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 North America holds the largest market share owing to the rising concern of clients and companies for adopting efficient and environment-friendly transportation through HEV conversion kits. Hence, the United States alone has accounted for more than 40% of the total HEV conversion market due to government incentives supporting partial or partial conversion costs. For example, California has a maximum rebate of $2,500 for conventional transformation to hybrid-driven vehicles; this makes the whole process easy. Some of the new developments in the region include improving the battery technology and the electric motor systems, enhancing the efficiency of the kits and their installment to appeal to individuals, consumers, and organizations that aim to minimize carbon emission. That emphasis on retrofitting older cars also makes North America the world’s foremost market for HEV conversion kits. Key Players Green Eco Technologies Renntech Hybrids Plus EV West Zelectric Motors AMP Electric Vehicles Fleetsource PHEV Conversion GMEV (Global Marine Electric Vehicle) ECO-Drive Frequently Asked Question About This Report . Table of Contents 1. HYBRID ELECTRIC VEHICLE CONVERSION KIT MARKET – PRODUCTION VOLUME BY REGION, (2024 – 2030) 1.1. North America 1.2. Europe 1.3. Asia Pacific 1.4. Latin America 1.5. Middle East & Africa 2. HYBRID ELECTRIC VEHICLE CONVERSION KIT MARKET – REVENUE ($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