The global hybrid electric vehicle conversion kit market size was valued at $0.61 billion in 2022, and is projected to reach $1.85 billion by 2030, registering a CAGR of 17.2% during the forecast period (2023-2030). Increasing demand for more sustainable and environmentally friendly transportation solutions is the primary growth driver of the market. As concerns about climate change and pollution continue to mount, consumers are increasingly looking for ways to reduce their carbon footprint and lower their impact on the environment. Additionally, Governments across the globe are also initiating efforts to curb climate change. For instance, in August 2022, in its implementation plan for peaking carbon emissions, the government of Hainan Province, China, suggested a complete ban on the sale of combustion automobiles by 2030. In addition, according to the International Energy Agency, the Net Zero Emissions by 2050 Scenario envisions an electric car fleet of over 300 million by 2030, with electric cars accounting for 60% of new car sales. Furthermore, the rising cost of gasoline and diesel fuel is another important driver of growth in the HEV conversion kit market. With fuel prices on the rise, many consumers are looking for ways to reduce their fuel costs and save money in the long term by converting their vehicles to hybrid electric power.
Browse the full report description of “Hybrid Electric Vehicle Conversion Kit Market Size, Share, and Trends Analysis Report By Vehicle Class (Mid-Priced and Luxury), By Application (Passenger Cars and Commercial Vehicles), Forecast Period (2023–2030)” at https://www.omrglobal.com/industry-reports/hybrid-electric-vehicle-conversion-kit-market
In addition to these factors, government incentives and regulations have also played a role in driving growth in the HEV conversion kit market. Many governments around the world have introduced incentives and subsidies to encourage the adoption of hybrid and electric vehicles, which has helped boost demand for conversion kits. For instance, in China, EV purchasers are eligible for a 10% purchase tax exemption until the end of 2023, which was originally scheduled to end with the subsidy.
Besides, advancements in technology and the growing availability of conversion kits have also contributed to the growth of the HEV conversion kit market. As more companies have entered the market and developed new, innovative conversion solutions, the cost and complexity of converting a vehicle to hybrid electric power have decreased, making it a more accessible option for consumers. These companies are also contributing to the market by expanding their reach. For instance, in December 2022, Tembo e-LV B.V. entered into a Definitive Distribution Agreement with Energy Trading Company Mauritius (ETC Mauritius) to sell, distribute, and market Tembo electrification conversion kits for Toyota 44 second-hand vehicles in the Republic of Kenya, providing a significant boost to the electrification of some of Africa's current fleet of utility vehicles. ETC Mauritius has committed to selling a minimum of 4,000 Tembo e-LV conversion kits across various industry sectors in Kenya from the signing of the agreement until December 31, 2027.
Market Coverage
• The Market Number Available for – 2022-2030
o Base year- 2022
o Forecast period- 2023-2030
• Segment Covered-
o By Vehicle Class
o By Application
• Regions Covered-
o North America
o Europe
o Asia-Pacific
o Rest of the World
• Competitive Landscape- Altigreen Propulsion Labs Pvt. Ltd., EVDrive, Hybrid Design Services Inc., IX Energy Pvt. Ltd., and others.
Key questions addressed in the report
• What is the market growth rate?
• Which segment and region dominated the market in the base year?
• Which segment and region will project the fastest growth in the market?
• How has COVID-19 impacted the market?
o Deviation from the pre-COVID-19 forecast
o Most affected regions and segments
• Who is the leader in the market?
• How are players addressing challenges to sustain growth?
• Where is the investment opportunity?
Global Hybrid Electric Vehicle Conversion Kit Market Report Segment
By Vehicle Class
By Application
Global Hybrid Electric Vehicle Conversion Kit Market Report Segment by Region
North America
• US
• Canada
Europe
• UK
• Germany
• Italy
• Spain
• France
• Rest of Europe
Asia-Pacific
• China
• India
• Japan
• South Korea
• Rest of Asia-Pacific
Rest of the World
• Latin America
• Middle East and Africa
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