Portland, OR, Jan. 23, 2023 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global hybrid EV conversion kit market generated $0.5 billion in 2021, and is estimated to reach $2.6 billion by 2031, witnessing a CAGR of 16.5% from 2022 to 2031. The report offers a detailed analysis of changing market trends, top segments, key investment pockets, value chains, regional landscape, and competitive scenario. The report is a helpful source of information for leading market players, new entrants, investors, and stakeholders in devising strategies for the future and taking steps to strengthen their position in the market.
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Report coverage & details:
| Report Coverage | Details |
| Forecast Period | 2022–2031 |
| Base Year | 2021 |
| Market Size in 2021 | $0.5 Billion |
| Market Size in 2031 | $2.6 Billion |
| CAGR | 16.5% |
| No. of Pages in Report | 149 |
| Segments Covered | Vehicle Class, Application, and Region |
| Drivers | Severe government norms and regulations towards vehicle emission |
| Surge in fuel prices | |
| Opportunities | Technological advancements |
| Restraints | Poor charging infrastructure |
Covid-19 Scenario:
- The outbreak of the COVID-19 pandemic significantly impacted the growth of global hybrid EV conversion kit market in 2021, owing to a significant impact on prime players operating in the supply chain.
- However, a recent hike in fuel prices, and severe government norms and regulations towards vehicle emission are expected to impact market growth favorably over the forecast period.
- However, the market faced many obstacles amid the COVID-19 pandemic, such as a lack of skilled workforce availability and delay or cancelation of projects, owing to partial or complete lockdown globally. Automobile manufacturers are increasingly concentrating on the development of cutting-edge electric vehicle systems that are anticipated to have lower specific emission levels and lower prices during the forecast period.
The report offers a detailed segmentation of the global hybrid EV conversion kit market based on vehicle class, application, and region. The report provides an analysis of each segment and sub-segment with the help of tables and figures. This analysis helps market players, investors, and new entrants in determining the sub-segments to be tapped on to achieve growth in the coming years.
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Based on vehicle class, the mid-priced segment held the largest share in 2021, accounting for nearly three-fourths of the global hybrid EV conversion kit market, and would rule the roost through 2031. However, the luxury segment is estimated to witness the fastest CAGR of 17.8% during the forecast period.
Based on application, the passenger cars segment held the largest share in 2021, capturing more than three-fifths of the global hybrid EV conversion kit market, and would maintain its dominance through 2031. The commercial vehicles segment, however, is estimated to witness the fastest CAGR of 17.5% during the forecast period.
Based on region, the market in Asia-Pacific was the largest in 2021, accounting for nearly half of the global hybrid EV conversion kit market share, and is likely to maintain its leadership status during the forecast period. However, the market in Europe is expected to manifest the highest CAGR of 17.9% from 2022 to 2031. The other regions analyzed in the study include North America and LAMEA.
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Leading players of the global hybrid EV conversion kit market analyzed in the research include IX Energy Pvt. Ltd., XL Fleet, Odyne Systems LLC, Stealth EV, Enginer, EVDrive, Altigreen Propulsion Labs Pvt. Ltd., Hybrid Design Services Inc., KPIT Technologies Ltd., and A123 Systems LLC.
The report analyzes these key players of the global hybrid EV conversion kit market. These players have adopted various strategies such as expansion, new product launches, partnerships, and others to increase their market penetration and strengthen their position in the industry. The report is helpful in determining the business performance, operating segments, product portfolio, and developments by every market player.
Key Benefits for Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the hybrid EV conversion kit market analysis from 2021 to 2031 to identify the prevailing hybrid EV conversion kit market opportunity.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the hybrid EV conversion kit market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global hybrid EV conversion kit market trends, key players, market segments, application areas, and market growth strategies.
Hybrid EV Conversion Kit Market Key Segments:
Vehicle Class
- Mid-priced
- Luxury
Application
- Passenger Cars
- Commercial Vehicles
By Region
- North America (U.S., Canada, Mexico)
- Europe (UK, Germany, France, Rest of Europe)
- Asia-Pacific (China, Japan, India, Rest of Asia-Pacific)
- LAMEA (Latin America, Middle East, Africa)
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