The automotive conversion kit is an additional system which is used for the replacement or addition of the certain features in the vehicles. The automotive conversion kit enables the smooth replacement of the automotive parts with the new parts. It helps in the modification and customization of the vehicle according to the customer requirement. The automotive conversion kit is fitted in the vehicle in order to get enhanced features and improvement in the efficiency of the vehicle. It is primarily used in the electric vehicles as electric panels or solar panels which enhances the efficiency of the electric vehicles. The conversion kit is also used in the sports car. The complexity in the wiring of the batteries is the primary reason for the increasing usage of the conversion kit in the sports car.
Market Size and Forecast
The global automotive conversion kit market is anticipated to expand at a significant CAGR during 2018-2027. It is projected to reach significant market size by 2027. The increasing safety concern and rising demand for the vehicle customization is anticipated to increase the global automotive conversion kit market during the forecast period.The global automotive conversion kit market can be segmented on the basis of application and vehicle type. On the basis of application, it is segmented into power conversion kit, brakes conversion kit, lights conversion kit, locking system conversion kit, steering conversion kit and energy saving conversion kit. The power conversion kit is anticipated to be the leading sub-segment on the account of increasing usage of the automotive conversion kit to compensate for the power loss during the movement of the vehicle. The electric batteries are a major sub-segment of the power conversion kit on the account of increasing usage of electric vehicle in the various developing countries. On the basis of vehicle type, it is sub segmented into Passenger car, LCV (light Commercial Vehicle) and HCV (Heavy Commercial vehicle).
By region, global automotive conversion kit market is segmented into North America, Asia-Pacific, Latin America, Europe, Middle East and Africa. North America is anticipated hold the largest market share for the global automotive conversion kit market on the account of highly developed automotive industry in the region. Asia-Pacific region is anticipated to be the fastest growing region for the global automotive conversion kit market on the account of increasing usage of electric vehicles in the region. Additionally, the government is also reducing the tax for purchasing the electric vehicles which is anticipated to fuel the market growth of the automotive conversion kit market worldwide.
Our in-depth analysis segmented the global automotive conversion kit market in the following segments:
By Vehicle Type:
Global automotive conversion kit market is further classified on the basis of region as follows:
Growth Drivers and Challenges
The rising need to increase the safety measure in the automotive vehicles is the major growth driver for the global automotive conversion kit market throughout the forecast period. The rising environmental concern regarding the use of fossil fuels which is causing global warming is anticipated to increase the demand for the electric vehicles. This in turn propels the demand for the automotive conversion kit. The use of the automotive conversion kit is considered to be more economical as they fulfill the required need for the modification of the vehicles. Additionally, the expanding automobile industry across various region is predicted to be a major growth driver for the global automotive conversion kit market.
However, high cost of the conversion kit coupled with high installation charges is anticipated to be a major retrain for the global automotive conversion kit market during the forecast period.
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