LONDON--(BUSINESS WIRE)--The global hybrid electric vehicle (HEV) conversion kit market is expected to grow at a CAGR of around 21% from 2017-2021, according to a new market research report by Technavio.
Global HEV conversion kit market segmentation by vehicle type and geography
Technavio’s report on the global hybrid electric vehicle conversion kit market analyses the business dimensions and presents a comprehensive breakdown in terms of market segmentation by vehicle type, which includes passenger cars and commercial vehicles. As projected in 2016, over 51% of the market share originated from the passenger cars segment. The hybrid technology will witness a strong growth in the passenger car segment during the forecast period owing to the rising demand from Japan, the US, China, and India.
Based on geography, the global HEV conversion kit market has been segmented into the Americas, APAC, and EMEA. As of 2016, 58% of the market share came from the Americas. The high consumption in the US is attributed to the regulatory focus toward adoption of conversion kits in both passenger cars and commercial vehicles.
“There is a strong demand for hybrid vehicles in the Americas as the government and companies in the private sector are focused on providing environment-friendly public and private transport. The strong awareness created the demand for hybrid conversion kits by vehicle owners to experience hybrid technology with increased fuel efficiency and reduced emissions,” says Keerthi Balu, a lead analyst at Technavio for automotive components research.
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Hybrid electric vehicle conversion kit market: competitive vendor landscape
The HEV conversion kit market is fragmented with regional players catering to customer demands for their respective region. Developed regions such as North America and EU are expected to witness most of the conversion kit adoption in commercial vehicles, whereas emerging markets will witness conversion kit adoption for passenger cars. This is because developed regions have high availability of new hybrid models from all major automotive OEMs at competitive prices, but emerging markets have fewer hybrid options.
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Other topics covered in the report:
- Development of grid-independent low-cost hybrid kit for light vehicles
- Development in emerging markets driving conversion kit adoption
- Decreasing cost of new HEVs
- High cost of ownership for hybrid models
- Increasing development of low-cost conversion kit
- Growing development of solar hybrid electric cars
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