Report Description Table of Contents The hybrid electric vehicle conversion kit market was worth USD 2.60 billion in 2023 and will be worth USD 12.29 billion by 2030, growing at a CAGR of 21.43% during the forecast period. The market for HEV conversion kits is propelled by factors that include emphasis on sustainability and the greenhouse effect experienced by internal combustion engine vehicles. The transportation sector contributes around 29% to the total greenhouse emissions in the USA, and therefore, many consumers and businesses are looking for an economic way to own electric or hybrid cars. A good example of an application of hybrids is conversion kits; vans already exist on the roads, and they can be converted to hybrid models with up to a reduction in fuel consumption by a third. An example of such products is the conversion kits provided by Green Eco Technologies, where ordinary gasoline vehicles can be transformed into low-emission hybrids with improved fuel economy. The latest trends and future projecting concepts in this arena are improved batteries for hybrids that enhance better systems, easier hybrid systems, and more grants and incentives rewarded to consumers who seek to switch to green automobiles. The HEV conversion kit market is rather promising due to increasing requests for an environmentally friendly automobile without the burden of purchasing new electric cars. The global electric vehicle conversion system is expected to increase in the coming years, with around 20% CAGR growth expectations. This growth is due to increasing fuel costs and the number of grant programs that can subsidize up to 30% of the conversion costs. Retractable hard-toppers are also one of the industry’s most telling examples of technological advancement; Renntech has converted previous models into hybrids to provide an eco-friendly means for aficionados trying to update their old cars. Also, battery improvements are making hybrid batteries stronger but incredibly small for better-converting hybrids, making conversions a reasonable and eco-friendly way of lowering carbon footprint in the transportation industry. Market Segmentation By Vehicle Type Passenger Cars Light Commercial Vehicles Heavy Commercial Vehicles Motorcycles By Kit Type Plug-in Hybrid Conversion Kits Full Hybrid Conversion Kits Mild Hybrid Conversion Kits By Battery Type Lithium-ion Batteries Nickel-Metal Hydride (NiMH) Batteries Lead-Acid Batteries By Component Electric Motors Battery Packs Controllers Charging Systems Other Accessories By Application Urban Commuting Long-Distance Travel Fleet Operations Off-Road Applications By Region North America US Mexico Canada Rest of North America Europe Switzerland Russia France Germany U.K Finland Turkey Netherlands Belgium Spain Italy Rest of Europe Asia Pacific India China South Korea Japan Singapore Thailand Indonesia Malaysia Philippines Australia Rest of Asia-Pacific LAMEA Brazil Argentina Uruguay Saudi Arabia Rest of LAMEA Segment Analysis of the Hybrid Electric Vehicle Conversion Kit Market By Vehicle Type: Leading Segment: Passenger Cars The leading segment in the HEV conversion kit market is Passenger Cars, accounting for the largest share. As the demand for more fuel-efficient vehicles increases, many consumers are opting to convert their existing vehicles to hybrid electric vehicles rather than purchasing new ones. With rising fuel prices & growing environmental concerns, this trend is accelerating. Companies like GreenPower Motor Company & DriveGreen have reported increased demand for their hybrid conversion kits, especially for smaller passenger vehicles. Fastest-Growing Segment: Light Commercial Vehicles (LCVs) LCVs are the fastest-growing segment, with a projected CAGR of 10%. This growth is driven by the need for businesses to reduce their carbon footprint while optimizing operating costs. Fleets of delivery vans & small trucks are increasingly adopting hybrid conversion kits as they offer a cost-effective solution to reduce emissions and improve fuel efficiency. Companies like Renault & Ford are offering hybrid conversion options for their commercial vehicle ranges. By Kit Type: Leading Segment: Plug-in Hybrid Conversion Kits The Plug-in Hybrid Conversion Kits are leading the market because they allow for a lot of electric-only driving. This helps reduce fuel use and emissions even more compared to regular hybrid systems. Plug-in hybrid systems are becoming increasingly popular among consumers & businesses aiming to transition to electric driving without the need to fully rely on an EV. Manufacturers like EV West & Horizon Power Systems are leading the development of these kits, offering high-performance solutions for various vehicles. Fastest-Growing Segment: Mild Hybrid Conversion Kits Mild Hybrid Conversion Kits are the fastest-growing segment in this category, expected to grow at a CAGR of 15%. Mild hybrids are more affordable & require less modification to a vehicle’s existing system compared to full hybrids or plug-in hybrids, making them an attractive option for budget-conscious consumers. These kits are gaining popularity, particularly among vehicles where a full hybrid or plug-in conversion may be too expensive or complex. By Battery Type: Leading Segment: Lithium-ion Batteries Lithium-ion Batteries lead the market, capturing a substantial share due to their higher energy density, longer lifespan & decreasing costs. As the industry evolves, lithium-ion batteries are becoming more affordable, further driving their adoption in hybrid conversion kits. Major manufacturers like Tesla & LG Chem are leading the way in supplying high-quality lithium-ion battery packs for hybrid vehicle conversion. Fastest-Growing Segment: Nickel-Metal Hydride (NiMH) Batteries Nickel-Metal Hydride (NiMH) Batteries are the fastest-growing segment, driven by their affordability compared to lithium-ion batteries and their good performance in moderate temperature ranges. While not as efficient as lithium-ion, NiMH batteries are still widely used in many hybrid systems and continue to see growing demand in specific markets, especially in countries where cost is a significant factor. By Component: Leading Segment: Electric Motors Electric Motors are the largest segment in the hybrid electric vehicle conversion kit market. The motor is the heart of any hybrid conversion, and advancements in motor efficiency and power are driving their dominance. Many kit providers, including Tesla & BorgWarner, supply electric motors designed to enhance performance and efficiency in hybrid systems. Fastest-Growing Segment: Battery Packs Battery Packs are growing the fastest in the market due to the rising demand for batteries with more capacity to improve range & energy storage. The need for longer electric-only driving ranges in plug-in hybrid kits has increased the focus on high-quality, efficient battery packs, which is driving rapid market growth. Companies like A123 Systems & Panasonic are leading providers of these battery packs for hybrid conversions. By Application: Leading Segment: Urban Commuting The Urban Commuting segment is the leading application, accounting for a significant share of the market. Hybrid conversion kits designed for urban commuting vehicles offer reduced emissions, lower fuel consumption & quieter operation, all of which are highly beneficial for city driving. As urban areas tighten regulations on emissions and air quality, the demand for hybrid conversions for daily commuters is rising. Fastest-Growing Segment: Fleet Operations Fleet Operations is the fastest-growing application for hybrid vehicle conversion kits. Many companies are now looking to electrify their vehicle fleets to reduce costs, lower their carbon footprint, and meet corporate sustainability goals. This trend is particularly prominent in delivery services, logistics companies & public transport operators, leading to a surge in demand for conversion kits designed for fleets. By Region: Leading Segment: North America North America is leading the market for hybrid electric vehicle (HEV) conversion kits. This is due to its strong automotive industry and high awareness of environmental sustainability. In the U.S., government support for green technologies & electric vehicle (EV) adoption has helped the market grow. Companies like EV West and GreenCar are major players, offering various hybrid vehicle conversion kits. Fastest-Growing Region: Asia Pacific Asia Pacific is the fastest-growing region, with a projected CAGR of 18%. The growing automotive market in countries like China, Japan & India, combined with stringent environmental regulations, is driving the demand for hybrid conversions. China’s focus on reducing air pollution & promoting green technologies is particularly evident in the automotive sector, making it a prime market for hybrid vehicle conversion kits. Key Players Green Eco Technologies Renntech Hybrids Plus EV West Zelectric Motors AMP Electric Vehicles Fleetsource PHEV Conversion GMEV (Global Marine Electric Vehicle) ECO-Drive Hybrid Electric Vehicle (HEV) Conversion Kit Market Report Coverage Report Attribute Details Forecast Period 2023 – 2030 Market Size Value in 2023 USD 2.60 billion Revenue Forecast in 2030 USD 12.29 billion Overall Growth Rate CAGR of 21.43% Base Year for Estimation 2022 Historical Data 2017 – 2021 Unit USD Billion, CAGR (2023 - 2030) Segmentation By Vehicle Type, By Kit Type, By Battery Type, By Component, By Application, By Region By Vehicle Type Passenger Cars, Light Commercial Vehicles, Heavy Commercial Vehicles, Motorcycles By Kit Type Plug-in Hybrid Conversion Kits, Full Hybrid Conversion Kits, Mild Hybrid Conversion Kits By Battery Type Lithium-ion Batteries, Nickel-Metal Hydride (NiMH) Batteries, Lead-Acid Batteries By Component Electric Motors, Battery Packs, Controllers, Charging Systems, Other Accessories By Application Urban Commuting, Long-Distance Travel, Fleet Operations, Off-Road Applications By Region North America, Europe, Asia Pacific, LAMEA Country Scope US, Mexico, Canada, Germany, UK, France, China, Japan, India, etc. Pricing and Purchase Options Avail customized purchase options to meet your exact research needs. Frequently Asked Question About This Report How big is the Hybrid Electric Vehicle Conversion Kit Market? The Hybrid Electric Vehicle Conversion Kit Market was valued at USD 2.60 billion in 2023 and is projected to reach USD 12.29 billion by 2030, growing at a CAGR of 21.43% during the forecast period. What are the key factors driving the growth of the Hybrid Electric Vehicle Conversion Kit Market? The market growth is propelled by the increasing emphasis on sustainability and the need to reduce greenhouse gas emissions from the transportation sector. Which region held the largest Hybrid Electric Vehicle Conversion Kit Market share? North America leads the market, driven by supportive government policies and incentives promoting the adoption of hybrid and electric vehicles. Which application had the largest Hybrid Electric Vehicle Conversion Kit Market share? The passenger cars segment dominates the market, owing to the high number of private vehicle owners seeking cost-effective solutions to transition to hybrid technology. Who are the Major Players in the Hybrid Electric Vehicle Conversion Kit Market? Key players include companies specializing in electric and hybrid vehicle technologies, offering conversion kits to retrofit existing vehicles. Source- https://media.ford.com/content/fordmedia/fna/us/en/news/2024/08/21/ford-broadens-electrification-strategy-to-reach-more-customers--.html https://publications.anl.gov/anlpubs/2021/04/167369.pdf https://eepower.com/news/lg-chem-stmicroelectronics-drive-to-improve-battery-technologies-for-hybrid-electric-vehicles/ Table of Contents 1. HYBRID ELECTRIC VEHICLE CONVERSION KIT MARKET – PRODUCTION VOLUME BY REGION, (2024 – 2030) 1.1. North America 1.2. Europe 1.3. Asia Pacific 1.4. Latin America 1.5. Middle East & Africa 2. HYBRID ELECTRIC VEHICLE CONVERSION KIT MARKET – REVENUE ($MILLION), BY REGION, (2024 – 2030) 2.1. North America 2.2. Europe 2.3. Asia Pacific 2.4. Latin America 2.5. Middle East & Africa 3. MARKET SHARE ANALYSIS – HYBRID ELECTRIC VEHICLE CONVERSION KIT MARKET 3.1. Top 20 Players with Product Mix, Revenue, and Sales Volume 3.2. Market Share, 2023 3.3. Market By Vehicle Type of Hybrid Electric Vehicle Conversion Kit and End Use Outlook Analysis 4. HISTORIC TRENDS IN HYBRID ELECTRIC VEHICLE CONVERSION KIT MARKET 5. EMERGING MARKET TRENDS 6. NORTH AMERICA HYBRID ELECTRIC VEHICLE CONVERSION KIT MARKET ANALYSIS BY SEGMENT (COUNTRY-LEVEL ANALYSIS) 6.1. North America Hybrid Electric Vehicle Conversion Kit Historical Market ($MILLION), (2017 – 2023) 6.2. North America Hybrid Electric Vehicle Conversion Kit Market ($MILLION) and Forecasts (2024 – 2030) 6.3. North America Hybrid Electric Vehicle Conversion Kit Market Type ($MILLION), and Forecasts (2024 – 2030), By Vehicle Type 6.3.1. Passenger Cars 6.3.2. Light Commercial Vehicles 6.3.3. Heavy Commercial Vehicles 6.3.4. Motorcycles 6.4. North America Hybrid Electric Vehicle Conversion Kit Market Type ($MILLION), and Forecasts (2024 – 2030), By Battery Type 6.4.1. Lithium-ion Batteries 6.4.2. Nickel-Metal Hydride (NiMH) Batteries 6.4.3. Lead-Acid Batteries 6.5. North America Hybrid Electric Vehicle Conversion Kit Market Type ($MILLION), and Forecasts (2024 – 2030), By Component 6.5.1. Electric Motors 6.5.2. Battery Packs 6.5.3. Controllers 6.5.4. Charging Systems 6.5.5. Other Accessories 6.6. North America Hybrid Electric Vehicle Conversion Kit Market Type ($MILLION), and Forecasts (2024 – 2030), By Application 6.6.1. Urban Commuting 6.6.2. Long-Distance Travel 6.6.3. Fleet Operations 6.6.4. Off-Road Applications 6.7. North America Hybrid Electric Vehicle Conversion Kit Market Type ($MILLION), and Forecasts (2024 – 2030), By Geography 6.7.1. USA 6.7.2. Canada 6.7.3. Rest of North America 7. USA HYBRID ELECTRIC VEHICLE CONVERSION KIT MARKET ANALYSIS BY SEGMENT (COUNTRY-LEVEL ANALYSIS) 8. EUROPE HYBRID ELECTRIC VEHICLE CONVERSION KIT MARKET ANALYSIS BY SEGMENT (COUNTRY-LEVEL ANALYSIS) 8.1. Europe Hybrid Electric Vehicle Conversion Kit Historical Market ($MILLION), (2017 – 2023) 8.2. Europe Hybrid Electric Vehicle Conversion Kit Market ($MILLION) and Forecasts (2024 – 2030) 8.3. Europe Hybrid Electric Vehicle Conversion Kit Market Type ($MILLION), and Forecasts (2024 – 2030), By Vehicle Type 8.4. Europe Hybrid Electric Vehicle Conversion Kit Market Type ($MILLION), and Forecasts (2024 – 2030), By Battery Type 8.5. Europe Hybrid Electric Vehicle Conversion Kit Market Type ($MILLION), and Forecasts (2024 – 2030), By Component 8.6. Europe Hybrid Electric Vehicle Conversion Kit Market Type ($MILLION), and Forecasts (2024 – 2030), By Application 8.7. Europe Hybrid Electric Vehicle Conversion Kit Market Type ($MILLION), and Forecasts (2024 – 2030), By Geography 8.7.1. Germany 8.7.2. France 8.7.3. UK 8.7.4. Italy 8.7.5. Spain 8.7.6. Rest of Europe 9. APAC HYBRID ELECTRIC VEHICLE CONVERSION KIT MARKET ANALYSIS BY SEGMENT (COUNTRY-LEVEL ANALYSIS) 9.1. APAC Hybrid Electric Vehicle Conversion Kit Historical Market ($MILLION), (2017 – 2023) 9.2. APAC Hybrid Electric Vehicle Conversion Kit Market ($MILLION) and Forecasts (2024 – 2030) 9.3. APAC Hybrid Electric Vehicle Conversion Kit Market Type ($MILLION), and Forecasts (2024 – 2030), By Vehicle Type 9.4. APAC Hybrid Electric Vehicle Conversion Kit Market Type ($MILLION), and Forecasts (2024 – 2030), By Battery Type 9.5. APAC Hybrid Electric Vehicle Conversion Kit Market Type ($MILLION), and Forecasts (2024 – 2030), By Component 9.6. APAC Hybrid Electric Vehicle Conversion Kit Market Type ($MILLION), and Forecasts (2024 – 2030), By Application 9.7. APAC Hybrid Electric Vehicle Conversion Kit Market Type ($MILLION), and Forecasts (2024 – 2030), By Geography 9.7.1. China 9.7.2. Japan 9.7.3. South Korea 9.7.4. India 9.7.5. Australia 9.7.6. Rest of APAC 10. LATIN AMERICA HYBRID ELECTRIC VEHICLE CONVERSION KIT MARKET ANALYSIS BY SEGMENT (COUNTRY-LEVEL ANALYSIS) 10.1. Latin America Hybrid Electric Vehicle Conversion Kit Historical Market ($MILLION), (2017 – 2023) 10.2. Latin America Hybrid Electric Vehicle Conversion Kit Market ($MILLION) and Forecasts (2024 – 2030) 10.3. Latin America Hybrid Electric Vehicle Conversion Kit Market Type ($MILLION), and Forecasts (2024 – 2030), By Vehicle Type 10.4. Latin America Hybrid Electric Vehicle Conversion Kit Market Type ($MILLION), and Forecasts (2024 – 2030), By Battery Type 10.5. Latin America Hybrid Electric Vehicle Conversion Kit Market Type ($MILLION), and Forecasts (2024 – 2030), By Component 10.6. Latin America Hybrid Electric Vehicle Conversion Kit Market Type ($MILLION), and Forecasts (2024 – 2030), By Application 10.7. Latin America Hybrid Electric Vehicle Conversion Kit Market Type ($MILLION), and Forecasts (2024 – 2030), By Geography 10.7.1. Brazil 10.7.2. Argentina 10.7.3. Rest of Latin America 11. COMPANY PROFILES: 11.1. GREEN ECO TECHNOLOGIES 11.1.1. Company Overview 11.1.2. Company Snapshot 11.1.3. Operating business segments 11.1.4. Product offered and Revenue 11.1.5. Production & Sales 11.2. Renntech 11.3. Hybrids Plus 11.4. EV West 11.5. Zelectric Motors 11.6. AMP Electric Vehicles 11.7. Fleetsource 11.8. PHEV Conversion 11.9. OTHER MARKET PLAYERS