Press release
Automotive Retrofit Electric Vehicle Powertrain Market Forecast 2024-2033 - Major Trends, Segments And Fastest Growing Regions | Robert Bosch GMbH, Mitsubishi Electric Coroporation, Magna International Inc., Altigreen Propulsion Labs - Engineering
Automotive Retrofit Electric Vehicle Powertrain Global Market Report
The Business Research Company offers in-depth market insights through Automotive Retrofit Electric Vehicle Powertrain Global Market Report 2024, providing businesses with a competitive advantage by thoroughly analyzing the market structure, including estimates for numerous segments and sub-segments.
Market Size And Growth 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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Market Segmentation:
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
Major Driver - Surging Demand For Electric Vehicles Fuels Growth In The Automotive Retrofit Electric Vehicle Powertrain Market
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.
Competitive Landscape:
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 .
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Top Trend - Arai-Approved Electric Powertrain Innovation For Retrofitting Petrol Scooters
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 Table Of Content For The Market Report Include:
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. Automotive Retrofit Electric Vehicle Powertrain Market Size And Growth
…..
27. Automotive Retrofit Electric Vehicle Powertrain Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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The Business Research Company (www.thebusinessresearchcompany.com) is a market intelligence firm that pioneers in company, market, and consumer research. Located globally, TBRC's consultants specialize in various industries including manufacturing, healthcare, financial services, chemicals, and technology. The firm has offices located in the UK, the US, and India, along with a network of proficient researchers in 28 countries.
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