Vehicle Conversion Market size to grow at a CAGR of 7.75% from 2022 to 2027, North America to Occupy 43% Market Share, Technavio

NEW YORK, Feb. 23, 2024 /PRNewswire/ -- The vehicle conversion market is estimated to grow at a CAGR of 7.75% between 2022 and 2027. The market size is forecast to increase by USD 2,167.54 million, according to Technavio. North America is poised to contribute 43% to the global market growth, driven by the increasing adoption of electric vehicles (EVs). The US and Canada lead in revenue generation, propelled by rising concerns over vehicle pollution. Factors such as lower operational costs and governmental incentives are driving EV adoption. Despite higher costs, North America is witnessing significant EV uptake, supported by stringent emissions regulations and government initiatives. The region favors hybrid electric vehicles (HEVs), battery electric vehicles (BEVs), and alternative fuel-powered vehicles, boosting demand for related kits and spurring market growth in the forecast period. Request a sample report

Market Insights -

• Companies: 15+, Including Adventure Van Custom Conversions, Canadian Electric Vehicles Ltd., Dave In Action LLC, Deere and Co., DIYEV Inc., Electric Classic Cars, Electric GT Inc., EV Source, EV4U Custom Conversions, EVDrive, Glampervan, Green Shed Conversions, HI PERFORMANCE ELECTRIC VEHICLE SYSTEMS, Kisae Technology Inc., OPTO innovation, retroEv, Road Warrior Conversions, Stealth EV, ZENVANZ, and EV West, among others
• Coverage: Parent market analysis; key drivers, major trends, and challenges; customer and company landscape; company product insights and recent developments; key companies; and market positioning of companies
• Segments: type (product and services), vehicle type (passenger car, commercial vehicle, and others), and geography (North America, APAC, Europe, South America, and Middle East and Africa). To understand more about the vehicle conversion market, request a sample report

Company Insights

The growing competition in the market is compelling companies to adopt various growth strategies such as promotional activities and spending on advertisements to improve the visibility of their services. Technavio report analyzes the market's competitive landscape and offers information on several market companies including - Adventure Van Custom Conversions, Canadian Electric Vehicles Ltd., Dave In Action LLC, Deere and Co., DIYEV Inc., Electric Classic Cars, Electric GT Inc., EV Source, EV4U Custom Conversions, EVDrive, Glampervan, Green Shed Conversions, HI PERFORMANCE ELECTRIC VEHICLE SYSTEMS, Kisae Technology Inc., OPTO innovation, retroEv, Road Warrior Conversions, Stealth EV, ZENVANZ, and EV West

The growing focus on electric technology for vehicles

The growing popularity of electric vehicles (EVs) has resulted in higher costs compared to traditional internal combustion engine (ICE) vehicles. As a cost-effective alternative, vehicles with ICE are being converted to electric vehicles through vehicle modifications. In addition, developed countries have seen a boom in charging infrastructure that has resulted in the conversion of ICE vehicles to electric vehicles. Furthermore, government interest in EV technology has resulted in local companies offering efficient conversion kits and reducing costs through economies of scale. For example, DIYEV offers various electromechanical actuators that need to be bolted to an existing motor mount (ICE). It also offers battery modules for small, medium, and large trucks and buses. Similarly, Green Shed Conversions offers power conversion kits for converting vehicles. Therefore, these factors are expected to drive market growth during the forecast period.

• Growing development by companies is a major trend in the market. 
• Performance issues related to vehicle conversion are a significant challenge restricting market growth. Drivers, Trends & Challenges have an impact on market dynamics and can impact businesses. Find some insights from a sample report!

Analyst Review

The Vehicle Conversion Market is a dynamic sector witnessing significant growth and innovation across various segments. Commercial conversion holds a substantial market share, driven by the increasing demand for specialized vehicles like ambulances, mobile food trucks, and camper vans. As consumer preferences evolve, there's a rising inclination towards electric vehicle (EV) conversions, catalyzing a shift from traditional internal combustion engines to efficient electric motors and advanced battery systems. Aftermarket companies and specialty shops play pivotal roles in meeting this surge in demand, offering bespoke solutions for wheelchair-accessible vehicles and other customized conversions. With the vehicle conversion market value on the rise, stakeholders are poised to capitalize on emerging opportunities and technological advancements in this dynamic industry.

In today's dynamic market, the vehicle conversion market caters to a diverse range of clientele, from individual customers seeking tailored rides to businesses aiming for specialized fleet solutions. This sector intersects with emerging trends like healthcare transport, food services vehicles, and tourism conveyances, reflecting changing consumer lifestyles and preferences. As urbanization intensifies, so does the demand for delivery services and recreational vehicles, particularly in the camper van conversion segment. Moreover, there's a growing emphasis on eco-friendly and sustainable transportation solutions, driving the surge in electric vehicle conversions. To meet these demands, industry players focus on advancement of technology and new materials to ensure feasible and accessible options, promising a future where personalized mobility knows no bounds.

The Vehicle Conversion Market is experiencing significant growth, primarily driven by population expansion and increasing awareness of accessible transportation options for individuals with disabilities. With a rising aging population, there's a burgeoning need for customized and personalized vehicle conversions to meet diverse mobility needs. Hand controls and adaptive driving systems are becoming essential features, reflecting individual preferences and driving the rising adoption of these solutions. However, market restraints such as high upfront costs, affordability concerns, and complex certification processes pose challenges. Despite these obstacles, opportunities abound in this market, fueled by the rising demand for mobility solutions. To thrive, stakeholders must navigate regulations adeptly while innovating to enhance affordability and accessibility for all. Find some insights from a sample report!

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Table of Contents

1 Executive Summary
2 Landscape
3 Sizing
4 Historic Size
5 Five Forces Analysis
6 Segmentations
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Vendor Landscape
11 Vendor Analysis
12 Appendix

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SOURCE Technavio