Vehicle Conversion Global Market Report 2024

The vehicle conversion market size has grown strongly in recent years. It will grow from $4.52 billion in 2023 to $4.95 billion in 2024 at a compound annual growth rate (CAGR) of 9.4%. The growth in the historical period can be ascribed to enhancements in accessibility, shifts in regulations, a surge in demand for customization, increased awareness of accessibility, and the demands of an aging population.

The vehicle conversion market size is expected to see strong growth in the next few years. It will grow to $6.87 billion in 2028 at a compound annual growth rate (CAGR) of 8.5%. The forecasted growth in the period ahead can be linked to the expansion of financial and insurance support, a cultural emphasis on inclusivity, innovative adaptation in ride-sharing, increased demand in the commercial sector, and the prevalence of personalized solutions. Notable trends in the forecast period encompass modular conversion kits, smart integration solutions, subscription-based conversion services, enhanced autonomous accessibility, and shared accessibility platforms.

The anticipated growth in the vehicle conversion market is expected to be fueled by the rising demand for electric vehicles (EVs). An electric vehicle (EV) relies on an electric motor powered by a battery that can be externally charged. Converting conventional vehicles to electric ones offers various advantages, including extended vehicle lifespan, cost-effectiveness, utilization of existing infrastructure, and reduced environmental impact. As an illustration, a report from the US Department of Energy published in March 2022 revealed a nearly doubling of new light-duty plug-in electric vehicle sales, encompassing electric vehicles and plug-in hybrid electric vehicles, from 308,000 in 2020 to 608,000 in 2021. Additionally, data from the International Energy Agency in September 2022 indicated that electric vehicle sales almost doubled to 6.6 million in 2021 compared to 2020, constituting almost 9% of the sales share and registering a 4% increase in 2021. Consequently, the increasing demand for electric vehicles (EVs) is a driving force behind the growth of the vehicle conversion market.

The expanding footprint of the e-commerce industry is anticipated to drive the growth of the vehicle conversion market in the future. E-commerce, denoting the online buying and selling of goods and services, relies on vehicle conversions, including the modification of vans and trucks to optimize cargo space, integrate refrigeration units, and enhance delivery systems. Notably, the first quarter of 2021 witnessed a significant 39.0 percent surge in US e-commerce sales compared to the same period in 2020, according to the United States Department of Commerce. Therefore, the vehicle conversion market is experiencing growth propelled by the increasing expansion of the e-commerce industry.

Product innovation stands out as a prominent trend gaining traction in the vehicle conversion market. Key players within this market are strategically focusing on the development of novel products to maintain their competitive edge. Notably, in November 2022, UK-based electric vehicle conversion company, Electrogenic Ltd., introduced a range of drop-in EV conversion kits. This product distinguishes itself by facilitating installation while preserving the original vehicle design and structure, ensuring that all conversions are reversible. The electrogenic drop-in kits are anticipated to deliver exceptional drivability, performance, and efficiency, positioning vehicles for a sustainable, low-carbon motoring future.

Major companies engaged in vehicle conversion are forging partnerships to collaborate on new product development. Such collaborations and partnerships in the vehicle conversion market serve as catalysts for innovation, leveraging combined expertise and resources to create tailored solutions, broaden service offerings, and efficiently meet diverse customer needs. An illustrative example is the collaboration between France-based automobile manufacturing company, Renault Group, and electromobility company, Phoenix Mobility. This strategic partnership aims to co-develop and commercially exploit a retrofit kit, a pioneering solution in the French light commercial vehicle (LCV) market. The retrofit kit enables the conversion of combustion engine commercial vehicles over 5 years old into electric vehicles, with an initial focus on the Renault Master model. The goal is to market and install around 1,000 retrofit kits by the end of 2023 at the Re-Factory in Flins, Renault Group's Circular Economy-dedicated site.

In April 2023, UK-based retail and automotive engineering company, Trek-Group, completed the acquisition of Safeguard SVP Ltd. This strategic move enhances Trek-Group's commitment to delivering high-quality engineered solutions for emergency service, defense, and other specialist fleet operators. The acquisition brings together a combined 100,000 sq ft of manufacturing facilities in Colchester and Doncaster, representing a significant step toward achieving strategic objectives and expanding the company's manufacturing and after-sales capabilities in the southern region of the country. Safeguard SVP Ltd. specializes in vehicle conversion for government fleet operators, including ambulance, fire, defense, and police.

Major companies operating in the vehicle conversion market report are BraunAbility, Kisae Technology Inc., Outside Van, Vanworks Inc., El Kapitan Van Conversion, Electro Automotive, Zelectric Motors, Colorado Camper Van LLC, Creative Mobile Interiors Inc., DIYEV Inc., Electric Vehicles of America (EVA), EV Source, EV4U Custom Conversions, EVDrive, Glampervan, Green Motors Inc., Green Shed Conversions, Hi Performance Electric Vehicle Systems, Nomad Vanz, RB Components Inc., Sportsmobile, Van Specialties, Vanlife Customs UK Ltd., Zero Labs, Electric GT Holdings, Advanture Company, American Van, Electric Classic Cars, Flash Drive Motors, OPTO innovation.

North America was the largest region in the vehicle conversion market in 2023. The regions covered in the vehicle conversion market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the vehicle conversion market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Spain, Canada.

Vehicle conversions primarily fall into two categories products and services. A product refers to a tangible or intangible item created through a production or manufacturing process, made accessible to customers or businesses for sale or utilization. The diverse range of vehicle types encompasses passenger cars, commercial vehicles, and others, while conversion types include mobility conversion, commercial conversion, recreational conversion, among others.

The vehicle conversion market research report is one of a series of new reports that provides vehicle conversion market statistics, including vehicle conversion industry global market size, regional shares, competitors with a vehicle conversion market share, detailed vehicle conversion market segments, market trends, and opportunities, and any further data you may need to thrive in the vehicle conversion industry. This vehicle conversion market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The vehicle conversion market consists of revenues earned by entities by providing side-entry conversion, rear-entry conversion, and rear- or side-entry wheelchair van conversion. The market value includes the value of related goods sold by the service provider or included within the service offering. The vehicle conversion market also includes sales of van conversion kits, hybrid electric vehicle conversion kits, and automotive conversion kits that are used in providing vehicle conversion services. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).


The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.