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Global Hybrid Electric Vehicle Conversion Kit Market 2017-2021

Global Hybrid Electric Vehicle Conversion Kit Market 2017-2021

About Hybrid Electric Vehicle Conversion Kit

The HEV conversion kit allows conventional vehicle to be converted into hybrid electric vehicle (HEV) or plug-in HEV (PHEV). The conversion kit allows conventional vehicles to be converted into HEVs or PHEVs. The conversion kit provides options beyond what is available from the automotive original equipment manufacturers (OEMs). The development of the conversion kit is allowing the conversion of light and heavy-duty vehicles into hybrid vehicles in an economical and reliable manner. However, conversion kits are not limited to hybrid alone; they are scalable to convert a conventional vehicle to complete EV.

Technavio’s analysts forecast the global hybrid electric vehicle conversion kit market to grow at a CAGR of 20.52% during the period 2017-2021.

Covered in this report

The report covers the present scenario and the growth prospects of the global hybrid electric vehicle conversion kit market for 2017-2021. The report presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources.

The market is divided into the following segments based on geography:

  • Americas
  • APAC
  • EMEA
Technavio's report, Global Hybrid Electric Vehicle Conversion Kit Market 2017-2021, has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers the market landscape and its growth prospects over the coming years. The report also includes a discussion of the key vendors operating in this market.

Key vendors
  • XL Hybrids
  • Enginer
  • KPIT Technologies
  • Odyne Systems
  • EVDrive
Other prominent vendors
  • Altigreen Propulsion Labs
  • A123 Systems
  • ALTe Technologies
  • Boulder Hybrids
Market driver
  • Development of grid-independent low-cost hybrid kit for light vehicles
  • For a full, detailed list, view our report
Market challenge
  • Decreasing cost of new HEVs
  • For a full, detailed list, view our report
Market trend
  • Increasing development of low-cost conversion kit
  • For a full, detailed list, view our report
Key questions answered in this report
  • What will the market size be in 2021 and what will the growth rate be?
  • What are the key market trends?
  • What is driving this market?
  • What are the challenges to market growth?
  • Who are the key vendors in this market space?


Press Release

Technavio Announces the Publication of its Research Report – Global Hybrid Electric Vehicle Conversion Kit Market 2017-2021

Technavio recognizes the following companies as the key players in the global hybrid electric vehicle conversion kit market: XL Hybrids, Enginer, KPIT Technologies, Odyne Systems, and EVDrive.

Other Prominent Vendors in the market are: Altigreen Propulsion Labs, A123 Systems, ALTe Technologies, and Boulder Hybrids

Commenting on the report, an analyst from Technavio’s team said: “One trend in the market is increasing development of low-cost conversion kit. The cost of new hybrid vehicles is continuously decreasing as OEMs are adopting economies of scale. The rising demand for fuel efficiency and reducing emission is becoming crucial for OEMs to reduce the price of hybrid variants for maximum adoption.”

According to the report, one driver in the market is development of grid-independent low-cost hybrid kit for light vehicles. Emerging markets are facing a two-sided challenge, emission reduction and adoption of a cost-effective method to reduce emission. The price of conversion kit available in developed regions ranges between $9,500 and $12,000, which is a costly affair for price-sensitive customers. In addition, about 80% of electricity generated in India is through coal or heat, which makes no sense to promote green technology adoption in vehicles without transcending the electricity generation to green technologies. Hence, in the current situation, hybrid technology is the only viable option in the emerging market compared to all-EVs.

Further, the report states that one challenge in the market is decreasing cost of new HEVs. The hybrid segment is the prominent segment of EVs because of the scalability of the segment compared to other segments in EVs. Currently, a premium of $2,500-$3,500 is needed for manufacturing vehicles by hybrid manufacturers over conventional vehicles for giving a fuel efficiency of 25%-30%. However, OEMs are continuously improving the efficiency to further reduce the cost gap. For instance, Toyota Prius delivered consistent 10% efficiency improvement from 2000 to 2014, which resulted in increasing vehicle size and decreasing manufacturing cost of the vehicle. The manufacturing cost premium was $5,000 in 2000, which reduced to $2,500 in 2015.

Companies Mentioned

XL Hybrids, Enginer, KPIT Technologies, Odyne Systems, EVDrive, Altigreen Propulsion Labs, A123 Systems, ALTe Technologies, and Boulder Hybrids

  • Executive summary
  • Scope of the report
  • Research methodology
  • Introduction
    • Table EV categories based on drivetrain
    • HEV categories
      • Table HEV categories
      • Table Parallel hybrid mechanism
      • Table Series hybrid mechanism
      • Table Power split hybrid mechanism
    • HEV conversion kit
    • Types of hybrid and plug-in electric conversion kits
  • Market landscape
    • Market overview
      • Table Global HEV conversion kit market: Overview
    • Market size and forecast
      • Table Global HEV conversion kit market 2016-2021 (units in thousands)
      • Table Global HEV market 2016-2021 (units in millions)
    • Five forces analysis
      • Table Five forces analysis
  • Market segmentation by vehicle type
    • Global HEV conversion kit market by vehicle type
      • Table Global HEV conversion kit market by vehicle type 2016 (% share)
      • Table Global HEV conversion kit market by vehicle type 2021 (% share)
      • Table Global HEV conversion kit market by vehicle type 2016-2021 (% share)
    • Global HEV conversion kit market by passenger cars
      • Table Global HEV conversion kit market by passenger cars 2016-2021 (units in thousands)
    • Global HEV conversion kit market by commercial vehicles
      • Table Global HEV conversion kit market by commercial vehicles 2016-2021 (units in thousands)
  • Regional landscape
    • Geographical segmentation
      • Table Geographical segmentation - market size & forecast 2016-2021
    • Regional comparison
      • Table Regional comparison
    • Americas - market size & forecast
      • Table Americas - market size & forecast 2016-2021 (units in thousands)
      • Table Americas - Year-over-year growth 2017-2021 (%)
      • Table Top 3 countries in Americas
    • EMEA - market size & forecast
      • Table EMEA - market size & forecast 2016-2021 (units in thousands)
      • Table EMEA - Year-over-year growth 2017-2021 (%)
      • Table Top 3 countries in EMEA
    • APAC - market size & forecast
      • Table APAC - market size & forecast 2016-2021 (units in thousands)
      • Table APAC - Year-over-year growth 2017-2021 (%)
      • Table Top 3 countries in APAC
    • Market opportunity
  • Decision framework
  • Drivers and challenges
    • Market drivers
    • Market challenges
      • Table Price difference chart for Chevrolet Malibu and Toyota Camry
  • Market trends
  • Vendor landscape
    • Competitive benchmarking
    • Other prominent vendors
  • Key vendor analysis
    • XL Hybrids
      • Table XL Hybrids: Product portfolio
      • Table XL Hybrids: Recent developments
    • Enginer
      • Table Enginer: Product portfolio
    • KPIT Technologies
      • Table KPIT Technologies: Business segmentation by revenue 2017 (% share)
      • Table KPIT Technologies: Business revenue 2016 and 2017 ($ millions)
      • Table KPIT Technologies: Geographical segmentation by revenue 2017 (% share)
      • Table KPIT Technologies: Product portfolio
      • Table KPIT Technologies: Recent developments
    • Odyne Systems
      • Table Odyne Systems: Product portfolio
      • Table Odyne Systems: Recent developments
    • EVDrive
      • Table EVDrive: Product portfolio
  • Appendix
    • List of abbreviation
  • Explore Technavio

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