Hybrid EV Conversion Kit Market Expected to Reach $2.6 Billion by 2031—Allied Market Research

According to a new report published by Allied Market Research, titled, “Hybrid EV Conversion Kit Market," The hybrid ev conversion kit market was valued at $0.5 billion in 2021, and is estimated to reach $2.6 billion by 2031, growing at a CAGR of 16.5% from 2022 to 2031.

A hybrid electric vehicle (EV) conversion kit is a set of components and systems that are used to convert a traditional gasoline-powered vehicle into a hybrid EV. Hybrid EV conversion kits typically include an electric motor, a battery pack, a charging system, and a controller to manage the flow of electricity between the battery and the motor. Hybrid EV conversion kits allow users to convert their existing vehicles to electric power, which can provide a number of benefits, including reduced fuel costs, reduced emissions, and improved performance. Hybrid EV conversion kits can be used to convert a variety of vehicles, including cars, trucks, buses, and boats. Hybrid EV conversion kit industry are becoming increasingly popular as more consumers look to upgrade their vehicles to electric power. These kits can be a cost-effective way to convert a traditional gasoline-powered vehicle to electric power, and can provide a number of benefits, including reduced fuel costs, reduced emissions, and improved performance.

The strict government standards and regulations regarding car emissions and the rise in fuel prices are the main factors influencing the growth of the global market for hybrid EV conversion kit market size. Additionally, a lacklustre charging infrastructure has an impact on the hybrid EV conversion kit market share. The hybrid EV conversion kit market growth is also influenced by technology developments related to hybrid EV conversion kits. However, it is projected that each of these variables will significantly affect the development of the hybrid EV conversion kit market trends during the course of the forecast period.

The hybrid EV conversion kit market analysis consists of vehicle class and application. Among vehicle class, the mid priced segment was the highest contributor to the market in 2021. Among application, the passenger cars segment was the highest revenue contributor in 2021.

KEY FINDINGS OF THE STUDY

• The passenger cars segment was the highest revenue contributor to the market, with $357.8 million in 2021, and with a CAGR of 16.0%.
• The mid priced segment was the highest revenue contributor to the market, with $406.8 million in 2021, and it is anticipated to grow with a CAGR of 16.0%.
• Asia-Pacific and Europe collectively accounted for around 75.5% share in 2021.

The key players profiled 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, A123 Systems LLC. Market players have adopted various strategies such as product launch, collaboration, partnership, joint venture, and acquisition to expand their foothold in the satellite communication system  market.