(MENAFN- America News Hour) A recent report published by a research nester titled
“automotive conversion kit market : Global Demand Analysis & Opportunity Outlook 2027”
delivers a detailed overview of the global automotive conversion kit market in terms of market segmentation by application, by vehicle type, and by region.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis, and Porter's five force model.
The automotive conversion kit is an additional feature that is added to the vehicle by the user so as to get the desired result. It enables easy customization and replacement to the vehicle by the user. 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.
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The power conversion kit is expected to be the leading sub-segment on the account of growing usage of the power conversion kit in the vehicle which suffers from frequent power losses. The electric batteries are a major sub-segment of the power conversion kit on the account of increasing usage of the electric vehicles by the various developing countries as it reduces the pollution level in the environment. On the basis of vehicle type, it is sub segmented into Passenger car, LCV (light Commercial Vehicle) and HCV (Heavy Commercial vehicle).
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 demand for the vehicle safety by the various regions is anticipated to increase the market growth of the global automotive conversion kit market during the forecast period.
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 to be the largest region for the global automotive conversion kit market on the account of
high adoption of conversion kit by the commercial vehicle in the .
The expanding automotive industry in the region is also a major factor for the expansion of the global automotive conversion kit market. Asia-Pacific is anticipated to be the second largest market for the global automotive conversion kit market on the account of the rising environmental concern which is augmenting the demand for the electric vehicles in the region.
Rising environmental concern coupled with the rising need for the vehicle customization is anticipated to increase the demand for the automotive conversion kit market
The increasing use of the conventional fuel is increasing the pollution level in the environment. Thus, government across the globe is forcing the use of the electric vehicles which uses solar energy for its functioning. The increasing use of the electric vehicles is anticipated to increase the demand for the automotive conversion kit in order to enhance the efficiency of the vehicles.
Other major factor that is expected to drive the market growth of the automotive conversion is the high availability of old car that requires energy saving kit. Rising demand for customizing the vehicle according to customer preference in order to offer comfort and enhanced features.
This report also provides the existing competitive scenario of some of the key players of the global automotive conversion kit market which includes company profiling of key companies such as Stark Automotive, SkyCNG, Hidlook, Canadian Electric Vehicles Ltd., Nash Fuel, Inc., Unitex Gas Equipment and EuropeGAS .
The outlining enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments.
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On the whole, the report depicts detailed overview of the global automotive conversion kit market that is expected to help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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