Overview and Scope
Automotive retrofit electric vehicle powertrain refers to the integrated electric powertrain that transforms an old car into an electric car. The primary purpose of this system is to reduce pollution.
Sizing and Forecast
The automotive retrofit electric vehicle powertrain market size has grown strongly in recent years. It will grow from $63.93 billion in 2023 to $69.69 billion in 2024 at a compound annual growth rate (CAGR) of 9.0%. The growth in the historic period can be attributed to environmental awareness, government incentives, increasing fuel prices, rising consumer interest, regulatory pressure, infrastructure development.
The automotive retrofit electric vehicle powertrain market size is expected to see strong growth in the next few years. It will grow to $97.44 billion in 2028 at a compound annual growth rate (CAGR) of 8.7%. The growth in the forecast period can be attributed to cost reductions, global electrification initiatives, market competition, consumer preferences, smart cities initiatives. Major trends in the forecast period include increasing demand for retrofit solutions, advancements in battery technology, regulatory support and incentives, technological innovations in powertrain components, retrofit kits and solutions expansion, partnerships and collaborations.
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Segmentation & Regional Insights
The automotive retrofit electric vehicle powertrain market covered in this report is segmented –
1) By Component Type: Inclusive Conversion Kit, Electric Motor, Battery, Controller, Charger, Other Components
2) By Vehicle type: Two Wheelers, Passenger Vehicle, Commercial Vehicle
3) By Electric Vehicle Type: All Electric Vehicle Battery, Plug-in Hybrid Vehicle, Hybrid Vehicle
Asia-Pacific was the largest region in the automotive retrofit electric vehicle powertrain market in 2023. The regions covered in the automotive retrofit electric vehicle powertrain market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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Major Driver Impacting Market Growth
Increasing demand for electric vehicles is expected to propel the growth of the automotive retrofit electric vehicle powertrain market going forward. The electric vehicle is automotive that can be powered by an electric motor that takes electricity from a battery and can be charged from an external source. Automotive retrofit electric vehicle powertrain is used to power electric vehicles and removes the need for an internal combustion engine providing low maintenance, and minimal noise pollution, as a result, increasing demand for electric vehicles increases the demand for the automotive retrofit electric vehicle powertrain. For instance, in September 2022, according to the Global EV Outlook 2022 report, electric vehicle (EV) sales had doubled from the previous year in 2021, reaching a new high of 6.6 million units sales. Additionally, the sales of electric cars worldwide in 2021 have a sales share of 4%. Therefore, increasing demand for electric vehicles is driving the automotive retrofit electric vehicle powertrain market.
Key Industry Players
Major companies operating in the automotive retrofit electric vehicle powertrain market report are Robert Bosch GMbH, Mitsubishi Electric Coroporation, Magna International Inc., Altigreen Propulsion Labs – Engineering, Bharath Mobi, Hitachi Astemo Ltd., Delphi Technologies, Continental AG, EV Europe, Etrio, Folks Motor, Transition One, XL Fleet, Johnson Electric Holdings Ltd., ZeroLabs Automotive, SkyQuest Technology, ABB Ltd., BorgWarner, Cummins, Dana Incorporated, Eaton, GKN Automotive, Magneti Marelli, Mahle, Nexteer Automotive, Schaeffler, Valeo, ZF Friedrichshafen, Tesla Inc., BYD Company .
The automotive retrofit electric vehicle powertrain market report table of contents includes:
1. Executive Summary
2. Automotive Retrofit Electric Vehicle Powertrain Market Characteristics
3. Automotive Retrofit Electric Vehicle Powertrain Market Trends And Strategies
4. Automotive Retrofit Electric Vehicle Powertrain Market – Macro Economic Scenario
5. Global Automotive Retrofit Electric Vehicle Powertrain Market Size and Growth
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31. Global Automotive Retrofit Electric Vehicle Powertrain Market Competitive Benchmarking
32. Global Automotive Retrofit Electric Vehicle Powertrain Market Competitive Dashboard
33. Key Mergers And Acquisitions In The Automotive Retrofit Electric Vehicle Powertrain Market
34. Automotive Retrofit Electric Vehicle Powertrain Market Future Outlook and Potential Analysis
35. Appendix
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