The global automotive conversion kit market size is anticipated to thrive at a CAGR of 5.5% from 2023 to 2033. The automotive conversion kit market share is projected to surpass US$ 3,881.7 million in 2023 and is likely to attain a valuation of US$ 6,630.5 million by 2033.
A conversion kit is capable of converting an older vehicle to run on electricity less expensive than purchasing a brand-new electric car. Conversion kits are becoming a more appealing alternative for consumers with limited financial resources who want to experience the advantages of electric mobility as a result of their steadily falling price.
The market for car conversion kits is growing in tandem with the surge in demand for electric vehicles. These kits make it possible to retrofit electric powertrains into conventional automobiles, allowing customers to make the switch to electric mobility without having to buy a brand-new electric vehicle.
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Automotive conversion kits are becoming more and more popular, which has increased rivalry between sellers and manufacturers. This competition promotes innovation and the creation of conversion kit solutions that are more sophisticated and effective. Consumers now have access to a wider variety of conversion kit alternatives as manufacturers continue to improve their products to stand out in the market.
The electrification of municipal and commercial fleets is mostly made possible by conversion kits. Organizations may achieve sustainability objectives, cut operating costs, and show environmental responsibility by switching current fleet cars to electric power. The drive toward fleet electrification is a key trend driving up demand for automobile conversion kits.
Governments all over the world are implementing strict emission controls in place and encouraging the use of electric cars as a result of growing frets about climate change and pollution. Vehicle owners have a different option to cut emissions and abide by these laws without having to replace their current vehicles with new ones due to automotive conversion kits.
The conversion kit industry has expanded as a result of ongoing improvements in electric vehicle technology, battery efficiency, and power management systems. These advancements have made it possible for electric powertrains to operate more efficiently, cover longer distances, and fit into current cars with more ease.
The development of the electric car charging infrastructure has been a significant driver of the automobile conversion kit industry. Vehicle owners are more inclined to switch to electric power when more charging stations are made accessible internationally because they know they may have access to easy charging choices. Furthermore, an expanding trend of DIY (do-it-yourself) enthusiasts and amateurs enjoy altering and personalizing their automobiles. Automotive conversion kits serve this market niche by giving car owners the parts and information they need to do the alterations themselves. This trend helps the industry grow since it appeals to those looking for distinctive and individualized vehicle experiences.
Recent Developments Observed by FMI:
- GoGoA1 launched conversion kits for two and three-wheeler models in March 2022. The company aims to launch four-wheeler and commercial vehicle conversion kits in the next financial year.
- French start-up launched a US$ 5,600 conversion kit in February 2022. The company aims to provide eco-friendly transition solutions for the automobile industry.
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Automotive Conversion Kit Market Segmentation
By Application:
- Automotive Power Conversion Kit
- Diesel
- Propane
- CNG
- Electric Batteries and Hydrogen
- Automotive Brake Conversion Kit
- Drum Brakes
- Front Brakes
- Rear Brakes
- Disk Brakes
- Front Brakes
- Rear Brakes
- Drum Brakes
- Automotive Lights Conversion Kit
- Automotive Locking System Conversion Kit
- Automotive Energy Saving Conversion Kit
By Vehicle:
- Passenger Cars
- Commercial Vehicles
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia
- The Middle East & Africa (MEA)
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer, Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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