5 Major Insights On The Vehicle Conversion Market 2023
The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032
As per The Business Research Company’s Vehicle Conversion Global Market Report 2023, the vehicle conversion market is expected to show significant growth in the forecast period.
The global vehicle conversion market is on an upward trajectory, poised to grow from $4.13 billion in 2022 to $4.52 billion in 2023, with a compound annual growth rate (CAGR) of 9.6%. The market is expected to reach $6.31 billion by 2027, at a CAGR of 8.7%. Let’s delve into the factors driving this growth, with a spotlight on the rising demand for electric vehicles and the key trend of product innovation.
- Powering Ahead: The Rise of Electric Vehicles (EVs):
- The surge in demand for electric vehicles (EVs) is a pivotal driver for the vehicle conversion market.
- Electric vehicles use an electric motor powered by a battery, offering benefits such as increased longevity, cost savings, and lower environmental impact.
- According to the US Department of Energy, new light-duty plug-in electric vehicle sales nearly doubled from 308,000 in 2020 to 608,000 in 2021.
- The International Energy Agency reports that electric vehicle sales nearly doubled to 6.6 million in 2021, accounting for almost 9% of total sales, with a 4% increase from the previous year.
- Industry Leaders in Focus: Major Players in the Vehicle Conversion Market:
- Key players in the vehicle conversion market include BraunAbility, Kisae Technology Inc., Outside Van, and many others.
- These major players contribute to the competitive landscape, driving innovation and shaping the market’s direction.
- Trend Watch: Product Innovation in Vehicle Conversion:
- Product innovation emerges as a significant trend in the vehicle conversion market, with companies striving to develop new and innovative solutions.
- Electrogenic Ltd., a UK-based electric vehicle conversion company, introduced a range of drop-in EV conversion kits in November 2022.
- The unique feature of these kits allows for installation while preserving the original design and structure of the vehicle, ensuring all conversions are reversible.
- Electrogenic’s drop-in kits are designed to deliver exceptional drivability, performance, and efficiency, preparing vehicles for the era of sustainable, low-carbon motoring.
- Market Segmentation: Understanding the Dimensions of Vehicle Conversion:
a) By Type
- b) By Vehicle Type:
- Passenger Car
- Commercial Vehicle
- Other Vehicle Types
- c) By Conversion Type:
- Mobility Conversion
- Commercial Conversion
- Recreational Conversion
- Other Conversion Types
- Regional Dynamics:
- North America emerges as the largest region in the vehicle conversion market in 2022, showcasing the regional variations in market dynamics.
View More On The Vehicle Conversion Market Report 2023 – https://www.thebusinessresearchcompany.com/report/vehicle-conversion-global-market-report
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The Vehicle Conversion Global Market Report 2023 provides an in-depth analysis on the vehicle conversion market size, trends and drivers, opportunities, strategies, and companies analysis. The countries covered in the vehicle conversion market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA, and the major seven regions are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
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