Hybrid Electric Vehicle Conversion Kit Market by Application and Geography - Forecast and Analysis 2021-2025

  • Published: Sep 2021
  • Pages: 120
  • SKU: IRTNTR44629
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The hybrid electric vehicle (HEV) conversion kit market has the potential to grow by 40.06 thousand units during 2021-2025, and the market’s growth momentum will accelerate at a CAGR of 16.71%.

This hybrid electric vehicle conversion kit market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers market segmentation by application (commercial vehicles and passenger cars) and geography (North America, APAC, Europe, South America, and MEA). The hybrid electric vehicle conversion kit market report also offers information on several market vendors, including A123 Systems LLC, Altigreen Propulsion Labs Pvt. Ltd., Enginer, EVDrive, Hybrid Design Services Inc., IX Energy Pvt. Ltd., KPIT Technologies Ltd., Odyne Systems LLC, Stealth EV, and XL Hybrids Inc. among others.

What will the Hybrid Electric Vehicle Conversion Kit Market Size be in 2021?

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Hybrid Electric Vehicle Conversion Kit Market: Key Drivers and Trends

Based on our research output, there has been a negative impact on the market growth during and post COVID-19 era. The enforcement of regulations to propel adoption of efficient conversion kits is notably driving the HEV conversion kit market growth, although factors such as issues pertaining to mile range and battery performance of converted hybrid vehicles may impede market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the hybrid electric vehicle conversion kit industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.

  • The enforcement of regulations to propel the adoption of efficient conversion kits will fuel the growth of the hybrid electric vehicle conversion kit market size.
  • Regulators have imposed standards that need to be met by any conversion kit for its effective adoption in the market. 
  • In the US, all vehicle conversions must meet standards instituted by the US Environmental Protection Agency (EPA), National Highway Traffic Safety Administration (NHTSA), and state agencies such as California Air Resources Board (CARB).
  • EPA devised standards that do not allow the emission of vehicles to increase after conversion. Hence, certification is not given to kits that increase emission after fitment.
  • The need to comply with the additional requirement set by CARB for California state increased the supply of effective conversion kits in the market. As a result, more customers prefer conversions for their vehicles to increase fuel efficiency and reduce emissions.
  • The development of grid-independent low-cost hybrid kits for light vehicles will drive the hybrid electric vehicle conversion kit market growth during the forecast period.
  • The price parameter is crucial for the adoption of conversion kits in emerging markets.
  • The governments of the emerging economies are permitting usage of HEV conversion kits, which has a positive influence on the HEV conversion kit market, as many new regional players are entering the market.
  • Their development is focused on reducing the cost of the conversion kit to make it accessible to a wider customer base.
  • For instance, Altigreen Propulsion Labs developed a conversion kit that converts ICE-based vehicles to HEVs in a cost-effective way.
  • This HEV conversion kit uses advanced regenerative braking to make vehicles independent of external charging. The advent of the low-cost solution is likely to drive the adoption of conversion kits in emerging markets such as India during the forecast period.

This hybrid electric vehicle conversion kit market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2021-2025.

Who are the Major Hybrid Electric Vehicle Conversion Kit Market Vendors?

The report analyzes the market’s competitive landscape and offers information on several market vendors, including:

 

  • A123 Systems LLC
  • Altigreen Propulsion Labs Pvt. Ltd.
  • Enginer
  • EVDrive
  • Hybrid Design Services Inc.
  • IX Energy Pvt. Ltd.
  • KPIT Technologies Ltd.
  • Odyne Systems LLC
  • Stealth EV
  • XL Hybrids Inc.

 

This statistical study of the hybrid electric vehicle conversion kit market encompasses successful business strategies deployed by the key vendors. The HEV conversion kit market is fragmented and the vendors are deploying growth strategies such as developing efficient, fully integrated conversion kits for customers to compete in the market.

To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.

The hybrid electric vehicle conversion kit market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies. 

Which are the Key Regions for Hybrid Electric Vehicle Conversion Kit Market?

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40% of the market’s growth will originate from APAC during the forecast period. China and Japan are the key markets for hybrid electric vehicle conversion kits in APAC. Market growth in this region will be faster than the growth of the market in Europe and North America.

The increasing focus on developing cost-effective hybrid solutions for price-sensitive customers will facilitate the hybrid electric vehicle conversion kit market growth in APAC over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.

What are the Revenue-generating Application Segments in the Hybrid Electric Vehicle Conversion Kit Market?

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The hybrid electric vehicle conversion kit market share growth by the commercial vehicles (CVs) segment will be significant during the forecast period. The enforcement of regulations to reduce emissions from CVs is driving the adoption of hybrid drivetrains. Hybrid models allow CVs to adhere to emission control standards and have the ability to travel long distances without compromising time. The growing awareness about hybrid technology in CVs will drive the growth of the global HEV conversion kit market during the forecast period. 

This report provides an accurate prediction of the contribution of all the segments to the growth of the HEV conversion kit market size and actionable market insights on post COVID-19 impact on each segment.

 

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What are the Key Factors Covered in this Hybrid Electric Vehicle Conversion Kit Market Report?

  • CAGR of the market during the forecast period 2021-2025
  • Detailed information on factors that will drive hybrid electric vehicle conversion kit market growth during the next five years
  • Precise estimation of the hybrid electric vehicle conversion kit market size and its contribution to the parent market
  • Accurate predictions on upcoming trends and changes in consumer behavior
  • The growth of the HEV conversion kit industry across North America, APAC, Europe, South America, and MEA
  • A thorough analysis of the market’s competitive landscape and detailed information on vendors
  • Comprehensive details of factors that will challenge the growth of HEV conversion kit market vendors

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Hybrid Electric Vehicle Conversion Kit Market Scope

Report Coverage

Details

Page number

120

Base year

2020

Forecast period

2021-2025

Growth momentum & CAGR

Accelerate at a CAGR of 16.71%

Market growth 2021-2025

40.06 th units

Market structure

Fragmented

YoY growth (%)

9.69

Regional analysis

North America, APAC, Europe, South America, and MEA

Performing market contribution

APAC at 40%

Key consumer countries

US, China, Canada, Japan, and Germany

Competitive landscape

Leading companies, competitive strategies, consumer engagement scope

Companies profiled

A123 Systems LLC, Altigreen Propulsion Labs Pvt. Ltd., Enginer, EVDrive, Hybrid Design Services Inc., IX Energy Pvt. Ltd., KPIT Technologies Ltd., Odyne Systems LLC, Stealth EV, and XL Hybrids Inc.

Market Dynamics

Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and future consumer dynamics, market condition analysis for forecast period,

Customization purview

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Research Framework

Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.

TechnavioINFORMATION SOURCES

Primary sources

  • Manufacturers and suppliers
  • Channel partners
  • Industry experts
  • Strategic decision makers

Secondary sources

  • Industry journals and periodicals
  • Government data
  • Financial reports of key industry players
  • Historical data
  • Press releases
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TechnavioDATA ANALYSIS

Data Synthesis

  • Collation of data
  • Estimation of key figures
  • Analysis of derived insights

Data Validation

  • Triangulation with data models
  • Reference against proprietary databases
  • Corroboration with industry experts
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TechnavioREPORT WRITING

Qualitative

  • Market drivers
  • Market challenges
  • Market trends
  • Five forces analysis

Quantitative

  • Market size and forecast
  • Market segmentation
  • Geographical insights
  • Competitive landscape
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The hybrid electric vehicle conversion kit market growth will increase by $27.70 thousand units during 2019-2024.
The hybrid electric vehicle conversion kit market is expected to grow at a CAGR of 12.83% during 2019-2024.
Technavio has segmented the hybrid electric vehicle conversion kit market by application (Commercial vehicles and Passenger cars) and geographic (North America, APAC, Europe, South America, and MEA).
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, XL Hybrids Inc. are a few of the key vendors in the hybrid electric vehicle conversion kit market.
North America will register the highest growth rate of 40.18% among the other regions. Therefore, the hybrid electric vehicle conversion kit market in North America is expected to garner significant business opportunities for the vendors during the forecast period.
The key factors driving the hybrid electric vehicle conversion kit market growth are:
  • Enforcement of regulations to propel adoption of efficient conversion kits
  • Growing development of solar hybrid electric cars
The hybrid electric vehicle conversion kit market vendors should focus on grabbing business opportunities from the commercial vehicles segment as it accounted for the largest market share in the base year.
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