Press release
Automotive Retrofit Electric Vehicle Powertrain Market Sales Likely to Surpass Revenues Worth US$ 117.9 Bn by 2031 End
Retrofitting an old vehicle into an electric vehicle is a new way to reduce pollution and promote zero-emission. Retrofit electric vehicles include replacement of the engine and fuel tank with a battery and battery charger, respectively.Access Complete Report of Automotive Retrofit Electric Vehicle Powertrain Market @ https://www.transparencymarketresearch.com/automotive-retrofit-electric-vehicle-powertrain-market.html
Retrofitted electric vehicles do not require gears and can travel up to 150km on a single charge. According to Central Motor Vehicle Rule, 1989, of India, the conversion of engine powered vehicles into pure electric operation with fitment of electric kit would be permitted if the vehicle was manufactured on or after January 1, 1990.
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Key Drivers of Global Automotive Retrofit Electric Vehicle Powertrain Market
Rise in sale of vehicles across the globe is a key factor that drives the electric vehicle market. Vehicle manufacturers are emphasizing on retrofitting old vehicles into electric vehicles, which in turn is estimated to boost the automotive retrofit electric vehicle powertrain market across the globe.
Rise in demand for automatic transmission in the vehicle to enhance driving comfort is projected to propel the automotive retrofit electric vehicle market, as a retrofit electric vehicle doesn't require gears.
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Europe and Asia Pacific to hold prominent share of global automotive retrofit electric vehicle powertrain market
Europe is projected to hold a major share of automotive retrofit electric vehicle powertrain market due to significant presence of automotive industries and enactment of stringent rules regarding emission norms in the region. Increase in continuous research and development and collaboration between automotive companies is likely to fuel the automotive retrofit electric vehicle market in Europe.
Followed by Europe, Asia Pacific is projected to account for a significant share of the global automotive retrofit electric vehicle powertrain market, due to an increase in vehicle production and sale in the region. China has significant reserves of lithium which in turn is estimated to propel investment for battery production for electric vehicle. Demand for electric vehicles is high in China and Japan which in turn would boost the automotive retrofit electric vehicle market in Asia Pacific.
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Key Players Operating in Automotive Retrofit Electric Vehicle Powertrain Market
The global automotive retrofit electric vehicle powertrain market is highly concentrated owing to the presence of top manufacturers. A few of the key players operating in the global automotive retrofit electric vehicle powertrain market are:
Continental AG
Trio Automobiles Pvt Ltd
BHARAT MOBI
Robert Bosch GmbH
Rexnamo Electro Pvt Ltd.
ALTIGREEN
Delphi Technologies
Mando Corporation
Johnson Electric Holdings Ltd
Mitsubishi Electric
Magna International Inc.
Hitachi Ltd.
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About Transparency Market Research
Transparency Market Research registered at Wilmington, Delaware, United States, is a global market research firm that offers market analysis reports and business consulting. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insights for thousands of decision makers. Our experienced team of Analysts, Researchers, and Consultants use proprietary data sources and various tools & techniques to gather and analyze information.
Our data repository is continuously updated and revised by a team of research experts, so that it always reflects the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in developing distinctive data sets and research material for business reports.
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