Dublin, April 19, 2023 (GLOBE NEWSWIRE) -- Maximize Market research, a global Automotive and Transportation market research firm has published a competitive intelligence market research report on the “Hybrid EV Conversion Kit Market”. The Hybrid EV Conversion Kit Market size was valued at USD 420.10 Mn in 2022. The total Hybrid EV Conversion Kit Market revenue is expected to grow at a CAGR of 16.5 percent from 2022 to 2029, reaching USD 1425.48 Mn during the forecast period.
| Market Size in 2022 | USD 420.10 Mn |
| Market Size in 2029 | USD 1425.48 Mn |
| CAGR | 16.5 percent (2022-2029) |
| Forecast Period | 2023-2029 |
| Base Year | 2022 |
| Number of Pages | 278 |
| No. of Tables | 129 |
| No. of Charts and Figures | 121 |
| Segment Covered | By Vehicle Class and Application |
| Regional Scope | North America, Europe, Asia Pacific, Middle East and Africa, South America |
| Report Coverage | Market Share, Size & Forecast by Revenue | 2022−2029, Market Dynamics, Growth Drivers, Restraints, Investment Opportunities, and Key Trends, Competitive Landscape, Key Players Benchmarking, Competitive Analysis, MMR Competition Matrix, Competitive Leadership Mapping, Global Key Players’ Market Ranking Analysis. |
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Hybrid EV Conversion Kit Market Scope and Research Methodology
The Hybrid EV Conversion Kit Market research report covers technology, product application, development trend, product technology, competitive landscape, industrial chain structure, industry overview, national policy and planning analysis of the industry. The report includes drivers, opportunities and restraints affecting the global market. It covers the impact of these drivers, trends and restraints on the demand of the market during the forecast period. The report also highlights opportunities in the market at the global level. Regional analysis of the Hybrid EV Conversion Kit Market is conducted at the country, regional and global levels. The report covers the Hybrid EV Conversion Kit Market strategies followed by major players with their strategies and investment plans. The primary and secondary research method was used to collect the data from Hybrid EV Conversion Kit Market. Key players are identified through secondary research. Secondary research was used to collect information for the extensive, market-oriented, and commercial analysis of the Market.
Hybrid EV Conversion Kit Market Overview
A Hybrid Electric car (HEV) conversion kit is a system that can be fitted in a standard car to convert it into a hybrid electric vehicle that is powered by both an internal combustion engine and an electric motor. An electric motor, battery pack, power electronics and control systems are often included in a conversion kit. The electric motor accelerates the engine and offers regenerative braking to replenish the battery pack.
Hybrid EV Conversion Kit Market Dynamics
The hybrid electric vehicle conversion kit market share has risen thanks to the increased development of low-cost conversion kits. The cost of new hybrid cars is steadily reducing as OEMs achieve economies of scale. The increasing demand for fuel economy and decreased emissions makes it critical for OEMs to cut the price of hybrid models in order to maximize uptake. With the increasing demand for conversion kits in emerging nations, is a primary driver for the worldwide HEV conversion kit market, many new start-ups have developed. During the forecast period, the development of low-cost hybrid automobile conversion kits is expected to be a significant driver of conversion kit usage in major economies.
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Asia-Pacific region is expected to fuel the Hybrid EV Conversion Kit Market growth
Asia-Pacific region is expected to dominate to regional Hybrid EV Conversion Kit Market during the forecast period. The two biggest markets in APAC for hybrid electric car conversion kits are China and Japan. The markets in the region are expected to grow more quickly than the markets in North America and Europe. Over the forecast period, the market growth for hybrid electric vehicle conversion kits in APAC are to be helped by the growing emphasis on creating cost-effective hybrid solutions for consumers who are price-sensitive.
Hybrid EV Conversion Kit Market Segmentation
By Vehicle class:
- Mid-Priced
- Luxury
Based on Vehicle Class, the Mid-price is expected to dominate the Hybrid EV Conversion Kit Market during the forecast period. Factors that influence the Hybrid EV Conversion Kit Market is government initiatives and safety Normans
By Application:
- Passenger Cars
- Commercial Vehicles
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Based on Application, the Passenger Cars segment is expected to dominate the Hybrid EV Conversion Kit Market. Growing demand for passenger car is expected to drive the market during the forecast period.
Hybrid EV Conversion Kit Market Key Players Include:
- Altigreen Propulsion Labs Pvt. Ltd,
- XL Fleet
- A123 Systems LLC,
- Enginer,
- EVDrive,
- Hybrid Design Services Inc.,
- IX Energy Pvt. Ltd.,
- KPIT Technologies Ltd.,
- Odyne Systems LLC,
- Stealth EV,
- XL Hybrids Inc.
- Odyne Systems LLC
- Hybrid Design Services Inc.
- ALTe Technologies
Key questions answered in the Hybrid EV Conversion Kit Market are:
- What is Hybrid EV Conversion Kit?
- What was the Hybrid EV Conversion Kit Market size in 2021?
- What is the expected Hybrid EV Conversion Kit Market size by 2029?
- What is the growth rate of the Hybrid EV Conversion Kit Market?
- Which are the factors expected to drive the Hybrid EV Conversion Kit Market growth?
- Which factors are expected to restrain the Hybrid EV Conversion Kit Market growth?
- Which segment dominated the Hybrid EV Conversion Kit Market growth?
- What is the demand pattern for the Hybrid EV Conversion Kit Market?
- Which region held the largest share in the Hybrid EV Conversion Kit Market?
- Who are the key players in the Hybrid EV Conversion Kit Market?
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Key Offerings:
- Past Market Size and Market Competitiveness (2018 to 2021)
- Past Pricing and price curve by region (2018 to 2021)
- Market Size, Share, Size & Forecast by different segment | 2022−2029
- Market Dynamics – Growth Drivers, Restraints, Opportunities, Challenges and Key Trends by region
- Market Segmentation – A detailed analysis by Vehicle Class and Application
- Type Competitive Landscape –A detailed scenario of the competitive environment in the global market
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- Competitive landscape – Market Leaders, Market Followers, Regional player
- Competitive benchmarking of key players by region based on product Portfolio, End-Users, Revenues, Manufacturing Locations, etc.
- Market Consolidations – Mergers, Acquisitions, Joint Ventures, Partnerships.
- Company Profiles – Business Overview, Financial Overview, Business Strategy, SWOT Analysis, Recent Development.
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- PESTLE Analysis
- PORTER’s analysis
- Value chain and supply chain analysis
- Legal Aspects of business by region
- Key Takeaways
- Industry Recommendations
Maximize Market Research is leading Automotive and Transportation research firm, has also published the following reports:
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Low Speed Electric Vehicle Market: Low Speed Electric Vehicle Market size was valued at USD 4.95 Bn. in 2022 and the total revenue is expected to grow at 8.6 percent through 2022 to 2029, Low Speed Electric Vehicle Market is reaching nearly USD 8.82 Bn. By 2029. Government initiatives is expected to drive the market.
Off-Highway Electric Vehicle Market: Off-Highway Electric Vehicle Market was valued at USD 4.45 Billion in 2021, and is expected to reach USD 40.28 Billion by 2029, exhibiting a CAGR of 31.7 percent during the forecast period (2022-2029). Favorable Government Policies and Regulations to Drive the Off-Highway Electric Vehicle Market Growth
About Maximize Market Research:
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