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Vehicle Conversion Market Trends

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

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Vehicle Conversion Market Trends

Vendor development primarily drives the global vehicle conversion market development. Converting a conventional vehicle into an EV necessitates changes to the vehicle's powertrain, which require skilled professionals to install conversion kits. Moreover, installation of these kits increases the vehicle’s weight. As a result, conversion kit manufacturers are working on simplifying their conversion kits by reducing kit weight. For example, Stealth EV offers lightweight & compact conversion kits for vehicle conversion. However, market vendors are also developing battery technology that will enable vehicle conversion.

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.