AUTOMOTIVE & TRANSPORTATION
Global Vehicle Conversion Market - Industry Trends and Forecast to 2032
REPORT OVERVIEW
Global Vehicle Conversion Market, By Vehicle Type (Passenger Cars, Commercial Vehicles, and Two-Wheelers), Conversion Kit Type (Battery Electric Vehicle (BEV) Conversion Kits and Plug-in Hybrid Electric Vehicle (PHEV) Conversion Kits), Battery Technology (Lithium-ion Batteries, Solid-State Batteries, and Other Emerging Technologies), Powertrain Conversion (Motor Selection (AC, DC, Induction), Motor Mounting and Integration, and Transmission and Drivetrain Modifications), Vehicle-to-Grid (V2G) Integration (Bi-Directional Charging Technologies and Grid Connectivity and Control Systems), Vehicle Electrification Levels (Mild Hybrid Conversion, Full Hybrid Conversion, and Plug-in Hybrid Conversion), Software and Connectivity (Vehicle Control Systems, Telematics and Remote Monitoring, and Over-the-Air (OTA) Updates), End-user (Personal Use, Fleet Vehicles, and Public Transport), Region (North America, Europe, Asia-Pacific, South America, Middle East and Africa) – Industry Trends and Forecast to 2032.
Market Insights
The global vehicle conversion market size is valued to be USD xx million in 2023 and is expected to reach USD xx million by 2032, and it is expected to register a CAGR of xx% over the forecast period 2024-2032.
The ICE Vehicle to EV conversion service market encompasses the provision of services and products aimed at transforming traditional Internal Combustion Engine (ICE) vehicles into Electric Vehicles (EVs). This includes retrofitting existing vehicles with electric drivetrains, batteries, and associated components to enable them to operate on electric power instead of fossil fuels. The market includes a range of conversion solutions catering to various vehicle types, including passenger cars, commercial vehicles, and two-wheelers.
The respective global report analyses market trends, consumer behaviour and industry dynamics to guide towards entry into new markets with ease. Also, it assists in tailoring market specific and related products and services to meet the needs, preferences, and expectations of target audience by delving into their psychology. The report also specializes with comprehensive and extensive competitive analysis which offers useful insights into competitor strengths, weaknesses, opportunities, and threats. The respective report offers exclusive insights into the potential impact of disruptive developments and technologies that are expected to completely transform corporate operations. The context includes tailor-made research solutions to create a stronger footprint in their particular industries thereby offering dedicated customized solutions according to the client needs which helps in addressing unique business challenges with more simplified and efficient decision-making solutions.
Market Dynamics
DRIVERS
- Government incentives and regulations
- Expansion of charging infrastructure
RESTRAINTS
- High initial costs
- Limited technological expertise
OPPORTUNITIES
- Aftermarket support and upgrades
- Collaboration with OEMs and automakers
CHALLENGES
- Challenges in supply chain and component sourcing
- Educational and training needs
SEGMENTATION
- Vehicle Type
- Passenger Cars
- Commercial Vehicles
- Vans
- Trucks
- Buses
- Two-wheelers
- Conversion Kit Type
- Battery Electric Vehicle (BEV) Conversion Kits
- Plug-in Hybrid Electric Vehicle (PHEV) Conversion Kits
- Battery Technology
- Lithium-ion Batteries
- Solid-State Batteries
- Other Emerging Technologies
- Powertrain Conversion
- Motor Selection (AC, DC, Induction)
- Motor Mounting and Integration
- Transmission and Drivetrain Modifications
- Vehicle-to-Grid (V2G) Integration
- Bi-Directional Charging Technologies
- Grid Connectivity and Control Systems
- Vehicle Electrification Levels
- Mild Hybrid Conversion
- Full Hybrid Conversion
- Plug-in Hybrid Conversion
- Software and Connectivity
- Vehicle Control Systems
- Telematics and Remote Monitoring
- Over-the-Air (OTA) Updates
- End-user
- Personal Use
- Fleet Vehicles
- Commercial
- Taxi
- Rental
- Public Transport
The respective global report is completely customizable specific to regions (North America, Europe, Asia-Pacific, South America, Middle East and Africa), countries, segments, and key players as per the client requirements.
REGIONAL SEGMENTATION
- North America
- U.S.
- Canada
- Mexico
- Rest of North America
- Europe
- Germany
- U.K.
- France
- Italy
- Spain
- Russia
- The Netherlands
- Belgium
- Turkey
- Rest of Europe
- Asia-Pacific
- China
- India
- Japan
- South Korea
- Singapore
- Malaysia
- Australia
- Thailand
- Philippines
- Rest of Asia-Pacific
- South America
- Brazil
- Argentina
- Chile
- Colombia
- Rest of South America
- Middle East and Africa
- Kingdom of Saudi Arabia
- South Africa
- U.A.E.
- Egypt
- Rest of Middle East and Africa
KEY MARKET PLAYERS
- EV West
- Zero Labs Automotive
- Electric GT
- Zelectric Motors
- Electric Classic Cars
- Swindon Powertrain
- Lunaz Design
- RBW Electric Classic Cars
- Moment Motors
- Electrogenic
Table OF CONTENTS
- SECTION 1 - INTRODUCTION
- 1.1 Taxonomy
- 1.2 Market Overview
- 1.3 Currency and Limitations
- 1.3.1 Currency
- 1.3.2 Limitations
- 1.4 Key Competitors
- SECTION 2 - RESEARCH METHODOLOGY
- 2.1 Research Approach
- 2.2 Data Collection and Validation
- 2.2.1 Secondary Research
- 2.2.2 Primary Research
- 2.3 Market Assessment
- 2.3.1 Market Size Estimation
- 2.3.2 Bottom-up Approach
- 2.3.3 Top-down Approach
- 2.3.4 Growth Forecast
- 2.4 Market Study Assumptions
- 2.5 Data Sources
- SECTION 3 - EXECUTIVE SUMMARY
- 3.1 Global Vehicle Conversion Market, by Vehicle Type
- 3.2 Global Vehicle Conversion Market, by Conversion Kit Type
- 3.3 Global Vehicle Conversion Market, by Battery Technology
- 3.4 Global Vehicle Conversion Market, by Powertrain Conversion
- 3.5 Global Vehicle Conversion Market, by Vehicle-to-Grid (V2G) Integration
- 3.6 Global Vehicle Conversion Market, by Vehicle Electrification Levels
- 3.7 Global Vehicle Conversion Market, by Software and Connectivity
- 3.8 Global Vehicle Conversion Market, by End-user
- 3.9 Global Vehicle Conversion Market, by Geography
- 3.10 Market Position Grid
- SECTION 4 - PREMIUM INSIGHTS
- 4.1 Regulatory Framework
- 4.1.1 Standards
- 4.1.2 Regulatory Landscape
- 4.2 Value Chain Analysis
- 4.3 Supply Chain Analysis
- 4.4 COVID-19 Impact
- 4.5 Russia-Ukraine War Impact
- 4.6 PORTER's Five Force Analysis
- 4.7 PESTLE Analysis
- 4.8 SWOT Analysis
- 4.9 Go to Market Strategy
- 4.10 Opportunity Orbit
- 4.11 Multivariate Modelling
- 4.12 Pricing Analysis
- SECTION 5 - MARKET DYNAMICS
- 5.1 Trends
- 5.1.1 Modular conversion kits
- 5.1.2 Sustainable materials and manufacturing
- 5.1.3 Trend 3
- 5.2 Drivers
- 5.2.1 Government incentives and regulations
- 5.2.2 Expansion of charging infrastructure
- 5.2.3 Driver 3
- 5.2.4 Driver 4
- 5.3 Restraints
- 5.3.1 High initial costs
- 5.3.2 Limited technological expertise
- 5.3.3 Restraint 3
- 5.4 Opportunities
- 5.4.1 Aftermarket support and upgrades
- 5.4.2 Collaboration with OEMs and automakers
- 5.4.3 Opportunity 3
- 5.4.4 Opportunity 4
- 5.5 Challenges
- 5.5.1 Challenges in supply chain and component sourcing
- 5.5.2 Educational and training needs
- 5.5.3 Challenge 3
- SECTION 6 - GLOBAL VEHICLE CONVERSION MARKET, BY VEHICLE TYPE
- 6.1 Vehicle Type Summary
- 6.2 Market Attractive Index
- 6.3 Global Vehicle Conversion Market, by Vehicle Type (2019-2032)
- SECTION 7 - GLOBAL VEHICLE CONVERSION MARKET, BY CONVERSION KIT TYPE
- 7.1 Conversion Kit Type Summary
- 7.2 Market Attractive Index
- 7.3 Global Vehicle Conversion Market, by Conversion Kit Type (2019-2032)
- SECTION 8 - GLOBAL VEHICLE CONVERSION MARKET, BY BATTERY TECHNOLOGY
- 8.1 Battery Technology Summary
- 8.2 Market Attractive Index
- 8.3 Global Vehicle Conversion Market, by Battery Technology (2019-2032)
- SECTION 9 - GLOBAL VEHICLE CONVERSION MARKET, BY POWERTRAIN CONVERSION
- 9.1 Powertrain Conversion Summary
- 9.2 Market Attractive Index
- 9.3 Global Vehicle Conversion Market, by Powertrain Conversion (2019-2032)
- SECTION 10 - GLOBAL VEHICLE CONVERSION MARKET, BY VEHICLE-TO-GRID (V2G) INTEGRATION
- 10.1 Vehicle-to-Grid (V2G) Integration Summary
- 10.2 Market Attractive Index
- 10.3 Global Vehicle Conversion Market, by Vehicle-to-Grid (V2G) Integration (2019-2032)
- SECTION 11 - GLOBAL VEHICLE CONVERSION MARKET, BY VEHICLE ELECTRIFICATION LEVELS
- 11.1 Vehicle Electrification Levels Summary
- 11.2 Market Attractive Index
- 11.3 Global Vehicle Conversion Market, by Vehicle Electrification Levels (2019-2032)
- SECTION 12 - GLOBAL VEHICLE CONVERSION MARKET, BY SOFTWARE AND CONNECTIVITY
- 12.1 Software and Connectivity Summary
- 12.2 Market Attractive Index
- 12.3 Global Vehicle Conversion Market, by Software and Connectivity (2019-2032)
- SECTION 13 - GLOBAL VEHICLE CONVERSION MARKET, BY END-USER
- 13.1 End-user Summary
- 13.2 Market Attractive Index
- 13.3 Global Vehicle Conversion Market, by End-user (2019-2032)
- SECTION 14 - GLOBAL VEHICLE CONVERSION MARKET, BY GEOGRAPHY
- 14.1 Regional Summary
- 14.2 Market Attractive Index
- 14.3 Global Vehicle Conversion Market, by Geography (2019-2032)
- SECTION 15 - NORTH AMERICA VEHICLE CONVERSION MARKET
- 15.1 North America Summary
- 15.2 Market Attractive Index
- 15.3 North America Vehicle Conversion Market, by Vehicle Type (2019-2032)
- 15.4 North America Vehicle Conversion Market, by Conversion Kit Type (2019-2032)
- 15.5 North America Vehicle Conversion Market, by Battery Technology (2019-2032)
- 15.6 North America Vehicle Conversion Market, by Powertrain Conversion (2019-2032)
- 15.7 North America Vehicle Conversion Market, by Vehicle-to-Grid (V2G) Integration (2019-2032)
- 15.8 North America Vehicle Conversion Market, by Vehicle Electrification Levels (2019-2032)
- 15.9 North America Vehicle Conversion Market, by Software and Connectivity (2019-2032)
- 15.10 North America Vehicle Conversion Market, by End-user (2019-2032)
- 15.11 North America Vehicle Conversion Market, by Country (2019-2032)
- 15.11.1 U.S.
- 15.11.2 Canada
- 15.11.3 Mexico
- 15.11.4 Rest of North America
- SECTION 16 - EUROPE VEHICLE CONVERSION MARKET
- 16.1 Europe Summary
- 16.2 Market Attractive Index
- 16.3 Europe Vehicle Conversion Market, by Vehicle Type (2019-2032)
- 16.4 Europe Vehicle Conversion Market, by Conversion Kit Type (2019-2032)
- 16.5 Europe Vehicle Conversion Market, by Battery Technology (2019-2032)
- 16.6 Europe Vehicle Conversion Market, by Powertrain Conversion (2019-2032)
- 16.7 Europe Vehicle Conversion Market, by Vehicle-to-Grid (V2G) Integration (2019-2032)
- 16.8 Europe Vehicle Conversion Market, by Vehicle Electrification Levels (2019-2032)
- 16.9 Europe Vehicle Conversion Market, by Software and Connectivity (2019-2032)
- 16.10 Europe Vehicle Conversion Market, by End-user (2019-2032)
- 16.11 Europe Vehicle Conversion Market, by Country (2019-2032)
- 16.11.1 Germany
- 16.11.2 U.K.
- 16.11.3 France
- 16.11.4 Italy
- 16.11.5 Spain
- 16.11.6 Russia
- 16.11.7 The Netherlands
- 16.11.8 Belgium
- 16.11.9 Turkey
- 16.11.10 Rest of Europe
- SECTION 17 - ASIA-PACIFIC VEHICLE CONVERSION MARKET
- 17.1 Asia-Pacific Summary
- 17.2 Market Attractive Index
- 17.3 Asia-Pacific Vehicle Conversion Market, by Vehicle Type (2019-2032)
- 17.4 Asia-Pacific Vehicle Conversion Market, by Conversion Kit Type (2019-2032)
- 17.5 Asia-Pacific Vehicle Conversion Market, by Battery Technology (2019-2032)
- 17.6 Asia-Pacific Vehicle Conversion Market, by Powertrain Conversion (2019-2032)
- 17.7 Asia-Pacific Vehicle Conversion Market, by Vehicle-to-Grid (V2G) Integration (2019-2032)
- 17.8 Asia-Pacific Vehicle Conversion Market, by Vehicle Electrification Levels (2019-2032)
- 17.9 Asia-Pacific Vehicle Conversion Market, by Software and Connectivity (2019-2032)
- 17.10 Asia-Pacific Vehicle Conversion Market, by End-user (2019-2032)
- 17.11 Asia-Pacific Vehicle Conversion Market, by Country (2019-2032)
- 17.11.1 China
- 17.11.2 India
- 17.11.3 Japan
- 17.11.4 South Korea
- 17.11.5 Singapore
- 17.11.6 Malaysia
- 17.11.7 Australia
- 17.11.8 Thailand
- 17.11.9 Philippines
- 17.11.10 Rest of Asia-Pacific
- SECTION 18 - SOUTH AMERICA VEHICLE CONVERSION MARKET
- 18.1 South America Summary
- 18.2 Market Attractive Index
- 18.3 South America Vehicle Conversion Market, by Vehicle Type (2019-2032)
- 18.4 South America Vehicle Conversion Market, by Conversion Kit Type (2019-2032)
- 18.5 South America Vehicle Conversion Market, by Battery Technology (2019-2032)
- 18.6 South America Vehicle Conversion Market, by Powertrain Conversion (2019-2032)
- 18.7 South America Vehicle Conversion Market, by Vehicle-to-Grid (V2G) Integration (2019-2032)
- 18.8 South America Vehicle Conversion Market, by Vehicle Electrification Levels (2019-2032)
- 18.9 South America Vehicle Conversion Market, by Software and Connectivity (2019-2032)
- 18.10 South America Vehicle Conversion Market, by End-user (2019-2032)
- 18.11 South America Vehicle Conversion Market, by Country (2019-2032)
- 18.11.1 Brazil
- 18.11.2 Argentina
- 18.11.3 Chile
- 18.11.4 Colombia
- 18.11.5 Rest of South America
- SECTION 19 - MIDDLE EAST AND AFRICA VEHICLE CONVERSION MARKET
- 19.1 Middle East and Africa Summary
- 19.2 Market Attractive Index
- 19.3 Middle East and Africa Vehicle Conversion Market, by Vehicle Type (2019-2032)
- 19.4 Middle East and Africa Vehicle Conversion Market, by Conversion Kit Type (2019-2032)
- 19.5 Middle East and Africa Vehicle Conversion Market, by Battery Technology (2019-2032)
- 19.6 Middle East and Africa Vehicle Conversion Market, by Powertrain Conversion (2019-2032)
- 19.7 Middle East and Africa Vehicle Conversion Market, by Vehicle-to-Grid (V2G) Integration (2019-2032)
- 19.8 Middle East and Africa Vehicle Conversion Market, by Vehicle Electrification Levels (2019-2032)
- 19.9 Middle East and Africa Vehicle Conversion Market, by Software and Connectivity (2019-2032)
- 19.10 Middle East and Africa Vehicle Conversion Market, by End-user (2019-2032)
- 19.11 Middle East and Africa Vehicle Conversion Market, by Country (2019-2032)
- 19.11.1 Kingdom of Saudi Arabia
- 19.11.2 South Africa
- 19.11.3 U.A.E.
- 19.11.4 Egypt
- 19.11.5 Rest of Middle East and Africa
- SECTION 20 - COMPANY SHARE ANALYSIS
- 20.1 Global Vehicle Conversion Market, Company Share Analysis
- 20.2 North America Vehicle Conversion Market, Company Share Analysis
- 20.3 Europe Vehicle Conversion Market, Company Share Analysis
- 20.4 Asia-Pacific Vehicle Conversion Market, Company Share Analysis
- SECTION 21 - COMPANY PROFILES
- 21.1 EV West
- 21.1.1 Company Snapshot
- 21.1.2 Financial Overview
- 21.1.3 Product Portfolio
- 21.1.4 Recent Developments
- 21.2 Zero Labs Automotive
- 21.2.1 Company Snapshot
- 21.2.2 Financial Overview
- 21.2.3 Product Portfolio
- 21.2.4 Recent Developments
- 21.3 Electric GT
- 21.3.1 Company Snapshot
- 21.3.2 Financial Overview
- 21.3.3 Product Portfolio
- 21.3.4 Recent Developments
- 21.4 Zelectric Motors
- 21.4.1 Company Snapshot
- 21.4.2 Financial Overview
- 21.4.3 Product Portfolio
- 21.4.4 Recent Developments
- 21.5 Electric Classic Cars
- 21.5.1 Company Snapshot
- 21.5.2 Financial Overview
- 21.5.3 Product Portfolio
- 21.5.4 Recent Developments
- 21.6 Swindon Powertrain
- 21.6.1 Company Snapshot
- 21.6.2 Financial Overview
- 21.6.3 Product Portfolio
- 21.6.4 Recent Developments
- 21.7 Lunaz Design
- 21.7.1 Company Snapshot
- 21.7.2 Financial Overview
- 21.7.3 Product Portfolio
- 21.7.4 Recent Developments
- 21.8 RBW Electric Classic Cars
- 21.8.1 Company Snapshot
- 21.8.2 Financial Overview
- 21.8.3 Product Portfolio
- 21.8.4 Recent Developments
- 21.9 Moment Motors
- 21.9.1 Company Snapshot
- 21.9.2 Financial Overview
- 21.9.3 Product Portfolio
- 21.9.4 Recent Developments
- 21.10 Electrogenic
- 21.10.1 Company Snapshot
- 21.10.2 Financial Overview
- 21.10.3 Product Portfolio
- 21.10.4 Recent Developments
- SECTION 22 - RELATED REPORTS
- SECTION 23 - DISCLAIMER
RESEARCH METHODOLOGY
The research methodology employed in Uniprism Market Research involves four basic steps namely research and data collection, data pre-processing, modeling and forecasting, quality assurance and output.
RESEARCH AND DATA COLLECTION
A tripod model research technique is followed for research and data collection in which various approaches such as primary research, secondary research, and product mapping are considered.
Primary research basically involves the process of conducting personalized interviews with market related professionals of major market players, investors, distributors, vendors and many more.
The secondary research include data published by government, annual reports, press releases, investor presentations of companies, white papers, certified publications, annual manufacturing limit of the respective industries related to the market, production consumption analysis of certain products respective to the market and many more.
Below mention are few of the sources which we have considered while estimating the market size:
For instance,
- Research articles published on Technium
- Science and MDPI
- Research publications by government approved associations and societies
Product mapping means the process of mapping the list of products that a key player contributes to the market as well as estimating the revenue of those products in order to define the Global Company share analysis of the respective Global Company in global, regional, and country level markets.
DATA PRE-PROCESSING
The term "data pre-processing" refers to the collection of procedures and methods used to clean, modify, and make ready for analysis the raw data gathered during research and data collection. The completion of this phase is necessary to guarantee that the data are reliable, consistent, and appropriate for statistical analysis and other data-driven tasks. The data pre-processing ensures that the information gathered from research and data collection is comparable and expressed in standard units, by the integration of missing data pointers and algorithmic approaches.
MODELING AND FORECASTING
The process of developing mathematical, statistical, or computational representations of real-world occurrences or relationships is known as modelling. These models are intended to replicate and explain market interactions, interdependence, and dynamics. These models are used by Uniprism Market Research to acquire a better knowledge of numerous market characteristics such as customer preferences, pricing elasticity, competition dynamics, and more. Depending on the individual study aims, many types of models are utilized, such as regression models, econometric models, decision tree models, and machine learning models.
Forecasting is the process of predicting future market conditions, trends, and occurrences using past data and models. Forecasting is used by Uniprism Market Research to estimate future sales, demand for products or services, market growth, and other important performance metrics. Forecasting accurately can assist organizations in making educated decisions about resource allocation, pricing, inventory management, and marketing tactics.
We create standardized bottom-up or top-down models that scale by leveraging data science and machine learning technology. All our market models consider the unique market characteristics of each country. Forecasting is based on major market indicators and a combination of traditional methodologies, such as exponential smoothing, time series analysis, regression analysis, and more modern techniques such as machine learning algorithms are all forecasting methodologies. The method chosen is determined on the nature of the data and the specific forecasting aims.
QUALITY ASSURANCE AND OUTPUT
Quality assurance and output involves the process of validation, adjustments, further publications of key market indicators. Extensive plausibility and consistency tests are performed on derived time series to ensure the high degree of quality of our market analysis. This quality assurance procedure also includes rigorous inspection, validation, and editing by an experienced management team to assure the dependability of the published data.