Automotive Retrofit Electric Vehicle Powertrain Market is Estimated to Reach USD 2,896.62 Million by the end of 2028: Cognitive Market Research

Market Overview:
Electric vehicle retrofitting is the process of converting existing petrol or diesel vehicle into electric vehicle. This procedure includes replacing the original engine and other associated components, as well as installing a new alternative energy source within the current vehicle body.
The process includes either adding additional system into existing vehicles or replacing the existing engine with a new motor and drivetrain. This process can be done on both new and used vehicles.
Several passenger and commercial vehicle often use retrofit component for several reasons. This component includes electric motor, high voltage battery, controller, on board charger, and others.
It can be used in manually as well as automatic operating system. These components can be found in OEM or aftermarket sales channel.
The retrofitting of electric vehicles provides several benefits such as it can reduce operational cost, as cost of electricity per km is significantly less when compared to petrol or diesel. These component does not produce noise and vibration that allow comfortable ride.

Market Insight:
• The Global Automotive Retrofit Electric Vehicle Powertrain Market is expected to reach USD 2,896.62 Million by the end of 2028, growing at a CAGR of 11.02% between 2023 and 2030.
• The New vehicle Revenue in Automotive Retrofit Electric Vehicle Powertrain is estimated to reach USD 811.65 Million in 2028
• The Electric Motor Revenue is anticipated to reach at USD 709.92 Million in 2028
• The Passenger Vehicle Revenue in Automotive Retrofit Electric Vehicle Powertrain is anticipated to reach USD 1,616.95 Million in 2028.

To know more The Automotive Retrofit Electric Vehicle Powertrain Market Insight click here: https://www.cognitivemarketresearch.com/automotive-retrofit-electric-vehicle-powertrain-market-report

Market Drivers:
• Rising Demands for sustainable transport solution
The climate change is one of the most concern and debatable topic across the world. The increasing average atmospheric temperature trigged by global warming is driving several changes in earth's climate and weather systems. The heat-trapping greenhouse gases (GHG) plays a significant role in the global warming. From the series of gases, carbon dioxide (CO2) significantly contributes to the global warming. According to the U.S. Environmental Protection Agency, carbon emissions, in the form of carbon dioxide, make up more than 80 percent of the greenhouse gases emitted in the United States. EPA (United States Environmental Protection Agency) states that the human activities are responsible for almost all of the increase in greenhouse gases in the atmosphere over the last 150 years.
The reports also states that the transportation comprises for 29% of the total emissions in 2019 by economic sectors. Others studies for 2020, shows that passenger cars contribute for about 40-42 % of CO2 emissions in the transportation sector across the world. The steady rise in the emission of carbon di oxide from passenger cars is been observed from past few decades which was observed around 2.2 billion metric tons in 2000 to a peak of 3.2 million metric tons in 2020. The report from European commission states that the Passenger cars and vans ('light commercial vehicles') are respectively responsible for around 12% and 2.5% of total EU emissions of carbon dioxide (CO2), which is the main greenhouse gas.
• Restraints for Automotive Retrofit Electric Vehicle Powertrain Market
Challenges associated with electrification of vehicles
• Opportunities for Automotive Retrofit Electric Vehicle Powertrain Market
Government initiatives for the adoption of electric vehicles
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Market Segmentation:
Type
• New vehicle
Several new vehicles have been retrofitted with electric drivetrain. Several new vehicles often need to purchase some additional features to further modified the system. The additional feature is included to configure the electric motor which includes a wiring harness, production motors, electric pump, an electric steering kit, an electronic controller that provides real-time feedback, and others.
• Used vehicle
In retrofit process new electric drivetrain is integrated into existing drivetrain of the vehicle. Converting old vehicle into electric one gives more power as well as extend the life of vehicle. This allows the vehicle's hybrid mode to be the default driving mode on the automobile. It also remove the need to change gears in traffic because the vehicles can accelerate up to 30kph in a gearless driving way. The method helps to reduce carbon emissions in the city.

Component
• Electric Motor
Electric conversion of vehicles involves the removing of entire internal combustion engine and installs an electric motor in its place. The electric motor transforms electrical energy from the battery pack into mechanical energy, allowing the vehicle to drive in the intended way. Several EVs use motor generators that can perform regeneration.
• High Voltage Battery
Currently, new electric vehicles require high voltage to power the motor. Hence, several vehicles are retrofitted with high quality high voltage batteries. These batteries often made with multiple lithium-ion cell and stores the energy to run the vehicle.
• Controller
• On Board Charger
• Others

Vehicle Type
• Passenger Vehicle
• Commercial vehicle

Electric Vehicle
• Battery Electric Vehicle
• Plug-in Hybrid Vehicle
• Hybrid Electric Vehicle

Operation
• Automatic
• Manual

Sales Channel
• OEMs
• Aftermarket

Get free sample pages of latest published Automotive Retrofit Electric Vehicle Powertrain Market Report: https://www.cognitivemarketresearch.com/automotive-retrofit-electric-vehicle-powertrain-market-report/report_enquiry/4

Competitive Analysis for Automotive Retrofit Electric Vehicle Powertrain Market:
Continental AG, Trio Automobiles Pvt Ltd, BHARAT MOBI, eTrio technologies, Robert Bosch GmbH, Rexnamo Electro Pvt Ltd., ALTIGREEN, Delphi Technologies, Mando Corporation, Johnson Electric Holdings Ltd, Mitsubishi Electric, Magna International Inc., Hitachi Ltd.

Altigreen
Altigreen design, develop, test, certify and manufacture powertrains for full-electric and hybrid-electric vehicles. It manufactures EV powertrains for India and other emerging economies. The Company's patent portfolio spans over 60 countries with 24 patents granted, including 6 in the US
It provides electric powertrains for use in a range of passenger vehicles including hatchbacks, sedans, MUVs and SUVs. These powertrains can either be fitted along with the existing ICE engine, converting a fossil-fuel vehicle to an Electrical Assist Hybrid, or can be used to drive the vehicle standalone as a Full Electric on battery power. The company is providing their solutions for two wheelers, three wheelers, passenger cars, light commercial vehicles and farm equipment.

NEWS
• November 2021
EV tech provider Altigreen partnered with SpareIt
Altigreen, a Bangalore-based electric vehicle technology company, has teamed up with SpareIt to utilize garages on the latter's platform as EV servicing centers.
• March 2021
Cogos partnered with Altigreen to deploy 1,000 EVs in its fleet
Cogos, an AI-driven intra-city logistics platform, has announced a partnership with Altigreen to deploy 1,000 electric vehicles in its fleet.

Related Report:
• Electric Vehicle Powertrain Market: https://www.cognitivemarketresearch.com/electric-vehicle-powertrain-market-report
• Light Vehicle Powertrain Sensors Market: https://www.cognitivemarketresearch.com/light-vehicle-powertrain-sensors-market-report
• New Energy Vehicle Powertrain Market: https://www.cognitivemarketresearch.com/new-energy-vehicle-powertrain-market-report

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