OEMs and manufacturers in the automotive industry are gradually shifting their focus towards vehicle modification, wherein they can customize the vehicle as according to the customer requirement and desires, instead of purchasing new vehicles. Making use of automotive conversion kits proves to be more economical for customers, as they can fulfill their required need by modification. This trend of customization is further expected to gain traction over the forecast period and drive the need for automotive conversion kit among end users. The global automotive conversion kit market is forecast to grow at a healthy rate over the forecast period primarily due to the growing automobile production globally.
Majority of the conversions are performed by hobbyists, who converts a used vehicle consisting of a non-functioning engine, since such vehicles are relatively inexpensive to purchase as compared to unused or new vehicles. Hobbyists having larger budgets prefer converting a vehicle model of only a particular type. In countries such as U.S., Canada, U.K., and Germany etc., the customer has a facility to buy an already converted vehicle, paying only the cost of the batteries and motor, with no installation costs. This is also known as pre-conversion.
The market of automotive conversion kit is driven by the escalating safety measure that need to be considered while driving a vehicle. Another factor that is driving the market is the availability of the old car. These old car required an energy saving kit which interrupt during the ignition process for better energy consumption. Apart from this, rising environmental issues related to global warming and decreasing fossil fuel will drive the market for the use of automotive power consumption kit.
The factor that is restraining the growth of automotive power consumption kit is the high cost of the kit as well as the installation charges. Another factor that might hinder the growth of this market is that sometimes OEMs never allowed the customer to customize their vehicle while purchasing it. It has been observed that, beside these factors customization is the trend that is there for over a long period of time due to which aftermarket conversion is rising.
North America is on a strong upside potential as economy is on a stronger employment base and low interest rates which increase the automotive industry due to which the market for automotive conversion kit will show an increase in North American Automotive Market. Chinese market will show the increase in passenger vehicle as government announced the reduction in the taxfor purchasing cars which will increase the sales of automotive conversion kit.
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