Hybrid EV Conversion Kit Market Research, 2031
The global hybrid ev conversion kit market was valued at $0.5 billion in 2021, and is projected to reach $2.6 billion by 2031, growing at a CAGR of 16.5% from 2022 to 2031.
The electric car has had one of the most turbulent histories out of all the alternative fuel vehicles that are currently in the market. All-electric, mass-produced hybrid vehicles with gas-electric engines have gained popularity among motorists seeking to reduce their carbon emissions and save money at the pump. An internal combustion engine, which is constructed with a large number of moving parts, drives the conventional cars one sees on the road.
When gasoline burns, these parts move, generating energy that moves a series of pistons and rods. At the crankshaft, the linear motion produced by the pistons and rods is transformed into rotary motion. The car moves because the rotary motion is transferred through the transmission, driveshaft, differential, axle, and finally the wheels. There are numerous reasons why an electric motor differs significantly from a gasoline engine. The fact that it only has one rotating element and does not use fuel is perhaps the most notable of these.
The motor is driven by a controller that is powered by a set of batteries. When a car or truck is a hybrid, which means that it has both an electric motor and a gasoline engine, the gasoline engine typically charges the batteries while the motor is running. However, pure electric cars are plug-in vehicles without a gas-powered engine for battery charging. They use extension cords and draw power from the current in the house or office.
Therefore, whereas an electric motor relies heavily on a complex network of wire connections, a gasoline engine is a huge mess of pipes and hoses. The engine, transmission, gas tank, and exhaust system must all be removed and replaced with an electric motor, controller, and battery array when installing an electric car conversion kit.
The hybrid ev conversion kit market is segmented into Vehicle Class and Application.
On the basis of vehicle class, the market is divided into mid priced, and luxury. In 2021, the mid priced segment dominated the market, in terms of revenue and it is anticipated to witness a major share during the forecast period.
On the basis of application, the market is divided into passenger cars, and commercial vehicles. In 2021, the passenger cars segment dominated the market, in terms of revenue and it is anticipated to witness a major share during the forecast period.
Region-wise, the hybrid EV conversion kit market trends are analyzed across North America (the U.S., Canada, and Mexico), Europe (UK, France, Germany, and Rest of Europe), Asia-Pacific (China, India, Japan, South Korea, and Rest of Asia-Pacific), and LAMEA (Latin America, Middle East, and Africa). Asia-Pacific remains a significant participant in the hybrid EV conversion kit market. Major organizations and government institutions in the country are intensely putting resources into technology.
Country-wise, the Canada acquired a prime share in the sports electronics devices market in the North American region and is expected to grow at a high CAGR of 17.4% during the forecast period of 2022-2031. The U.S., holds a dominant position in the hybrid EV conversion kit market, owing to the rise in investment by prime vendors to boost the hybrid EV conversion kit market outlook.
In Europe, the UK, dominated the hybrid EV conversion kit market, in terms of revenue, in 2021 and is expected to follow the same trend during the forecast period. However, Germany is expected to emerge as the fastest-growing country in Europe's hybrid EV conversion kit market size with a CAGR of 18.2%, owing to a significant development in hybrid EV conversion kit industry, in the country.
In Asia-Pacific, China is expected to emerge as a significant market for the hybrid EV conversion kit industry, owing to a significant rise in investment by prime players in next-generation hybrid EV conversion kit industry.However, India is expected to emerge as the fastest-growing country in Asia-Pacific's hybrid EV conversion kit market share with a CAGR of 18.5%, owing to a significant development in hybrid EV conversion kit industry, in the country.
By LAMEA region, the Middle East country garner significant market share in 2021 owing to presence of start-ups such as EV Parts Middle East, Green Car Solutions, and others are significantly investing into hybrid EV conversion kit market growth in Latin America. Moreover, the Latin America region is expected to grow at a high CAGR of 13.4% from 2022 to 2031, because of increasing consumer awareness about the environmental and economic benefits of electric vehicles in Latin America, which is helping to drive the market for hybrid EV conversion kit market opportunity in the region. Many consumers are becoming more interested in electric vehicles as a way to reduce their carbon footprint and save money on fuel costs.
Competitive analysis and profiles of the major global hybrid EV conversion kit market players that have been provided in the report include, Altigreen Propulsion Labs Pvt. Ltd, Enginer, EVDrive, Hybrid Design Services Inc., IX Energy Pvt. Ltd., KPIT Technologies Ltd., Odyne Systems LLC, Stealth EV, XL Fleet, and A123 Systems LLC.
Altigreen Propulsion Labs Pvt. Ltd, EVDrive, Stealth EV, XL Fleet and KPIT Technologies Ltd. are the top 5 companies holding a prime share in the hybrid EV conversion kit market forecast. Top market players have adopted various strategies, such as product launch, partnership, innovation, and product development, to expand their foothold during the hybrid EV conversion kit market forecast.
- In August 2022, Reliance Industries Ltd on Thursday announced the acquisition of a stake in electric vehicle technology and solutions company Altigreen Propulsion Labs Pvt Ltd for Rs 50.16 crore. "Reliance New Energy Ltd (RNEL), a wholly-owned subsidiary of the company, has entered into an agreement with Altigreen for the subscription of 34,000 Series.
- In July 2022, Hypercraft Inc. announced the purchase of Stealth EV company who is specialized in performance EV, hybrid design, engineering, manufacturing, and EV parts sales.
- In May 2022, XL Fleet Corp a leading provider of fleet electrification solutions, unveil all-electric pre-series unit on the Curbtender Quantum refuse truck. The vehicle was developed in collaboration with Curbtender, Inc. (“Curbtender”), utilizing a Ford F-600 chassis. Curbtender is a market leader in under CDL refuse trucks and a pioneer in automated side loader collection. The EV solution is the first of three pre-series vehicles, and the companies plan to build and deliver multiple commercial units in 2022.
- In February 2022, Altigreen announced it has raised Rs 300 crore (USD 40 million) in a funding round for capacity expansion, new products launch and to develop a pan-India network. The Series A investment is led by Sixth Sense Ventures, along with Reliance New Energy, Xponentia Capital, Accurant International, USA and Momentum Venture Capital, Singapore, the Bengaluru-based company said.
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 Report Highlights
Market Size By 2031
USD 2.6 billion
CAGR of 16.5%
2021 - 2031
By Vehicle Class
Key Market Players
Hybrid Design Services Inc., IX Energy Pvt. Ltd., Odyne Systems LLC, Enginer, Altigreen Propulsion Labs Pvt. Ltd., XL Fleet, EVDrive, A123 Systems LLC, KPIT Technologies Ltd., Stealth EV
The hybrid EV conversion kit market holds high growth potential. The current business scenario experiences increase in usage of hybrid EV conversion kit in automotive and transportation industries due to the awareness regarding accidents on road among the people worldwide.
Severe government norms and regulations towards vehicle emission and surge in fuel prices are the factors that drive the market. However, poor charging infrastructure hampers the market growth. Conversely, technological advancements regarding hybrid EV conversion kit is expected to create lucrative market opportunity.
The hybrid EV conversion kit market exhibits high growth potential in automotive and transportation sectors. The current business scenario has witnessed an increase in demand for advanced technologies, particularly in the developing nations such as China and India, owing to surge in population and rise in social awareness among the mass. Companies in this industry have adopted various innovative techniques, such as mergers and acquisitions to strengthen their business position in the competitive matrix.
The market growth is supplemented by proactive industrialization efforts and surge in manufacturing output, owing to technological advancements. These factors have allowed emerging economies to evolve as the potential markets during the forecast period both from the demand as well as the supply side. Moreover, public & private organizations have substantially invested in R&D activities and fabrication techniques to develop cost-effective hybrid EV conversion kits.