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Vehicle Conversion Market Booms with Dynamic Segments, Growth Drivers, and a Promising Demand Forecast
Vehicle Conversion Market
As per the report, the vehicle conversion market size has grown strongly in recent years. It will grow from $4.52 billion in 2023 to $4.95 billion in 2024 at a compound annual growth rate (CAGR) of 9.4%. The vehicle conversion market size is expected to see strong growth in the next few years. It will grow to $6.87 billion in 2028 at a compound annual growth rate (CAGR) of 8.5%.
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Rising Demand For Electric Vehicles To Drive Market Growth
The rising demand for electric vehicles (EVs) is expected to boost the growth of the vehicle conversion market going forward. An electric vehicle (EV) is a vehicle that can move forward using an electric motor that draws power from a battery and can be externally charged. Converting a vehicle to an electric vehicle (EV) has multiple benefits, including increased vehicle longevity, cost savings, the use of existing infrastructure, and a lower environmental impact. For instance, in March 2022, according to a report published by the US Department Of Energy, a US-based intergovernmental organization, the number of new light-duty plug-in electric vehicle sales, which includes both electric vehicles and plug-in hybrid electric vehicle sales, nearly doubled from 308,000 in 2020 to 608,000 in 2021. Furthermore, in September 2022, according to the reports shared by the International Energy Agency, a France-based autonomous intergovernmental organization, sales of electric vehicles nearly doubled to 6.6 million in 2021 compared to 2020, which is almost 9% of sales share, and increased by 4% in 2021. Therefore, the rising demand for electric vehicles (EVs) is driving the growth of the vehicle conversion market.
Product Innovations Transforming The Vehicle Conversion Market
Product innovation is the key trend gaining popularity in the vehicle conversion market. Major companies operating in the vehicle conversion market are focusing on developing new products to sustain their position in the market. For instance, in November 2022, Electrogenic Ltd., a UK-based electric vehicle conversion company, launched its range of drop-in EV conversion kits. This product's unique feature allows for installation while maintaining the original design and structure of the vehicle, making all conversions reversible. Due to the electrogenic range of drop-in kits, expected to deliver exceptional drivability, performance, and efficiency, vehicles will be future-proofed and prepared for the rapidly approaching age of sustainable, low-carbon motoring.
The vehicle conversion market covered in this report is segmented -
1) By Type: Product, Services
2) By Vehicle Type: Passenger Car, Commercial Vehicle, Other Vehicle Types
3) By Conversion Type: Mobility Conversion, Commercial Conversion, Recreational Conversion, Other Conversion Types
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Major companies operating in the vehicle conversion market report are BraunAbility, Kisae Technology Inc., Outside Van, Vanworks Inc., El Kapitan Van Conversion, Electro Automotive, Zelectric Motors, Colorado Camper Van LLC, Creative Mobile Interiors Inc., DIYEV Inc., Electric Vehicles of America (EVA), EV Source, EV4U Custom Conversions, EVDrive, Glampervan, Green Motors Inc., Green Shed Conversions, Hi Performance Electric Vehicle Systems, Nomad Vanz, RB Components Inc., Sportsmobile, Van Specialties, Vanlife Customs UK Ltd., Zero Labs, Electric GT Holdings, Advanture Company, American Van, Electric Classic Cars, Flash Drive Motors, OPTO innovation.
Contents of the report:
1. Executive Summary
2. Vehicle Conversion Market Report Structure
3. Vehicle Conversion Market Trends And Strategies
4. Vehicle Conversion Market - Macro Economic Scenario
5. Vehicle Conversion Market Size And Growth
…..
27. Vehicle Conversion Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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