Global Hybrid Electric Vehicle Conversion Kits Market Overview:
The Global Hybrid Electric Vehicle Conversion Kits Market is expected to grow at a CAGR of approximately xx% till 2025. The growing shift toward alternative fuel vehicles such as Electric Vehicle Conversion due to increasing pollution levels is seen in urban cities. The poor charging infrastructure in the developing countries such as India has pushed the authorities for the implementation of hybrid technology and conversion kits.
For instance, Road Transport and Highway Ministry of India, hand out the notification in 2016 to allow retrofitting and started certifying the manufacturers of conversion kits. Likewise, the administration has asked key automotive dealers such as Bosch and Cummins to offer retrofitting technology for the Indian customers. Additionally, the government is also trying to decrease the price of retrofitting kit by attaining the economies of scale benefits to the manufacturers by generating more awareness and supporting schemes that can lead to the increased adoption of retrofitting technology in India.
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Drivers and Restraints:
The increasing growth of simplified and light weight conversion kits is one of the foremost key trends that will gain traction in the hybrid electric vehicle conversion kit market. The change of conventional vehicles into hybrid vehicle needs alterations to the vehicle powertrain and need experts to install conversion kits. Conversion kits in the advanced areas are valued between USD 9,500 and USD 12,000 and professional guidance increases the cost further. Additionally, the weight of the vehicle increases due to the conversion kit fitment. Due to this, conversion kit manufacturers are looking at shortening the conversing kit by lowering the weight of the kit.
On the basis of geography, Hybrid Electric Vehicle Conversion Kits Market has been divided into many areas like Europe, North America, and Asia pacific. Hybrid Electric Vehicle Conversion Kits Market has been mostly dominated by North America, followed by Europe.
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The major companies of Hybrid Electric Vehicle Conversion Kits Market such as Enginer, XL Hybrids, KPIT Technologies, Odyne Systems, and EVDrive.
Scope of the report:
The report offers a comprehensive analysis of the industry by providing the estimations of market potential and forecasts with utmost granularity. Along this, the factors influential in effecting the market dynamics and trends are discussed in detail at the product level. Further, the performance of the market at the regional and country-level is assessed and the prospects with high growth potential are identified and debated.
The key players in the industry are profiled providing insights on their financial performance, market position and growth strategies. Comparative analysis on prime strategical activities of the market players delineating the key developments like mergers & acquisitions, collaborations and an evaluation of the competitive environment within the industry are provided. The report also offers a broad outlook of the market along with recommendations from industry experts on the opportunities for investment activity.
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