The Automotive Retrofit Electric Vehicle Powertrain by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Automotive Retrofit Electric Vehicle Powertrain, 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.
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.
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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
Top Major Players:
Asia-Pacific was the largest region in the automotive retrofit electric vehicle powertrain market in 2023.
Product innovations are a key trend gaining popularity in the automotive retrofit electric vehicle powertrain. Major companies operating in automotive retrofit electric vehicle powertrains are focused on developing new innovative solutions to strengthen their position in the market. For instance, in January 2023, Starya mobility, an Indian-based electric vehicle company introduced an indigenously built ARAI-approved electric powertrain that includes a 5.5kw proprietary PMSM motor & controller. This controller converts a petrol scooter to pure electric and can withstand climatic conditions. Internal combustion engines and gasoline tanks would be replaced, respectively, by an electric powertrain that provides the necessary power for the vehicle to move on the road surface.
The automotive retrofit electric vehicle powertrain market report table of contents includes:
1. Executive Summary
2. The Automotive Retrofit Electric Vehicle Powertrain Market Characteristics
3. Automotive Retrofit Electric Vehicle Powertrain Market Trends And Strategies
4. The Automotive Retrofit Electric Vehicle Powertrain Market – Macro Economic Scenario
5. Automotive Retrofit Electric Vehicle Powertrain Market Size and Growth
…….
26. Global Automotive Retrofit Electric Vehicle Powertrain Market Competitive Benchmarking
27. Global Automotive Retrofit Electric Vehicle Powertrain Market Competitive Dashboard
28. Key Mergers and Acquisitions In Automotive Retrofit Electric Vehicle Powertrain Market
29. Automotive Retrofit Electric Vehicle Powertrain Market Future Outlook and Potential Analysis
30. Appendix
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