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Electric Vehicle Conversion Kits Market Overview:
Electric Vehicle Conversion Kits Market size is estimated to reach $2 billion by 2030, growing at a CAGR of 15.4% during the forecast period 2024-2030. Focus on Modular and Customizable Solutions led to the growth of the market. As the demand for electric vehicle conversions grows, there is a rising emphasis on providing modular kits that offer flexibility and customization. This trend is expected to boost the growth of the Electric Vehicle Conversion Kits Market during the forecast period.
Electric Vehicle Conversion Kits refer to comprehensive sets of components and technologies designed to transform traditional internal combustion engine vehicles into electric vehicles (EVs). These kits typically include essential elements such as electric motors, controllers, batteries, charging systems, and associated hardware.
The GoGoA1 company plans to launch conversion kits for more two- and three-wheeler models in March 2022 followed by four-wheelers and commercial vehicles in the next financial year and has announced that it has witnessed a 60 percent surge in demand for the conversion kits since its first launched them. The trend toward modular and customizable solutions reflects the evolving nature of the market, catering to a broad spectrum of customers with varying technical expertise and specific conversion objectives. These factors positively influence the Electric Vehicle Conversion Kits industry outlook during the forecast period.
Market Snapshot:
Electric Vehicle Conversion Kits Market - Report Coverage:
The “Electric Vehicle Conversion Kits Market Report - Forecast (2024-2030)” by IndustryARC, covers an in-depth analysis of the following segments in the Electric Vehicle Conversion Kits Market.
COVID-19 / Ukraine Crisis - Impact Analysis:
• The COVID-19 pandemic has had a complicated impact on the market for Electric Vehicle Conversion Kits. On the one side, the pandemic's heightened emphasis on sustainability and environmental consciousness has fueled interest in electric automobiles and similar technology. However, supply chain interruptions, economic uncertainty, and changes in consumer buying patterns during the epidemic have provided obstacles for the Electric Vehicle Conversion Kits industry. Many consumers' willingness and ability to invest in vehicle conversion projects were impacted by the pandemic-induced economic crisis. Furthermore, global supply chain disruptions hampered component availability, resulting in delays and increased costs for conversion kit producers. On the plus side, the pandemic has raised awareness about traditional automobiles' environmental impact, creating a long-term interest in sustainable mobility solutions.
● The Russia-Ukraine conflict has had an impact on global markets, particularly the Electric Vehicle (EV) Conversion Kits industry. The crisis has created uncertainty in the supply chain, particularly with regard to the sourcing of critical components for these kits. Because Ukraine is a major source of materials such as metals and electronic components, regional interruptions have resulted in increased costs and shortages for makers of Electric Vehicle Conversion Kits. Geopolitical conflicts have also contributed to commodity price volatility, affecting overall conversion kit production costs. Furthermore, as geopolitical and economic issues take precedence, the war has diverted attention and resources away from sustainable efforts and green technologies. Despite the difficulties, there may be a silver lining in the form of a renewed emphasis on energy independence and a drive towards more sustainable practices as countries seek alternatives to traditional fossil fuels. Long-term growth in the Electric Vehicle Conversion Kits market may be possible if governments and industry increase their efforts to create a strong and resilient supply chain for sustainable transportation solutions, thereby contributing to a more robust and environmentally friendly automotive landscape.
Key Takeaways:
● Asia-Pacific Region Shares the Highest Market Share
Geographically, in the global Electric Vehicle Conversion Kits market share, Asia-Pacific is analyzed to grow with the highest CAGR of 35% in 2023. The growing awareness of environmental sustainability, combined with government programs supporting electric mobility, has driven regional interest in EV conversions. With a boom in demand for Electric Vehicle Conversion Kits, countries such as China, Japan, and South Korea have been at the forefront of this trend. Because of these countries' powerful manufacturing ecosystems, the development and distribution of high-quality conversion kits have been enabled, making them more accessible to both individual consumers and commercial entities. Furthermore, the growing popularity of electric vehicles, along with a favorable regulatory environment, has produced a favorable atmosphere for the EV conversion market to thrive.
Individuals and businesses have been encouraged to explore electric alternatives via conversion kits as a result of government incentives, subsidies, and tough emissions rules. As a prominent player in the global automotive market, the Asia-Pacific region is experiencing a move towards sustainable transportation, and Electric Vehicle Conversion Kits play an important role in this transition by providing a cost-effective way to convert existing vehicles to electric vehicles. As the area prioritizes green initiatives and sustainable development, the Asia-Pacific Electric Vehicle Conversion Kits market is expected to rise in the near future.
● The passenger cars Segment to Register the Fastest Growth
In the Electric Vehicle Conversion Kits Market analysis, the passenger cars segment is estimated to grow with the fastest CAGR 17.2% during the forecast period. The passenger automobile segment has emerged as a critical driver for the development of Electric Vehicle Conversion Kits as global demand for electric transportation grows. Owners of typical petrol or diesel-powered passenger cars are increasingly looking for sustainable alternatives that do not require the purchase of an entirely new electric vehicle. Conversion kits provide an appealing alternative by allowing people to convert their existing automobiles into electric vehicles, aligning with the growing environmental consciousness and demand for cleaner mobility. As the largest component of the automotive sector, the passenger car category represents a sizable addressable market for conversion kit makers.
The appeal extends to both DIY enthusiasts and those looking for professional conversion services, with flexibility and customization choices to accommodate a wide range of consumer tastes. Government incentives and legislation promoting electric mobility increase the appeal of converting passenger cars to electric, hence fueling the growth of the Electric Vehicle Conversion Kits industry. As this trend gathers traction, the passenger car segment is expected to play an important role in the global expansion and evolution of the EV Conversion Kits market.
● The Mid-Price is the Fastest Growing Segment in the Market
According to the Electric Vehicle Conversion Kits Market forecast, the Mid-Price sector is estimated to register the fastest growth with CAGR 16.8% growth during the forecast period. The mid-price market, located between high-end, premium kits and budget-friendly solutions, appeals to a wide range of consumers looking for a combination of affordability and quality. This sector has grown in popularity because it meets the concerns of cost-conscious vehicle owners who want to adopt electric mobility without making a significant financial investment.
Mid-priced Electric Vehicle Conversion Kits provide a competitive edge by including a comprehensive set of components, such as electric motors, batteries, and controllers, at a lower cost than premium alternatives. Individual customers, DIY enthusiasts, and small-scale fleet owners interested in switching their vehicles to electric power would find this pricing appealing.
Furthermore, mid-priced conversion kits frequently find a balance between performance and cost-effectiveness, making them an appealing choice for individuals looking for a dependable and efficient electric conversion solution. As the mid-price segment gains pace, it is expected to be a key driver in expanding electric vehicle conversions, encouraging widespread use, and considerably contributing to the overall growth of the Electric Vehicle Conversion Kits market.
● Rising Fuel Costs and Volatility
Fuel price volatility and the rising expense of traditional vehicle fuels are significant market drivers for the Electric Vehicle Conversion Kits market. As people feel the economic impact of shifting fuel prices, the appeal of electric vehicles grows. EV Conversion Kits provide a strategic answer by giving an alternate power source that is more cost-effective in the long run. The possibility of large fuel savings, along with a desire for energy independence, pushes vehicle owners to investigate electric conversions. This driver is especially important in countries where gasoline prices are volatile, reinforcing the economic benefits of electric transportation. As the price of fuel increases, consumers are getting attracted to the EV market which fuels up the growth of the Electric Vehicle Conversion Kits market.
● Technological Advancements and Innovation in Conversion Kits
Electric Vehicle Conversion Kits are driving market expansion by improving the efficiency, performance, and user experience of converted vehicles. Battery technology, electric motors, and control systems advancements are producing more powerful, compact, and energy-efficient conversion kits. These technological advancements contribute to longer driving ranges, faster charging times, and overall performance improvements in electrically converted automobiles. Furthermore, the incorporation of smart technology, regenerative braking systems, and advanced battery management solutions elevates Electric Vehicle Conversion Kits to the forefront of alternative energy. As technology advances, providing superior and more accessible conversion solutions, consumer interest grows, accelerating the overall growth trajectory of the EV Conversion Kits market.
● Battery Technology and Range Limitations restrain the growth of the Electric Vehicle Conversion Kits Market
The restrictions in driving range caused by battery technology represent a significant barrier to the EV Conversion Kits business. The capacities of the batteries used in conversion kits substantially influence the performance and efficiency of electric vehicles. Existing battery technologies, on the other hand, may encounter hurdles in terms of energy density, weight, and cost-effectiveness, affecting the overall performance of converted cars. Prospective EV owners continue to be concerned about range anxiety, or the dread of running out of battery power before reaching a charging station. Overcoming these issues will necessitate ongoing breakthroughs in battery technology, such as the development of high-energy-density batteries and cost-effective energy storage technologies. Addressing range constraints also involves innovation in charging infrastructure as well as the integration of smart battery management technologies to optimize energy utilization.
Key Market Players:
Product/Service launches, approvals, patents and events, acquisitions, partnerships and collaborations are key strategies adopted by players in the Electric Vehicle Conversion Kits Market. The top 10 companies in this industry are listed below:
1. EV West (EV Trainer Cart - Fully Assembled and Running - AC50 or Hyper9, Karmann Ghia EV Conversion Kit, AC Motor, Regen Braking, 1955-1974)
2. Zero EV (large Drive unit Kit, Small Drive Unit kit)
3. Canadian Electric Vehicles Ltd. (Land Rover Defender EV Conversion Kit, Porsche 911 EV Conversion Kit with Hyper9 96V Drive System & Battery Pack)
4. Robert Bosch GmbH. (eAxle systems)
5. Loop Moto (Loop Moto's Retrofitted Electric Cars, Loop Moto's Retrofitted Small Commercial Vehicles (Scvs))
6. TREMEC ElectricGT (eGT-913 SYSTEM – Porsche 911, 912, 964)
7. EVolution Australia (Land Rover Series Defender Electric Car, VW / AUDI EV Conversion Kit Range 130km)
8. E-Trio (Maruti 800 EV Conversion Kit)
9. Northway motorsport Kit (4.3 Kwh Portable Battery Pack for EV Quick Charge, Tata Ace EV Retrofit)
10. ampREVOLT (EV Conversion Kit For Allis-Chalmers Model G Tractor)
Scope of Report:
1. Electric Vehicle Conversion Kits Market - Overview
1.1. Definitions and Scope
2. Electric Vehicle Conversion Kits Market - Executive Summary
3. Electric Vehicle Conversion Kits Market - Comparative Analysis
3.1. Company Benchmarking - Key Companies
3.2. Global Financial Analysis - Key Companies
3.3. Market Share Analysis - Key Companies
3.4. Patent Analysis
3.5. Pricing Analysis
4. Electric Vehicle Conversion Kits Market - Start-up Companies Scenario
4.1. Key Start-up Company Analysis by
4.1.1. Investment
4.1.2. Revenue
4.1.3. Venture Capital and Funding Scenario
5. Electric Vehicle Conversion Kits Market – Market Entry Scenario Premium
5.1. Regulatory Framework Overview
5.2. New Business and Ease of Doing Business Index
5.3. Case Studies of Successful Ventures
6. Electric Vehicle Conversion Kits Market - Forces
6.1. Market Drivers
6.2. Market Constraints
6.3. Market Challenges
6.4. Porter's Five Force Model
6.4.1. Bargaining Power of Suppliers
6.4.2. Bargaining Powers of Customers
6.4.3. Threat of New Entrants
6.4.4. Rivalry Among Existing Players
6.4.5. Threat of Substitutes
7. Electric Vehicle Conversion Kits Market – Strategic Analysis
7.1. Value Chain Analysis
7.2. Opportunities Analysis
7.3. Market Life Cycle
8. Electric Vehicle Conversion Kits Market – by Vehicle Class (Market Size – $Million/$Billion)
8.1. Mid-Priced
8.2. Luxury
9. Electric Vehicle Conversion Kits Market – by Component Type (Market Size – $Million/$Billion)
9.1. Electric Motor Kit
9.2. Battery Kit
9.3. Charging Kit
10. Electric Vehicle Conversion Kits Market – by Application (Market Size – $Million/$Billion)
10.1. Passengers Cars
10.2. Commercial Vehicles
10.3. Two-Wheelers
11. Electric Vehicle Conversion Kits Market – by Distribution Channel (Market Size – $Million/$Billion)
11.1. Original Equipment Manufacturers (OEMs)
11.2. Retailers and Dealers
11.3. E-commerce Platforms
11.4. Others
12. Electric Vehicle Conversion Kits Market – by Geography (Market Size – $Million/$Billion)
12.1. North America
12.1.1. The U.S.
12.1.2. Canada
12.1.3. Mexico
12.2. Europe
12.2.1. UK
12.2.2. Germany
12.2.3. France
12.2.4. Italy
12.2.5. Spain
12.2.6. Russia
12.2.7. Rest of Europe
12.3. Asia-Pacific
12.3.1. China
12.3.2. India
12.3.3. Japan
12.3.4. South Korea
12.3.5. Australia & New Zealand
12.3.6. Rest of Asia-Pacific
12.4. South America
12.4.1. Brazil
12.4.2. Argentina
12.4.3. Chile
12.4.4. Colombia
12.4.5. Rest of South America
12.5. Rest of the World
12.5.1. Middle East
12.5.2. Africa
13. Electric Vehicle Conversion Kits Market – Entropy
14. Electric Vehicle Conversion Kits Market – Industry/Segment Competition Landscape
14.1. Market Share Analysis
14.1.1. Market Share by Product Type – Key Companies
14.1.2. Market Share by Region – Key Companies
14.1.3. Market Share by Country – Key Companies
14.2. Competition Matrix
14.3. Best Practices for Companies
15. Electric Vehicle Conversion Kits Market – Key Company List by Country Premium
16. Electric Vehicle Conversion Kits Market - Company Analysis
16.1. EV West
16.2. Zero EV
16.3. Canadian Electric Vehicles Ltd.
16.4. Robert Bosch GmbH.
16.5. Loop Moto
16.6. TREMEC ElectricGT
16.7. EVolution Australia
16.8. E-Trio
16.9. Northway motorsport Kit
16.10 .ampREVOLT
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The Electric Vehicle Conversion Kits Market is projected to grow at 15.2% CAGR during the forecast period 2024-2030.
Global Electric Vehicle Conversion Kits Market size is estimated to be $0.6 billion in 2023 and is projected to reach $2 billion by 2030.
The leading players in the Electric Vehicle Conversion Kits Market are EV West, Zero EV, Canadian Electric Vehicles Ltd., Robert Bosch GmbH., Loop Moto, TREMEC ElectricGT and others.