vehicles and hybrid technologies also play a significant role in driving market growth. Incentives, subsidies, and tax benefits offered by governments worldwide incentivize individuals and fleet operators to convert their vehicles into hybrid electric vehicles (HEVs), thus driving the demand for conversion kits. However, high upfront costs and warranty and reliability concerns are anticipated to restrain the overall market growth during the period in analysis.
Global Hybrid Electric Vehicle (HEV) Conversion Kit Market– Overview
The global hybrid electric vehicle (HEV) conversion kit market refers to the market segment that encompasses aftermarket kits designed to convert traditional internal combustion engine vehicles into hybrid electric vehicles (HEVs). These conversion kits provide vehicle owners with the opportunity to retrofit their existing gasoline-powered vehicles with hybrid technology, enabling them to operate using a combination of an internal combustion engine and an electric motor. HEV conversion kits typically include components such as electric motors, batteries, power control units, and associated wiring and connectors. These kits are engineered to integrate seamlessly with conventional vehicles, allowing for the utilization of both conventional and electric power sources. Key market players in this industry include manufacturers and suppliers of HEV conversion kits, as well as automotive companies and specialized retrofitting service providers. These players engage in research and development activities to enhance the performance, compatibility, and ease of installation of their conversion kits. Overall, the global hybrid electric vehicle (HEV) conversion kit market caters to the growing demand for transforming conventional vehicles into more environmentally friendly and energy-efficient hybrids, providing vehicle owners with a greener mobility option without the need to purchase a new hybrid vehicle.
Impact of COVID-19 on Global Hybrid Electric Vehicle (HEV) Conversion Kit Market
COVID-19 pandemic adversely affected the global hybrid electric vehicle (HEV) conversion kit market. The widespread disruptions caused by the pandemic, such as lockdown measures, supply chain disruptions, and economic uncertainties, affected the production, distribution, and demand for conversion kits. Many automotive manufacturers faced challenges in maintaining their operations, resulting in delays and shortages in the supply of conversion kits. Also, the economic downturn and financial constraints experienced by individuals and businesses resulted in reduced willingness and capacity to invest in retrofitting vehicles with conversion kits. Consequently, the market experienced a temporary slowdown during the pandemic. However, as the pandemic subsided and economic conditions improved, the market gradually recovered as the automotive industry rebounded.
Global Hybrid Electric Vehicle (HEV) Conversion Kit Market – By Application
Based on application, the global hybrid electric vehicle (HEV) conversion kit market is split into Passenger Cars and Commercial Vehicles segments. The commercial vehicles segment holds a higher share in the global hybrid electric vehicle (HEV) conversion kit market. The commercial vehicles often cover significant mileage and have higher fuel consumption, making them ideal candidates for conversion to hybrid electric vehicles (HEVs) to achieve fuel efficiency and cost savings. Also, commercial vehicle operators have a strong incentive to reduce their carbon footprint and comply with environmental regulations, making HEV conversions an attractive option. The governments and regulatory bodies may provide incentives or mandates for adopting greener transportation solutions in the commercial sector. Lastly, the potential for significant cost savings on fuel expenses over time further drives the adoption of hybrid electric conversion kits in the commercial vehicles segment.
Major players operating in the global hybrid electric vehicle (HEV) conversion kit market include XL Fleet, REV Electric Vehicle Components, Enginer, EDrive Systems, KPIT Technologies Ltd., Hybrid Design Services Inc, A123 Systems LLC, IX Energy Pvt Ltd, Odyne Systems LLC, Altigreen Propulsion Labs Pvt Ltd, Stealth EV, and Thunderstruck Motors. To further enhance their market share, these companies employ various strategies, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of Global Hybrid Electric Vehicle (HEV) Conversion Kit Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in the Global Hybrid Electric Vehicle (HEV) Conversion Kit Market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.
BlueWeave Consulting provides comprehensive Market Intelligence (MI) Solutions to businesses regarding various products and services online and offline. We offer all-inclusive market research reports by analyzing qualitative and quantitative data to boost the performance of your business solutions. BlueWeave has built its reputation by delivering quality inputs and nourishing long-lasting relationships with its clients. We are one of the promising digital MI solutions companies providing agile assistance to make your business endeavors successful.
BlueWeave Consulting & Research Pvt. Ltd
+1 866 658 6826 | +1 425 320 4776 | +44 1865 60 0662
- Hybrid Electric Vehicle (HEV) Conversion Kit Market - Global Size, Share, Trend Analysis, Opportunity and Forecast Report, 2019–2029, Segmented By Vehicle Class (Mid-Priced, Luxury); By Application (Passenger Cars, Commercial Vehicles); By Region (North America, Europe, Asia Pacific, Latin America, Middle East and Africa)
Publish Date: August 2023
High awareness about the environmental impact by harmful greenhouse gases emitted by conventional vehicles, governments’ supportive incentives and regulations for the adoption of electric vehicles (EVs), and rising focus on managing rapidly increasing fossil fuel costs are projected to propel the expansion of the global hybrid electric vehicle (HEV) conversion kit market during the forecast period between 2023 and 2029.
Relevant Press Releases
- Global Automotive Diagnostic Scan Tools Market to Surpass USD 51 Billion by 2028
- Global Automotive Homogeneous Charge Compression Ignition (HCCI) Market Size to Expand at CAGR of 7.7%, Touching USD 9.88 Billion by 2029
- India EV Charging Connector Market Size Zooming 2.8X at Robust CAGR of 18.5% to Touch USD 4.82 Billion by 2029
- Global Electric Utility Vehicle Market Size Booming to Cross USD 31.4 billion by 2029
- China Construction Machinery Market Witness Muted Growth in Coming Years