Automotive Conversion Kit Market Key Opportunity, Analysis, Growth, Trends by year 2032
As per the report published by FMI, the global automotive conversion kit market is projected to have a moderate-paced CAGR of 5.5% during the forecast period. The current valuation of the market is US$ 3,746.8 Million in 2022. The market value of automotive conversion kits is anticipated to reach a high of US$ 6,490.9 Million by 2032.
Automotive conversion kits are gaining rapid traction as they enable smooth replacement of automotive parts with new parts and are thoroughly helping to customize and modify the vehicle as per the customer’s requirement.
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According to the findings of Future Market Insights, an unprecedented surge in demand for automotive conversion kits has been witnessed due to the rising trend of customization of vehicles. This product is becoming economical for the customers as they can modify their vehicles as they desire, discarding the high-cost investment of purchasing a new vehicle. It is identified that hobbyists having larger budgets prefer converting a vehicle model of a particular type over purchasing a new one.
However, it is anticipated by the expert analysts at FMI that the high cost of the kit, coupled with high installation charges, is likely to hamper the expansion of the forum in the long run.
FMI has analyzed that escalating safety measures are being considered while driving a vehicle, and the customers are inclining towards greater comfort and support. Additionally, there is a rising trend toward low environmental burden and an underpinning need for improving the essential functions of automobiles, such as turning, running, and stopping, which is likely to boost the market growth for automotive conversion kits.
Key Takeaways from the Automotive Conversion Kit Market
- Europe is projected to dominate the global automotive conversion kit market with a 27.6% market share from 2022-2032.
- The North American region accounted for a market share of 23.9% during the base year.
- A historical CAGR of 3.6% was witnessed during 2016-2021.
- Electric Batteries are a significant sub-segment of the automotive conversion kit market on account of the increasing usage of electric vehicles in various developing countries.
“Reduction of government tax for purchasing electric vehicles and high availability of old cars that require energy saving kit, coupled with customer preference for enhanced features are likely to create lucrative growth opportunities for the manufacturers in the automotive conversion kit market.” – Says an FMI Analyst
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Competition Landscape in the Automotive Conversion Kit Market
The key players proliferating in the automotive conversion kit market are gradually shifting their focus towards the modification of vehicles, wherein they can make changes to the features and enhance them according to the desires and requirements of the customers.
They are continually indulging in modifications and getting into mergers and acquisitions (M&As) to expand the market share of automotive conversion kits further in the global forum and gain more traction during the estimated period of study.
SkyCNG, Hidlook, Canadian Electric Vehicles Ltd., Nash Fuel, Inc., Unitex Gas Equipment, EuropeGAS are some of the key players in the market.
Key Segments Profiled in the Automotive Conversion Kit Industry Analysis
Automotive Conversion Kit Market by Application:
- Automotive Power Conversion Kit
- Electric Batteries and Hydrogen
- Automotive Brake Conversion Kit
- Drum Brakes
- Front Brakes
- Rear Brakes
- Disk Brakes
- Front Brakes
- Rear Brakes
- Drum Brakes
- Automotive Lights Conversion Kit
- Automotive Locking System Conversion Kit
- Automotive Steering Conversion Kit
- Automotive Energy Saving Conversion Kit
Automotive Conversion Kit Market by Vehicle:
- Automotive Conversion Kits for Passenger Cars
- Automotive Conversion Kits for Commercial Vehicles
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Recent Developments in the Automotive Conversion Kit Market:
- In March 2021- SkyCNG announce that it has entered into an agreement with Onboard Dynamics to promote and sell its GoFlo®, GoFill®, and GoVac® product lines.
- In 2021- Meladh auto component launched a retrofit table electric hybrid kit for existing petrol scooters. The kit, once fitted in a petrol scooter, turns the vehicle into an electric hybrid scooter. As the name says ‘Hybrid’, the kit, once fitted in a petrol scooter, turns the vehicle into an electric Hybrid scooter.
- In July 2021 – Starya Mobility come up with India’s first electric propulsion kit for scooters. The kit will be used in combination with a swappable battery. It will be used to convert gearless petrol-powered scooters into fully electric units. The kit has been developed after more than two years of extensive research.
- In October 2020 – EV West announced a new Tesla crate motor kit designed to convert V8 muscle cars to EVs. The drop-in package consists of a complete Tesla drive unit, including an inverter and mounting brackets.