NEW YORK, July 5, 2022 /PRNewswire/ — The “Hybrid Electric Vehicle Conversion Kit Market by Application and Geography – Forecast and Analysis 2021-2025” report by Technavio expects the market size to observe an incremental growth of 40.06 thousand units between 2020 and 2025, expanding at a CAGR of 16.71% during the forecast period. The report highlights APAC as the key market for hybrid electric vehicle conversion kits. The high adoption of EVs in developing countries such as India and China is generating several growth opportunities for vendors operating in the region.
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Vendor Landscape
The global hybrid electric vehicle conversion kit market is fragmented, and the degree of fragmentation will accelerate during the forecast period. The market is characterized by the presence of well-established players that produce HEV conversion kits. HEV conversion kit manufacturers are continuously working on developing efficient, fully integrated conversion kits for customers. The prominent vendors are expected to focus on reducing the weight of conversion kits during the forecast period.
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. are identified as some of the major market participants. Although the enforcement of regulations to propel the adoption of efficient conversion kits, development in emerging markets driving conversion kit adoption, and the development of grid-independent low-cost hybrid kits for light vehicles will offer immense growth opportunities, issues pertaining to mile range and battery performance of converted hybrid vehicles will challenge the growth of the market participants. To make the most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
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Hybrid Electric Vehicle Conversion Kit Market 2021-2025: Segmentation
The global hybrid electric vehicle conversion kit market is segmented as below:
- Application
- Commercial Vehicles
- Passenger Cars
The commercial vehicles segment will have the largest share of the market. The enforcement of stricter regulations to reduce emissions from commercial vehicles is one of the key factor driving the growth of the segment. The growing awareness about hybrid technology in CVs will further drive the growth of the global HEV conversion kit market during the forecast period.
- Geography
- North America
- APAC
- Europe
- South America
- MEA
About 40% of the overall market growth will originate from APAC during the forecast period. The increasing purchasing power of consumers and the development of cost-effective hybrid solutions for price-sensitive customers are driving the growth of the regional market.
Technavio presents a detailed picture of the market by the way of study, synthesis, and summation of data from multiple sources. Our hybrid electric vehicle conversion kit market report covers the following areas:
Hybrid Electric Vehicle Conversion Kit Market 2021-2025: Vendor Analysis
We provide a detailed analysis of around 25 vendors operating in the hybrid electric vehicle conversion kit market. Backed with competitive intelligence and benchmarking, our research report on the hybrid electric vehicle conversion kit market is designed to provide entry support, customer profile, and M&As as well as go-to-market strategy support.
Hybrid Electric Vehicle Conversion Kit Market 2021-2025: Key Highlights
- CAGR of the market during the forecast period 2021-2025
- Detailed information on factors that will assist hybrid electric vehicle conversion kit market growth during the next five years
- Estimation of the hybrid electric vehicle conversion kit market size and its contribution to the parent market
- Predictions on upcoming trends and changes in consumer behavior
- The growth of the hybrid electric vehicle conversion kit market
- Analysis of the market’s competitive landscape and detailed information on vendors
- Comprehensive details of factors that will challenge the growth of hybrid electric vehicle conversion kit market vendors
Related Reports:
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Hybrid Electric Vehicle Conversion Kit Market Scope |
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Report Coverage |
Details |
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Page number |
120 |
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Base year |
2020 |
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Forecast period |
2021-2025 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 16.71% |
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Market growth 2021-2025 |
40.06 thousand units |
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Market structure |
Fragmented |
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YoY growth (%) |
9.69 |
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Regional analysis |
North America, APAC, Europe, South America, and MEA |
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Performing market contribution |
APAC at 40% |
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Key consumer countries |
US, China, Canada, Japan, and Germany |
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Competitive landscape |
Leading companies, competitive strategies, consumer engagement scope |
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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. |
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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 the forecast period. |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
Table Of Contents :
1 Executive Summary
2 Market Landscape
- 2.1 Market ecosystem
- Exhibit 01: Parent market
- Exhibit 02: Market characteristics
- 2.2 Value chain analysis
3 Market Sizing
- 3.1 Market definition
- Exhibit 03: Offerings of vendors included in the market definition
- 3.2 Market segment analysis
- Exhibit 04: Market segments
- 3.3 Market size 2020
- 3.4 Market outlook: Forecast for 2020 – 2025
- Exhibit 05: Global – Market size and forecast 2020 – 2025 (thousand units)
- Exhibit 06: Global market: Year-over-year growth 2020 – 2025 (%)
4 Five Forces Analysis
- 4.1 Five forces summary
- Exhibit 07: Five forces analysis 2020 & 2025
- 4.2 Bargaining power of buyers
- Exhibit 08: Bargaining power of buyers
- 4.3 Bargaining power of suppliers
- Exhibit 09: Bargaining power of suppliers
- 4.4 Threat of new entrants
- Exhibit 10: Threat of new entrants
- 4.5 Threat of substitutes
- Exhibit 11: Threat of substitutes
- 4.6 Threat of rivalry
- Exhibit 12: Threat of rivalry
- 4.7 Market condition
- Exhibit 13: Market condition – Five forces 2020
5 Market Segmentation by Application
- 5.1 Market segments
- Exhibit 14: Application – Market share 2020-2025 (%)
- 5.2 Comparison by Application
- Exhibit 15: Comparison by Application
- 5.3 Commercial vehicles – Market size and forecast 2020-2025
- Exhibit 16: Commercial vehicles – Market size and forecast 2020-2025 (thousand units)
- Exhibit 17: Commercial vehicles – Year-over-year growth 2020-2025 (%)
- 5.4 Passenger cars – Market size and forecast 2020-2025
- Exhibit 18: Passenger cars – Market size and forecast 2020-2025 (thousand units)
- Exhibit 19: Passenger cars – Year-over-year growth 2020-2025 (%)
- 5.5 Market opportunity by Application
- Exhibit 20: Market opportunity by Application
6 Customer Landscape
7 Geographic Landscape
- 7.1 Geographic segmentation
- Exhibit 22: Market share by geography 2020-2025 (%)
- 7.2 Geographic comparison
- Exhibit 23: Geographic comparison
- 7.3 North America – Market size and forecast 2020-2025
- Exhibit 24: North America – Market size and forecast 2020-2025 (thousand units)
- Exhibit 25: North America – Year-over-year growth 2020-2025 (%)
- 7.4 APAC – Market size and forecast 2020-2025
- Exhibit 26: APAC – Market size and forecast 2020-2025 (thousand units)
- Exhibit 27: APAC – Year-over-year growth 2020-2025 (%)
- 7.5 Europe – Market size and forecast 2020-2025
- Exhibit 28: Europe – Market size and forecast 2020-2025 (thousand units)
- Exhibit 29: Europe – Year-over-year growth 2020-2025 (%)
- 7.6 South America – Market size and forecast 2020-2025
- Exhibit 30: South America – Market size and forecast 2020-2025 (thousand units)
- Exhibit 31: South America – Year-over-year growth 2020-2025 (%)
- 7.7 MEA – Market size and forecast 2020-2025
- Exhibit 32: MEA – Market size and forecast 2020-2025 (thousand units)
- Exhibit 33: MEA – Year-over-year growth 2020-2025 (%)
- 7.8 Key leading countries
- Exhibit 34: Key leading countries
- 7.9 Market opportunity by geography
- Exhibit 35: Market opportunity by geography (thousand units)
8 Drivers, Challenges, and Trends
- 8.1 Market drivers
- 8.2 Market challenges
- Exhibit 36: Impact of drivers and challenges
- 8.3 Market trends
9 Vendor Landscape
- 9.1 Vendor landscape
- Exhibit 37: Vendor landscape
- 9.2 Landscape disruption
- Exhibit 38: Landscape disruption
- Exhibit 39: Industry risks
- 9.3 Customer Landscape
10 Vendor Analysis
- 10.1 Vendors covered
- Exhibit 40: Vendors covered
- 10.2 Market positioning of vendors
- Exhibit 41: Market positioning of vendors
- Exhibit 42: A123 Systems LLC – Overview
- Exhibit 43: A123 Systems LLC – Product and service
- Exhibit 44: A123 Systems LLC – Key offerings
98 10.4
100 10.5
101 10.6
103 10.7
104 10.8
106 10.9
107 10.10
109 10.11
110 10.12
112 11.
113 11.1
114 11.2
115 11.3
116 11.4
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