The Vehicle Conversion Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Vehicle Conversion Global Market Report 2024, The vehicle conversion market size has grown strongly in recent years. It will grow from $4.52 billion in 2023 to $4.95 billion in 2024 at a compound annual growth rate (CAGR) of 9.4%. The growth in the historic period can be attributed to accessibility improvement, regulatory changes, demand for customization, rise in accessibility awareness, aging population demands.
The vehicle conversion market size is expected to see strong growth in the next few years. It will grow to $6.87 billion in 2028 at a compound annual growth rate (CAGR) of 8.5%. The growth in the forecast period can be attributed to financial and insurance support expansion, cultural emphasis on inclusivity, innovative ride-sharing adaptation, expansion in commercial sector demand, personalized solutions. Major trends in the forecast period include modular conversion kits, smart integration solutions, subscription-based conversion services, enhanced autonomous accessibility, shared accessibility platforms.
The rising demand for electric vehicles (EVs) is expected to boost the growth of the vehicle conversion market going forward. An electric vehicle (EV) is a vehicle that can move forward using an electric motor that draws power from a battery and can be externally charged. Converting a vehicle to an electric vehicle (EV) has multiple benefits, including increased vehicle longevity, cost savings, the use of existing infrastructure, and a lower environmental impact. For instance, in March 2022, according to a report published by the US Department Of Energy, a US-based intergovernmental organization, the number of new light-duty plug-in electric vehicle sales, which includes both electric vehicles and plug-in hybrid electric vehicle sales, nearly doubled from 308,000 in 2020 to 608,000 in 2021. Furthermore, in September 2022, according to the reports shared by the International Energy Agency, a France-based autonomous intergovernmental organization, sales of electric vehicles nearly doubled to 6.6 million in 2021 compared to 2020, which is almost 9% of sales share, and increased by 4% in 2021. Therefore, the rising demand for electric vehicles (EVs) is driving the growth of the vehicle conversion market.
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The vehicle conversion market covered in this report is segmented –
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
Product innovation is the key trend gaining popularity in the vehicle conversion market. Major companies operating in the vehicle conversion market are focusing on developing new products to sustain their position in the market. For instance, in November 2022, Electrogenic Ltd., a UK-based electric vehicle conversion company, launched its range of drop-in EV conversion kits. This product’s unique feature allows for installation while maintaining the original design and structure of the vehicle, making all conversions reversible. Due to the electrogenic range of drop-in kits, expected to deliver exceptional drivability, performance, and efficiency, vehicles will be future-proofed and prepared for the rapidly approaching age of sustainable, low-carbon motoring.
The vehicle conversion market report table of contents includes:
1. Executive Summary
2. Market Characteristics
3. Market Trends And Strategies
4. Impact Of COVID-19
5. Market Size And Growth
6. Segmentation
7. Regional And Country Analysis
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27. Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
Major Players:
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