Hybrid Electric Vehicle Conversion Kit Market Size

Hybrid Electric Vehicle Conversion Kit Market size was valued at USD 394.9 million in 2024 and is projected to reach USD 2.34 billion by the end of 2037, rising at a CAGR of 14.7% during the forecast period, i.e., 2025-2037. In 2025, the industry size of hybrid electric vehicle conversion is assessed at USD 452.9 million. 

The primary factors driving growth in the hybrid electric vehicle conversion kit market include expanding environmental awareness and strict emission regulations. More and more governments are implementing policies to reduce carbon emissions as consumers look for greener alternatives to conventional combustion-engine vehicles. Conversion kits also have significant added value in retrofitting existing vehicles into hybrids in an affordable and sustainable way, prolonging the lifecycle of older models while encouraging greener mobility. In particular, this is quite attractive to the regions with ambitious carbon-neutral goals, hence contributing to their wide adoption.

In May 2023, Electrogenic introduced a plug-and-play conversion kit for classic Mini cars for around USD 18,800 plus VAT. It also joins the list of emerging systems, presenting conversion kits to mainstream consumers and expanding the potential base of the market. The probable subsidizing of such kits by various governments, especially in Europe and North America, boosts their popularity. With more manufacturers innovating with flexible, affordable options, the hybrid electric vehicle conversion kit market is anticipated to witness expansion prospects.