Pune, India, Dec. 06, 2023 (GLOBE NEWSWIRE) -- The global vehicle conversion market size was USD 45.11 billion in 2022. The market is set to rise from USD 47.01 billion in 2023 to USD 63.49 billion by 2030 at a CAGR of 4.4% during 2023-2030. Rapid changes in vehicles' original design or structure to meet different purposes or functions drive the demand for vehicle conversion procedures. The process includes modification of body, interior, exterior, and others. A rise in the transformation of vehicles to fulfil the aesthetic demand of the vehicle owner is boosting market expansion. Fortune Business Insights™ shares this information in its report titled “Vehicle Conversion Market, 2023-2030.”
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Report Highlights:
| Report Coverage | Details | |
| Forecast Period | 2023-2030 | |
| Forecast Period 2023 to 2030 CAGR | 4.4 % | |
| 2030 Value Projection | USD 63.49 billion | |
| Base Year | 2022 | |
| Market Size in 2022 | USD 45.11 billion | |
| Historical Data for | 2019-2021 | |
| No. of Pages | 150 | |
Drivers & Restraints-
Rapid Integration of Innovative Technologies in Vehicles is Accelerating Market Growth
Increasing demand for technological developments in vehicles is the key trend expected to boost market expansion in the coming years. Rapid innovations are improving the design, safety features, and overall performance of vehicles. Constant improvements in vehicle conversions are attributed to the increasing adoption of technological innovation in automotive engineering, electronics, and materials. Rapid integration of advanced technologies, energy-efficient parts, and other modern features in vehicles is contributing to market growth.
Nevertheless, stringent government regulations about vehicle alternation are hindering market growth.
COVID-19 Impact-
Supply Chain Disruptions Amid the Pandemic Hampered Market Growth
The COVID-19 outbreak adversely affected the vehicle conversion market growth. The industry witnessed supply chain disruptions due to factory shutdowns and shipping difficulties. These interruptions delayed the supply of parts, components, and equipment and hampered production. All these factors restricted market growth amid the pandemic.
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Segments-
Growing Adoption of Passenger Cars by Several Consumers is Driving Segment Expansion
In terms of vehicle type, the market is segregated into passenger cars and commercial vehicles. The passenger car segment accounts for the highest vehicle conversion market share. Increasing adoption of passenger cars over other types of vehicles by many consumers is boosting the segment expansion. The passenger car consists of both propulsion types, including internal combustion engines and electric vehicles.
Advancements in Wheel and Tire Modifications to Transform the Visual Appeal of Vehicles are Fueling Segment Growth
By component, the market is classified into wheel and tire modifications, exterior and body mods, interior enhancements, lighting upgrades, and others (suspension & brake and racks).
The wheel and tire modifications segment leads the global market. The segment growth is driven by advancements in wheel and tire modifications to transform the visual appeal of vehicles.
Surging Need for Accessible Transportation Modes is Boosting the Mobility Conversion Segment Growth
On the basis of the conversion type, the market is divided into mobility conversion and recreational conversion.
The mobility conversion segment secures the maximum market share. The surging need for accessible transportation modes is propelling the segment's growth. Increasing vehicle modification to support people with mobility difficulties is also supporting segment expansion.
Report Coverage-
The report provides a detailed analysis of the top segments and the latest trends in the market. It comprehensively discusses the driving and restraining factors and the impact of COVID-19 on the market. Additionally, it examines the regional developments and the strategies undertaken by the market's key players.
Regional Insights-
Increasing Adoption of Customized Vehicles in Several Industries Propelled Market Growth in North America
North America was valued at USD 15.92 billion in 2022. The increasing adoption of customized vehicles in several industries for various functions is driving market growth in the region. Increasing alteration of vehicles in the U.S., Canada, and Mexico is also supporting market expansion in North America.
Europe accounts for the second-largest market share. Increasing focus on vehicle conversion by key manufacturers to meet the regulation and European standards is boosting market growth in the region.
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Competitive Landscape-
Key Companies Focus on Offering Advanced Vehicle Conversion Solutions to Fulfill Consumer Needs
Braun Ability, Vantage Mobility International (VMI), and VAN Adventure Van Custom Conversions are some of the top companies in the market. They are concentrating on offering advanced vehicle conversion to satisfy consumer demands for different vehicles.
List of Key Players Covered in the Vehicle Conversion Market:-
- Adventure Van Custom Conversions (Poland)
- BRABUS (Germany)
- RENNtech, Inc. (U.S.)
- Braun Ability (U.S.)
- Vantage Mobility International (VMI) (U.S.)
- MobilityWorks (U.S.)
- Freedom Motors (U.S.)
- Revability (U.S.)
- AMS Vans (U.S.)
- Rollx Van (U.S.)
- Shelby (U.S.)
Vehicle Conversion Market Segmentation:-
By Vehicle Type
- Passenger Car
- Commercial Vehicle
By Component
- Wheel and Tire Modifications
- Exterior and Body Mods
- Interior Enhancements
- Lighting Upgrades
- Others (Suspension & Brake and Racks)
By Conversion Type
- Mobility Conversion
- Recreational Conversion
Key Industry Development:
September 2022: Spacefloor LX was presented by Braun Ability. The Spacefloor LX is the lightest whole aluminium vehicle floor made for lowering transport costs and carbon emissions. This floor utilizes less material, which also promotes eco-friendly production and use.
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Table of Contents:-
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Industry Developments –Mergers, Acquisitions and Partnerships
- Porters Five Forces Analysis
- Technological Development
- Impact of Covid-19
- Global Vehicle Conversion Market Analysis, Insights and Forecast, 2019-2030
- Key Findings / Definitions
- Market Analysis, Insights and Forecast – By Vehicle Type
- Passenger Car
- Commercial Vehicle
- Market Analysis, Insights and Forecast – By Component
- Wheel and tire modifications
- Exterior and body mods
- Interior enhancements
- Lighting upgrades
- Others (Suspension and brake, Racks etc.)
- Market Analysis, Insights and Forecast – By Conversion Type
- Mobility Conversion
- Recreational Conversion
- Market Analysis, Insights and Forecast – By Region
- North America
- Europe
- Asia Pacific
- Rest of the world
Toc Continued….
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