Global Hybrid Electric Vehicle Conversion Kit Market 2017-2021 by Vehicle Type – Market to Grow at a CAGR of 20.52%
Global hybrid electric vehicle conversion kit market to grow at a CAGR of 20.52% during the period 2017-2021.
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.
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.
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.
The report 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.
- XL Hybrids
- KPIT Technologies
- Odyne Systems
Other Prominent Vendors
- Altigreen Propulsion Labs
- A123 Systems
- ALTe Technologies
- Boulder Hybrids
Key Topics Covered:
Part 01: Executive Summary
Part 02: Scope of the Report
Part 03: Research Methodology
Part 04: Introduction
Part 05: Market Landscape
Part 06: Market Segmentation by Vehicle Type
Part 07: Regional Landscape
Part 08: Decision Framework
Part 09: Drivers and Challenges
Part 10: Market Trends
Part 11: Vendor Landscape
Part 12: Key Vendor Analysis
For more information about this report visit https://www.researchandmarkets.com/research/lz9csx/global_hybrid?w=5
Laura Wood, Senior Manager
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SOURCE Research and Markets