Hybrid Electric Vehicle Conversion Kit Market to grow by $ 27.70 in 2020, A123 Systems LLC and ALTe Technologies emerge as Key Contributors to growth | Industry Analysis, Market Trends, Opportunities and Forecast 2024 |Technavio

LONDON--(BUSINESS WIRE)--Technavio has been monitoring the hybrid electric vehicle conversion kit market and it is poised to grow by 27.70 th units during 2020-2024, progressing at a CAGR of almost 13% during the forecast period. The report offers an up-to-date analysis regarding the current market scenario, latest trends and drivers, and the overall market environment.

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Impact of COVID-19

The COVID-19 pandemic continues to transform the growth of various industries, however, the immediate impact of the outbreak is varied. While a few industries will register a drop in demand, numerous others will continue to remain unscathed and show promising growth opportunities. COVID-19 will have a low impact on the hybrid electric vehicle conversion kit market. The market growth in 2020 is likely to Increase compared to the market growth in 2019.

Frequently Asked Questions:

• What are the major trends in the market?
  The focus of government authorities towards attaining economies of scale for conversion kits is a major trend driving the growth of the market.
  
• At what rate is the market projected to grow?
  The market will accelerate at a CAGR of almost 13% and the incremental growth of the market is anticipated to be 27.70 th units.
  
• Who are the top players in the market?
  A123 Systems LLC, ALTe Technologies, Altigreen Propulsion Labs Pvt. Ltd., Enginer, EVDrive, Hybrid Design Services Inc., IX Energy Pvt. Ltd., KPIT Technologies Ltd., Odyne Systems LLC, and XL Hybrids Inc, are some of the major market participants.
  
• What is the key market driver?
  The use of lightweight conversion kits is one of the major factors driving the market.
  
• How big is the North America market?
  The North America region will contribute to 40% of the market share.

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The market is fragmented, and the degree of fragmentation will accelerate during the forecast period. A123 Systems LLC, ALTe Technologies, Altigreen Propulsion Labs Pvt. Ltd., Enginer, EVDrive, Hybrid Design Services Inc., IX Energy Pvt. Ltd., KPIT Technologies Ltd., Odyne Systems LLC, and XL Hybrids Inc. are some of the major market participants. The use of lightweight conversion kits will offer immense growth opportunities. In a bid to help players strengthen their market foothold, this hybrid electric vehicle conversion kit market forecast report provides a detailed analysis of the leading market vendors. The report also empowers industry honchos with information on the competitive landscape and insights into the different product offerings offered by various companies.

Technavio's custom research reports offer detailed insights on the impact of COVID-19 at an industry level, a regional level, and subsequent supply chain operations. This customized report will also help clients keep up with new product launches in direct & indirect COVID-19 related markets, upcoming vaccines and pipeline analysis, and significant developments in vendor operations and government regulations.

Hybrid Electric Vehicle Conversion Kit Market 2020-2024: Segmentation

Hybrid Electric Vehicle Conversion Kit Market is segmented as below:

• Application
  • Commercial Vehicles
  • Passenger Cars
• Geography
  • North America
  • APAC
  • Europe
  • South America
  • MEA

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Hybrid Electric Vehicle Conversion Kit Market 2020-2024: Scope

Technavio presents a detailed picture of the market by the way of study, synthesis, and summation of data from multiple sources. The hybrid electric vehicle conversion kit market report covers the following areas:

• Hybrid Electric Vehicle Conversion Kit Market Size
• Hybrid Electric Vehicle Conversion Kit Market Trends
• Hybrid Electric Vehicle Conversion Kit Market Industry Analysis

This study identifies focus of government authorities towards attaining economies of scale for conversion kits as one of the prime reasons driving the Hybrid Electric Vehicle Conversion Kit Market growth during the next few years.

Technavio suggests three forecast scenarios (optimistic, probable, and pessimistic) considering the impact of COVID-19. Technavio’s in-depth research has direct and indirect COVID-19 impacted market research reports.

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Hybrid Electric Vehicle Conversion Kit Market 2020-2024: Key Highlights

• CAGR of the market during the forecast period 2020-2024
• Detailed information on factors that will assist hybrid electric vehicle conversion kit market growth during the next five years
• Estimation of the hybrid electric vehicle conversion kit market size and its contribution to the parent market
• Predictions on upcoming trends and changes in consumer behavior
• The growth of the hybrid electric vehicle conversion kit market
• Analysis of the market’s competitive landscape and detailed information on vendors
• Comprehensive details of factors that will challenge the growth of hybrid electric vehicle conversion kit market vendors

Table of Contents:

Executive Summary

Market Landscape

• Market ecosystem
• Value chain analysis

Market Sizing

• Market definition
• Market segment analysis
• Market size 2019
• Market outlook: Forecast for 2019-2024

Five Forces Analysis

• Five forces summary
• Bargaining power of buyers
• Bargaining power of suppliers
• Threat of new entrants
• Threat of substitutes
• Threat of rivalry
• Market condition

Market Segmentation by Application

• Market segments
• Comparison by Application
• Commercial vehicles - Market size and forecast 2019-2024
• Passenger cars - Market size and forecast 2019-2024
• Market opportunity by Application

Customer landscape

Geographic Landscape

• Geographic segmentation
• Geographic comparison
• North America - Market size and forecast 2019-2024
• APAC - Market size and forecast 2019-2024
• Europe - Market size and forecast 2019-2024
• South America - Market size and forecast 2019-2024
• MEA - Market size and forecast 2019-2024
• Key leading countries
• Market opportunity by geography
• Market drivers
• Market challenges
• Market trends

Vendor Landscape

• Overview
• Vendor landscape
• Landscape disruption

Vendor Analysis

• Vendors covered
• Market positioning of vendors
• A123 Systems LLC
• ALTe Technologies
• Altigreen Propulsion Labs Pvt. Ltd.
• Enginer
• EVDrive
• Hybrid Design Services Inc.
• IX Energy Pvt. Ltd.
• KPIT Technologies Ltd.
• Odyne Systems LLC
• XL Hybrids Inc.

Appendix

• Scope of the report
• Currency conversion rates for US$
• Research methodology
• List of abbreviations

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Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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