The Vehicle Conversion Market size to grow at a CAGR of 7.75% from 2022 to 2027|The growing focus on electric technology for vehicles will Drive Growth -Technavio

NEW YORK, Aug. 7, 2023 -- The vehicle conversion market is estimated to grow at a CAGR of 7.75% between 2022 and 2027. The market size is forecast to increase by USD 2,167.54 million, according to Technavio. - Request a sample report

Vehicle Conversion Market Insights -

• Companies: 15+, Including Adventure Van Custom Conversions, Canadian Electric Vehicles Ltd., Dave In Action LLC, Deere and Co., DIYEV Inc., Electric Classic Cars, Electric GT Inc., EV Source, EV4U Custom Conversions, EVDrive, Glampervan, Green Shed Conversions, HI PERFORMANCE ELECTRIC VEHICLE SYSTEMS, Kisae Technology Inc., OPTO innovation, retroEv, Road Warrior Conversions, Stealth EV, ZENVANZ, and EV West, among others
• Coverage: Parent market analysis; key drivers, major trends, and challenges; customer and company landscape; company product insights and recent developments; key companies; and market positioning of companies
• Segments: type (product and services), vehicle type (passenger car, commercial vehicle, and others), and geography (North America, APAC, Europe, South America, and Middle East and Africa). 

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Vehicle Conversion Market - Company Insights

The growing competition in the market is compelling companies to adopt various growth strategies such as promotional activities and spending on advertisements to improve the visibility of their services. Technavio report analyzes the market's competitive landscape and offers information on several market companies including - Adventure Van Custom Conversions, Canadian Electric Vehicles Ltd., Dave In Action LLC, Deere and Co., DIYEV Inc., Electric Classic Cars, Electric GT Inc., EV Source, EV4U Custom Conversions, EVDrive, Glampervan, Green Shed Conversions, HI PERFORMANCE ELECTRIC VEHICLE SYSTEMS, Kisae Technology Inc., OPTO innovation, retroEv, Road Warrior Conversions, Stealth EV, ZENVANZ, and EV West

Vehicle Conversion Market – Market Dynamics

Key Drivers

The growing focus on electric technology for vehicles is a key factor driving market growth. The growing popularity of electric vehicles (EVs) has resulted in higher costs compared to traditional internal combustion engine (ICE) vehicles. As a cost-effective alternative, vehicles with ICE are being converted to electric vehicles through vehicle modifications. In addition, developed countries have seen a boom in charging infrastructure that has resulted in the conversion of ICE vehicles to electric vehicles.

Furthermore, government interest in EV technology has resulted in local companies offering efficient conversion kits and reducing costs through economies of scale. For example, DIYEV offers various electromechanical actuators that need to be bolted to an existing motor mount (ICE). It also offers battery modules for small, medium, and large trucks and buses. Similarly, Green Shed Conversions offers power conversion kits for converting vehicles. Therefore, these factors are expected to drive market growth during the forecast period.

Major Trends

Growing development by companies is a major trend in the market. Converting a conventional vehicle to an electric vehicle requires powertrain modifications that require professional installation. However, manufacturers are working to simplify and lighten conversion kits. Companies such as Stealth EVs offer lightweight and compact conversion kits. In addition, installing a conversion kit fitment increases the weight of the vehicle. Therefore, converter manufacturers try to simplify the converter by reducing the weight of the converter.

Furthermore, Companies are also developing advanced battery technology for vehicle conversion. In March 2023, John Deere launched a new concept battery system with his 20kWh and 40kWh options with high energy density and enhanced safety features. Hence, these factors are expected to drive market growth during the forecast period.

Significant Challenges

Performance issues related to vehicle conversion are a significant challenge restricting market growth. Battery failure is common for converted vehicle owners, requiring battery replacement every few years and increasing maintenance costs. Converted EVs typically have a limited range of 200 miles or less, making them less suitable for long-distance travel. Although the battery on a converted vehicle is warranted for several years, the battery's performance depends on several factors, such as the number of charge cycles, the rate of depletion, the charging and discharging time, and humidity.

Additionally, repairing a modified electric vehicle can be more difficult than a conventional vehicle. Hence, performance issues are expected to restrict market growth during the forecast period.

Drivers, Trends & Challenges have an impact on market dynamics and can impact businesses. Find some insights from a sample report!

The vehicle conversion market report provides critical information and factual data, with a qualitative and quantitative study of the market based on market drivers and limitations as well as prospects.

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What are the key data covered in this Vehicle Conversion Market report?

• CAGR of the market during the forecast period
• Detailed information on factors that will drive the growth of the vehicle conversion market between 2023 and 2027
• Precise estimation of the size of the vehicle conversion market and its contribution to the market with a focus on the parent market
• Accurate predictions about upcoming trends and changes in consumer behavior
• Growth of the vehicle conversion market across North America, APAC, Europe, South America, and the Middle East and Africa
• A thorough analysis of the market's competitive landscape and detailed information about companies
• Comprehensive analysis of factors that will challenge the growth of the vehicle conversion market companies

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Table of Contents

1 Executive Summary

• 1.1 Market overview
• Exhibit 01: Executive Summary – Chart on Market Overview
• Exhibit 02: Executive Summary – Data Table on Market Overview
• Exhibit 03: Executive Summary – Chart on Global Market Characteristics
• Exhibit 04: Executive Summary – Chart on Market by Geography
• Exhibit 05: Executive Summary – Chart on Market Segmentation by Type
• Exhibit 06: Executive Summary – Chart on Market Segmentation by Vehicle Type
• Exhibit 07: Executive Summary – Chart on Incremental Growth
• Exhibit 08: Executive Summary – Data Table on Incremental Growth
• Exhibit 09: Executive Summary – Chart on Vendor Market Positioning

2 Market Landscape

• 2.1 Market ecosystem
• Exhibit 10: Parent market
• Exhibit 11: Market Characteristics

3 Market Sizing

• 3.1 Market definition
• Exhibit 12: Offerings of vendors included in the market definition

• 3.2 Market segment analysis 
• Exhibit 13: Market segments

• 3.3 Market size 2022

• 3.4 Market outlook: Forecast for 2022-2027 
• Exhibit 14: Chart on Global - Market size and forecast 2022-2027 ($ million)
• Exhibit 15: Data Table on Global - Market size and forecast 2022-2027 ($ million)
• Exhibit 16: Chart on Global Market: Year-over-year growth 2022-2027 (%)
• Exhibit 17: Data Table on Global Market: Year-over-year growth 2022-2027 (%)

4 Historic Market Size

• 4.1 Global vehicle conversion market 2017 - 2021 
• Exhibit 18: Historic Market Size – Data Table on global vehicle conversion market 2017 - 2021 ($ million)

• 4.2 Type Segment Analysis 2017 - 2021 
• Exhibit 19: Historic Market Size – Type Segment 2017 - 2021 ($ million)

• 4.3 Vehicle Type Segment Analysis 2017 - 2021 
• Exhibit 20: Historic Market Size – Vehicle Type Segment 2017 - 2021 ($ million)

• 4.4 Geography Segment Analysis 2017 - 2021 
• Exhibit 21: Historic Market Size – Geography Segment 2017 - 2021 ($ million)

• 4.5 Country Segment Analysis 2017 - 2021 
• Exhibit 22: Historic Market Size – Country Segment 2017 - 2021 ($ million)

5 Five Forces Analysis

• 5.1 Five forces summary
• Exhibit 23: Five forces analysis - Comparison between 2022 and 2027

• 5.2 Bargaining power of buyers 
• Exhibit 24: Chart on Bargaining power of buyers – Impact of key factors 2022 and 2027

• 5.3 Bargaining power of suppliers 
• Exhibit 25: Bargaining power of suppliers – Impact of key factors in 2022 and 2027

• 5.4 Threat of new entrants 
• Exhibit 26: Threat of new entrants – Impact of key factors in 2022 and 2027

• 5.5 Threat of substitutes 
• Exhibit 27: Threat of substitutes – Impact of key factors in 2022 and 2027

• 5.6 Threat of rivalry
• Exhibit 28: Threat of rivalry – Impact of key factors in 2022 and 2027

• 5.7 Market condition
• Exhibit 29: Chart on Market condition - Five forces 2022 and 2027

6 Market Segmentation by Type

• 6.1 Market segments
• Exhibit 30: Chart on Type - Market share 2022-2027 (%)
• Exhibit 31: Data Table on Type - Market share 2022-2027 (%)

• 6.2 Comparison by Type
• Exhibit 32: Chart on Comparison by Type
• Exhibit 33: Data Table on Comparison by Type

• 6.3 Product - Market size and forecast 2022-2027 
• Exhibit 34: Chart on Product - Market size and forecast 2022-2027 ($ million)
• Exhibit 35: Data Table on Product - Market size and forecast 2022-2027 ($ million)
• Exhibit 36: Chart on Product - Year-over-year growth 2022-2027 (%)
• Exhibit 37: Data Table on Product - Year-over-year growth 2022-2027 (%)

• 6.4 Services - Market size and forecast 2022-2027 
• Exhibit 38: Chart on Services - Market size and forecast 2022-2027 ($ million)
• Exhibit 39: Data Table on Services - Market size and forecast 2022-2027 ($ million)
• Exhibit 40: Chart on Services - Year-over-year growth 2022-2027 (%)
• Exhibit 41: Data Table on Services - Year-over-year growth 2022-2027 (%)

• 6.5 Market opportunity by Type 
• Exhibit 42: Market opportunity by Type ($ million)
• Exhibit 43: Data Table on Market opportunity by Type ($ million)

7 Market Segmentation by Vehicle Type

• 7.1 Market segments
• Exhibit 44: Chart on Vehicle Type - Market share 2022-2027 (%)
• Exhibit 45: Data Table on Vehicle Type - Market share 2022-2027 (%)

• 7.2 Comparison by Vehicle Type 
• Exhibit 46: Chart on Comparison by Vehicle Type
• Exhibit 47: Data Table on Comparison by Vehicle Type

• 7.3 Passenger car - Market size and forecast 2022-2027 
• Exhibit 48: Chart on Passenger car - Market size and forecast 2022-2027 ($ million)
• Exhibit 49: Data Table on Passenger car - Market size and forecast 2022-2027 ($ million)
• Exhibit 50: Chart on Passenger car - Year-over-year growth 2022-2027 (%)
• Exhibit 51: Data Table on Passenger car - Year-over-year growth 2022-2027 (%)

• 7.4 Commercial vehicle - Market size and forecast 2022-2027 
• Exhibit 52: Chart on Commercial vehicle - Market size and forecast 2022-2027 ($ million)
• Exhibit 53: Data Table on Commercial vehicle - Market size and forecast 2022-2027 ($ million)
• Exhibit 54: Chart on Commercial vehicle - Year-over-year growth 2022-2027 (%)
• Exhibit 55: Data Table on Commercial vehicle - Year-over-year growth 2022-2027 (%)

• 7.5 Others - Market size and forecast 2022-2027 
• Exhibit 56: Chart on Others - Market size and forecast 2022-2027 ($ million)
• Exhibit 57: Data Table on Others - Market size and forecast 2022-2027 ($ million)
• Exhibit 58: Chart on Others - Year-over-year growth 2022-2027 (%)
• Exhibit 59: Data Table on Others - Year-over-year growth 2022-2027 (%)

• 7.6 Market opportunity by Vehicle Type 
• Exhibit 60: Market opportunity by Vehicle Type ($ million)
• Exhibit 61: Data Table on Market opportunity by Vehicle Type ($ million)

8 Customer Landscape

• 8.1 Customer landscape overview 
• Exhibit 62: Analysis of price sensitivity, lifecycle, customer purchase basket, adoption rates, and purchase criteria

9 Geographic Landscape

• 9.1 Geographic segmentation 
• Exhibit 63: Chart on Market share by geography 2022-2027 (%)
• Exhibit 64: Data Table on Market share by geography 2022-2027 (%)

• 9.2 Geographic comparison 
• Exhibit 65: Chart on Geographic comparison
• Exhibit 66: Data Table on Geographic comparison

• 9.3 North America - Market size and forecast 2022-2027 
• Exhibit 67: Chart on North America - Market size and forecast 2022-2027 ($ million)
• Exhibit 68: Data Table on North America - Market size and forecast 2022-2027 ($ million)
• Exhibit 69: Chart on North America - Year-over-year growth 2022-2027 (%)
• Exhibit 70: Data Table on North America - Year-over-year growth 2022-2027 (%)

• 9.4 APAC - Market size and forecast 2022-2027 
• Exhibit 71: Chart on APAC - Market size and forecast 2022-2027 ($ million)
• Exhibit 72: Data Table on APAC - Market size and forecast 2022-2027 ($ million)
• Exhibit 73: Chart on APAC - Year-over-year growth 2022-2027 (%)
• Exhibit 74: Data Table on APAC - Year-over-year growth 2022-2027 (%)

• 9.5 Europe - Market size and forecast 2022-2027 
• Exhibit 75: Chart on Europe - Market size and forecast 2022-2027 ($ million)
• Exhibit 76: Data Table on Europe - Market size and forecast 2022-2027 ($ million)
• Exhibit 77: Chart on Europe - Year-over-year growth 2022-2027 (%)
• Exhibit 78: Data Table on Europe - Year-over-year growth 2022-2027 (%)

• 9.6 South America - Market size and forecast 2022-2027 
• Exhibit 79: Chart on South America - Market size and forecast 2022-2027 ($ million)
• Exhibit 80: Data Table on South America - Market size and forecast 2022-2027 ($ million)
• Exhibit 81: Chart on South America - Year-over-year growth 2022-2027 (%)
• Exhibit 82: Data Table on South America - Year-over-year growth 2022-2027 (%)

• 9.7 Middle East and Africa - Market size and forecast 2022-2027 
• Exhibit 83: Chart on Middle East and Africa - Market size and forecast 2022-2027 ($ million)
• Exhibit 84: Data Table on Middle East and Africa - Market size and forecast 2022-2027 ($ million)
• Exhibit 85: Chart on Middle East and Africa - Year-over-year growth 2022-2027 (%)
• Exhibit 86: Data Table on Middle East and Africa - Year-over-year growth 2022-2027 (%)

• 9.8 US - Market size and forecast 2022-2027 
• Exhibit 87: Chart on US - Market size and forecast 2022-2027 ($ million)
• Exhibit 88: Data Table on US - Market size and forecast 2022-2027 ($ million)
• Exhibit 89: Chart on US - Year-over-year growth 2022-2027 (%)
• Exhibit 90: Data Table on US - Year-over-year growth 2022-2027 (%)

• 9.9 China - Market size and forecast 2022-2027 
• Exhibit 91: Chart on China - Market size and forecast 2022-2027 ($ million)
• Exhibit 92: Data Table on China - Market size and forecast 2022-2027 ($ million)
• Exhibit 93: Chart on China - Year-over-year growth 2022-2027 (%)
• Exhibit 94: Data Table on China - Year-over-year growth 2022-2027 (%)

• 9.10 Germany - Market size and forecast 2022-2027 
• Exhibit 95: Chart on Germany - Market size and forecast 2022-2027 ($ million)
• Exhibit 96: Data Table on Germany - Market size and forecast 2022-2027 ($ million)
• Exhibit 97: Chart on Germany - Year-over-year growth 2022-2027 (%)
• Exhibit 98: Data Table on Germany - Year-over-year growth 2022-2027 (%)

• 9.11 Japan - Market size and forecast 2022-2027 
• Exhibit 99: Chart on Japan - Market size and forecast 2022-2027 ($ million)
• Exhibit 100: Data Table on Japan - Market size and forecast 2022-2027 ($ million)
• Exhibit 101: Chart on Japan - Year-over-year growth 2022-2027 (%)
• Exhibit 102: Data Table on Japan - Year-over-year growth 2022-2027 (%)

• 9.12 UK - Market size and forecast 2022-2027 
• Exhibit 103: Chart on UK - Market size and forecast 2022-2027 ($ million)
• Exhibit 104: Data Table on UK - Market size and forecast 2022-2027 ($ million)
• Exhibit 105: Chart on UK - Year-over-year growth 2022-2027 (%)
• Exhibit 106: Data Table on UK - Year-over-year growth 2022-2027 (%)

• 9.13 Market opportunity by geography 
• Exhibit 107: Market opportunity by geography ($ million)
• Exhibit 108: Data Tables on Market opportunity by geography ($ million)

10 Drivers, Challenges, and Trends

• 10.1 Market drivers

• 10.2 Market challenges

• 10.3 Impact of drivers and challenges 
• Exhibit 109: Impact of drivers and challenges in 2022 and 2027

• 10.4 Market trends

11 Vendor Landscape

• 11.1 Overview

• 11.2 Vendor landscape
• Exhibit 110: Overview on Criticality of inputs and Factors of differentiation

• 11.3 Landscape disruption
• Exhibit 111: Overview on factors of disruption

• 11.4 Industry risks
• Exhibit 112: Impact of key risks on business

12 Vendor Analysis

• 12.1 Vendors covered
• Exhibit 113: Vendors covered

• 12.2 Market positioning of vendors 
• Exhibit 114: Matrix on vendor position and classification

• 12.3 Adventure Van Custom Conversions 
• Exhibit 115: Adventure Van Custom Conversions - Overview
• Exhibit 116: Adventure Van Custom Conversions - Product / Service
• Exhibit 117: Adventure Van Custom Conversions - Key offerings

• 12.4 Dave In Action LLC
• Exhibit 118: Dave In Action LLC - Overview
• Exhibit 119: Dave In Action LLC - Product / Service
• Exhibit 120: Dave In Action LLC - Key offerings

• 12.5 Deere and Co.
• Exhibit 121: Deere and Co. - Overview
• Exhibit 122: Deere and Co. - Business segments
• Exhibit 123: Deere and Co. - Key news
• Exhibit 124: Deere and Co. - Key offerings
• Exhibit 125: Deere and Co. - Segment focus

• 12.6 DIYEV Inc.
• Exhibit 126: DIYEV Inc. - Overview
• Exhibit 127: DIYEV Inc. - Product / Service
• Exhibit 128: DIYEV Inc. - Key offerings

• 12.7 Electric GT Inc.
• Exhibit 129: Electric GT Inc. - Overview
• Exhibit 130: Electric GT Inc. - Product / Service
• Exhibit 131: Electric GT Inc. - Key offerings

• 12.8 EV Source
• Exhibit 132: EV Source - Overview
• Exhibit 133: EV Source - Product / Service
• Exhibit 134: EV Source - Key offerings

• 12.9 EV West
• Exhibit 135: EV West - Overview
• Exhibit 136: EV West - Product / Service
• Exhibit 137: EV West - Key offerings

• 12.10 EV4U Custom Conversions 
• Exhibit 138: EV4U Custom Conversions - Overview
• Exhibit 139: EV4U Custom Conversions - Product / Service
• Exhibit 140: EV4U Custom Conversions - Key offerings

• 12.11 EVDrive
• Exhibit 141: EVDrive - Overview
• Exhibit 142: EVDrive - Product / Service
• Exhibit 143: EVDrive - Key offerings

• 12.12 Glampervan
• Exhibit 144: Glampervan - Overview
• Exhibit 145: Glampervan - Product / Service
• Exhibit 146: Glampervan - Key offerings

• 12.13 Green Shed Conversions 
• Exhibit 147: Green Shed Conversions - Overview
• Exhibit 148: Green Shed Conversions - Product / Service
• Exhibit 149: Green Shed Conversions - Key offerings

• 12.14 HI PERFORMANCE ELECTRIC VEHICLE SYSTEMS 
• Exhibit 150: HI PERFORMANCE ELECTRIC VEHICLE SYSTEMS - Overview
• Exhibit 151: HI PERFORMANCE ELECTRIC VEHICLE SYSTEMS - Product / Service
• Exhibit 152: HI PERFORMANCE ELECTRIC VEHICLE SYSTEMS - Key offerings

• 12.15 Kisae Technology Inc. 
• Exhibit 153: Kisae Technology Inc. - Overview
• Exhibit 154: Kisae Technology Inc. - Product / Service
• Exhibit 155: Kisae Technology Inc. - Key offerings

• 12.16 Stealth EV
• Exhibit 156: Stealth EV - Overview
• Exhibit 157: Stealth EV - Product / Service
• Exhibit 158: Stealth EV - Key offerings

• 12.17 ZENVANZ
• Exhibit 159: ZENVANZ - Overview
• Exhibit 160: ZENVANZ - Product / Service
• Exhibit 161: ZENVANZ - Key offerings

13 Appendix

• 13.1 Scope of the report

• 13.2 Inclusions and exclusions checklist 
• Exhibit 162: Inclusions checklist
• Exhibit 163: Exclusions checklist

• 13.3 Currency conversion rates for US$ 
• Exhibit 164: Currency conversion rates for US$

• 13.4 Research methodology
• Exhibit 165: Research methodology
• Exhibit 166: Validation techniques employed for market sizing
• Exhibit 167: Information sources

• 13.5 List of abbreviations
• Exhibit 168: List of abbreviations

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