Vehicle Conversion Market

Vehicle Conversion Market

Growth Factors of Vehicle Conversion Market

The vehicle conversion market size was valued at USD 45.11 billion in 2023, and the market is now projected to grow from 47.01 billion in 2024 to USD 63.49 billion by 2032, exhibiting a CAGR of 4.4% during the forecast period of 2024-2032.

The world had a global outbreak of COVID-19, and this reduced the market of converted vehicles since it affected the supply chain, that is, there were delayed productions. There was the reduction of cars on the road through measures such as lockdowns and limitations hence a decrease in the demand for such services as fleet change and specialized vehicles. However, the market volume experience shifts in demand for vehicles especially delivery and logistics vehicles because of the increased e-commerce activities. The primary strategic shifts occurred in the innovation centers of switch and the prioritization of sanitation and safety features as commercial fleets adapted or transitioned to the vehicle conversion market post pandemic.

The market of converted vehicles is growing and has tendencies connected with the usage of environmentally friendly technologies, as well as customized designs. Electric vehicle (EV) conversions is becoming a trend as more and more companies and people look for environmentally friendly means of transportation. Additional features based on telecommunication technologies such as GPS and remote diagnostics are being installed on converted vehicles to improve fleet management. Specialization for certain sectors namely, the healthcare industry, food delivery service, and logistics companies are also becoming popular. Further, lightweight materials and modularity have also become prominent for designing fuel efficient vehicles for fluctuating consumers and business needs. The above-mentioned factors are driving the vehicle conversion market growth.

Some of the main drivers in the vehicle conversion market include increasing need for specialty mobility across logistics, healthcare, and law enforcement among other sectors. This is the case because EV conversion is more widespread with emergent complexities in environmental legislation and rises of environmental concerns. Advanced telemetry has influenced improved functionality and effectiveness of cars with the help of smart systems. Further, e-commerce business coupled with last-mile delivery has extended the need for specifically designed facelift vehicles. This is influenced by government support concerning green technologies, and also shifting customer requirements in the market.

Comprehensive Analysis Vehicle Conversion Market

The market for converting vehicles is segmented on the basis of product type, vehicle type, vehicle component and conversion type. When it comes to the type of vehicle, conversion is, therefore, made to private cars and light-commercial vehicles, which are also targeting the want of people and the demand of firms. They are wheels and tires, exterior and body, interior, lights and other systems like steering, braking and carriers among others are all the parts that most drivers tend to customize.

North America is leading in the Vehicle conversion market share since there always a higher demand for such vehicles depending with the business requirements such as logistics, health services, and other recreational programs among others. This is supported by the fact that the region has directed focus in the adoption of sophisticated solutions like EV conversions, and telematics to underpin market development. It is also supported by governmental stimulation for adoption of green technologies to the market. The high level of consumer interest in mobility conversions in the US and continued growth in the proportion of disabled people in North America due especially to an aging population implies that this continent alone can be a lucrative market for the conversion of vehicles for disabled use worldwide.

Key players in this sector include Adventure Van Custom Conversions (Poland), BRABUS (Germany), RENNtech, Inc. (U.S.), Braun Ability (U.S.), Vantage Mobility International (VMI) (U.S.), MobilityWorks (U.S.), Freedom Motors (U.S.), Revability (U.S.), AMS Vans (U.S.)

In terms of conversion few changes trends have won and some of the most conspicuous of change have especially been witnessed in the electric vehicle conversion where commercial vehicles have been most kick into action. The industry is slowly adding new power train electric system into ICE vehicles to ensure conformation to sustainable development policies and lower emission requirements. Some of the features have also been added in conversions to improve performance efficiency of the automobiles new improved batteries have also been designed for better range and efficiency of the automobile. Additionally, features like additional diagnostic capability in real-time, integration with the telematics system, or optimization of charging infrastructure become the defining features of how converted electric vehicles are utilized and serviced.

Segmentation Table

ATTRIBUTE DETAILS

Study Period 2019-2030

Base Year 2022

Estimated Year 2023

Forecast Period 2023-2030

Historical Period 2019-2021

Growth Rate CAGR of 20.37% from 2023 to 2030

Unit Value (USD Billion)

Segmentation By Domain

Powertrain

Body & Chassis

Infotainment

ADAS

By Vehicle Type

Passenger Cars

Commercial Vehicles

By Propulsion

Electric

IC Engine

By Application

Active Safety

User Experience

Body Control

Powertrain Management

By Geography

North America (By Domain, By Vehicle Type, By Propulsion & By Application)

• U.S. (By Vehicle Type)
• Canada (By Vehicle Type)
• Mexico (By Vehicle Type)

Europe (By Domain, By Vehicle Type, By Propulsion & By Application)

• U.K. (By Vehicle Type)
• Germany (By Vehicle Type)
• France (By Vehicle Type)
• Rest of Europe (By Vehicle Type)

Asia-Pacific (By Domain, By Vehicle Type, By Propulsion & By Application)

• China (By Vehicle Type)
• India (By Vehicle Type)
• Japan (By Vehicle Type)
• South Korea (By Vehicle Type)
• Rest of Asia Pacific (By Vehicle Type)

Rest of World (By Domain, By Vehicle Type, By Propulsion & By Application)


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