The market for automotive conversion kits is anticipated to be worth US$ 3,746.4 million globally in 2022 and US$ 6,490.9 million internationally from 2022 to 2032, growing at a CAGR of 5.5%. Growing consumer awareness of environmentally friendly vehicles is credited with driving growth. From 2016 to 2021, the lactic acid market experienced a 3.6% CAGR.
OEMs and manufacturers in the automotive sector are rapidly turning their focus away from buying new cars and toward vehicle modification, where they can alter the vehicle to suit the needs and preferences of the consumer. Customers find that using automobile conversion kits is more cost-effective since they may modify them to meet their specific needs. Over the projected period, it is anticipated that this trend of personalization will continue to gain popularity and fuel end users’ demand for automobile conversion kits. The increasing manufacturing of cars around the world is the main reason why the global automotive conversion kit market is expected to expand at a healthy rate during the forecast period.
The report predicts that the automobile sector will expand steadily, supported by recent technical developments. Leading players should introduce novel driving strategies to expand their presence. The market for automotive conversion kits will benefit from this. The paper discusses the “Highs and Lows” of the last ten years and offers predictions for the future based on the most recent developments in the automobile sector.
Key players:
Stark Automotive, Hidlook, SkyCNG, Nash Fuel, Inc., Canadian Electric Vehicles Ltd., EuropeGAS, and Unitex Gas Equipment.
