The Business Research Company’s Vehicle Conversion Global Market Report 2023 is the most detailed report available on the market, including broad forecast periods and multiple geographies. The report covers the historic period – 2010-2021, and the forecast period – 2023-2032. The Vehicle Conversion Global Market Report 2023 evaluates vehicle conversion market size, growth rate, drivers, trends, and major companies.
The report provides a global perspective by covering 60 geographies and focusing on major economies in each region – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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The global vehicle conversion market is poised for substantial expansion, with a projected ascent from its 2022 valuation of $4.13 billion to an estimated $4.52 billion in 2023. This growth trajectory represents an impressive compound annual growth rate (CAGR) of 9.6%. However, it is imperative to acknowledge the seismic impact of the Russia-Ukraine conflict on global economic rehabilitation efforts following the COVID-19 pandemic. This ongoing strife has ushered in a host of economic sanctions affecting multiple nations, a sharp escalation in commodity prices, and the consequential disruptions to intricate supply chains. The resultant inflationary pressures ripple through both goods and services, exerting a far-reaching influence on a multitude of global markets. It is with this intricate backdrop that the vehicle conversion market is anticipated to demonstrate continued growth, with a forecasted valuation of $6.31 billion by 2027, underpinned by a CAGR of 8.7%. This underscores the resilience and adaptability of the vehicle conversion sector in the face of geopolitical and economic challenges.
The surging demand for electric vehicles (EVs) is poised to be a pivotal catalyst propelling the future growth of the vehicle conversion market. It’s imperative to comprehend that an electric vehicle (EV) is an innovative mode of transportation that is powered by an electric motor drawing its energy from a rechargeable battery and is capable of external charging. The process of transforming a conventional vehicle into an electric vehicle (EV) yields a multitude of advantages, ranging from enhanced vehicle durability to substantial cost savings. Furthermore, this paradigm shift leverages the existing infrastructure, thereby bolstering its sustainability. One cannot overlook the considerable environmental benefits conferred by EV adoption.
Intriguingly, a report released in March 2022 by the United States Department of Energy, a distinguished intergovernmental organization based in the US, disclosed a remarkable surge in the sales of light-duty plug-in electric vehicles. This category encompasses both pure electric vehicles and plug-in hybrid electric vehicles. The figures unveiled a striking leap from 308,000 units in 2020 to an impressive 608,000 units in 2021, exemplifying the accelerating pace of EV adoption within the US.
Similarly, data shared by the International Energy Agency, a renowned France-based autonomous intergovernmental organization, in September 2022 spotlighted the global ascent of electric vehicle sales. In 2021, sales of electric vehicles nearly doubled to reach a commendable 6.6 million units, as compared to the preceding year, constituting a substantial 9% share of the total automotive market. This growth demonstrated a 4% increase in the adoption rate within a single year. It is undeniably evident that the burgeoning demand for electric vehicles is unequivocally steering the momentum of the vehicle conversion market towards a promising trajectory.
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The vehicle conversion market segments in the report are:
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
The table of contents in TBRC’s vehicle conversion market report includes:
- Executive Summary
- Vehicle Conversion Market Characteristics
- Vehicle Conversion Market Trends And Strategies
- Vehicle Conversion Market – Macro Economic Scenario
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- Global Vehicle Conversion Market Competitive Benchmarking
- Global Vehicle Conversion Market Competitive Dashboard
- Key Mergers And Acquisitions In The Vehicle Conversion Market
- Vehicle Conversion Market Future Outlook and Potential Analysis
- Appendix
Top 5 Major Key Players Are:
- BraunAbility
- Kisae Technology Inc
- Outside Van
- Vanworks Inc
- El Kapitan Van Conversion
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