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Automotive Retrofit Electric Vehicle Powertrain Market Size, Share, Trend Analysis, Segmentation And Forecast To 2033
Automotive Retrofit Electric Vehicle Powertrain Market
As per the report, 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 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%.
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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.
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 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
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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 .
Contents of the report:
1. Executive Summary
2. Automotive Retrofit Electric Vehicle Powertrain Market Report Structure
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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