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Vehicle Conversion Market Analysis

Report ID: GMI6039
Published Date: Jun 2023
Report Format: PDF

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Vehicle Conversion Market Analysis

Vehicle Conversion Market Revenue, By Type,

The services segment held a significant share of 35% in 2022. Customers can seek guidance from vehicle conversion service providers when selecting a conversion option to meet their specific needs. These providers assess customer requirements, advise on appropriate conversions, and assist in the designing of customized solutions. Service providers enable customers to make informed decisions by providing expert advice, thereby fueling demand for vehicle conversions.

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The commercial vehicle conversion market crossed a valuation of USD 1.5 billion in 2022. Commercial vehicle conversions optimize the functionality and efficiency of vehicles in commercial operations. By adding custom features and modifications, such as cargo management systems, partitions, or workstations, conversions enable businesses to maximize their operational capabilities. These improvements in efficiency and productivity are highly valued by businesses, leading to an increased segment growth.

The commercial conversion segment is projected to witness 8% growth during 2023-2032. Commercial conversions offer industry-specific customization, allowing businesses to design vehicles as per requirements. Commercial conversions provide businesses with the flexibility to optimize vehicles as per their specific operations including adding storage compartments, workbenches & specialized equipment or configuring the interior layout for efficient workflow. This customization option drives the demand for commercial conversions as businesses seek vehicles that can enhance their productivity and meet industry-specific needs.

North America Vehicle Conversion Market Revenue,

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North America vehicle conversion market captured global share of 40% in 2022. Numerous industries in the region require specialized vehicles for various purposes. Vehicle conversions are used to meet the needs of various industries such as transportation, logistics, construction, healthcare, food service, and emergency services. Conversion services are in high demand due to the diverse industrial landscape and businesses seeking customized solutions to optimize their operations.

Authors: Preeti Wadhwani

Frequently Asked Questions (FAQ) :

The market size of vehicle conversion reached USD 4.6 billion in 2022 and is projected to register 8.5% CAGR during 2023 to 2032 owing to the growing emphasis on electric vehicle technology worldwide.

Demand for commercial vehicle conversion is expected to witness 8% growth rate from 2023 to 2032 as it offers industry-specific customization, allowing businesses to design vehicles as per requirements.

North America held over 40% of the industry share in 2022 and is anticipated to witness high demand due to the diverse industrial landscape and businesses seeking customized solutions to optimize their operations.

Some of the prominent vehicle conversion companies include Adventure Van Conversions, BraunAbility, Creative Mobile Interiors, DIYEV Inc., El Kapitan Conversion Vans, Electric Classic Cars, EV Source, and EV4U Custom Conversions.