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Hybrid Electric Vehicle (EV) Conversion Kit Market Share

Report ID: GMI9973
Published Date: Jun 2024
Report Format: PDF

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Hybrid Electric Vehicle Conversion Kit Market Share

EV West and Protean Electric hold a significant market share of over 6% in the hybrid EV conversion kit industry. These prominent players in the hybrid EV conversion kit industry are focusing on several key strategies to capitalize on market opportunities and stay competitive. Firstly, these companies are investing heavily in research and development to innovate and enhance their conversion kit offerings.

This includes developing more efficient battery technologies, optimizing electric motor performance, and refining control systems to improve overall conversion kit performance and reliability. By staying at the forefront of technological advancements, major players aim to differentiate their products, attract customers seeking high-quality conversion solutions, and expand their market share.

Additionally, these players are expanding their global presence and strategic partnerships to access new markets and distribution channels. This involves collaborating with automotive manufacturers, fleet operators, and government agencies to promote the adoption of hybrid EV conversion kits and leverage existing infrastructure and resources. Furthermore, major players are exploring opportunities in emerging markets, such as Asia-Pacific and Latin America, where there is growing demand for sustainable transportation solutions and supportive regulatory environments. By establishing a strong presence in these regions and forging strategic alliances, major players seek to tap into new revenue streams and drive market growth.

Hybrid Electric Vehicle Conversion Kit Market Companies

Major players operating in the hybrid EV conversion kit industry are:

EV West LLC
EVDrive Inc.
IX Energy Private Limited
Moditech
Odyne Systems LLC
Protean Electric Limited
REVOLT Electric Vehicle Conversion
SAE Magmotor
Stealth EV
Thunderstruck Motors

Authors: Preeti Wadhwani, Aishvarya Ambekar

Frequently Asked Questions (FAQ) :

The market size of hybrid electric vehicle (EV) conversion kit reached USD 344.3 million in 2023 and will witness 15% CAGR between 2024 and 2032, due to rising environmental concerns and stringent emission regulations, pushing for greener transportation solutions.

The plug-in segment recorded 44% of the hybrid electric vehicle (EV) conversion kit industry share in 2023, driven by its versatility and appeal for offering both electric and conventional engine capabilities.

North America market registered 40% share in 2023, attributed to the region's well-established automotive industry, coupled with favorable government policies promoting eco-friendly initiatives and robust consumer demand for sustainable transportation solutions.

EV West LLC, EVDrive Inc., IX Energy Private Limited, Moditech, Odyne Systems LLC, Protean Electric Limited, REVOLT Electric Vehicle Conversion, SAE Magmotor, Stealth EV, and Thunderstruck Motors, among others.