Press release
Automotive Retrofit Electric Vehicle Powertrain Market Size Projected To Reach $105.35 Billion By 2034 With A Cagr Of 9%
Automotive Retrofit Electric Vehicle Powertrain
What Is the Projected Growth of the Automotive Retrofit Electric Vehicle Powertrain Market?
The market size for automotive retrofit electric vehicle powertrain has seen significant expansion in the past years. It is expected to surge from $68.73 billion in 2024 to $74.5 billion in 2025, with a compound annual growth rate (CAGR) of 8.4%. Factors contributing to this growth during the historical period include increased environmental consciousness, governmental incentives, rising fuel costs, heightened consumer interest, regulatory impositions, and progress in infrastructure.
Expectations are high for a robust growth in the automotive retrofit electric vehicle powertrain market in the upcoming years. Market projections suggest a surge to $105.35 billion by 2029, with a compound annual growth rate (CAGR) of 9.0%. The accelerated growth predicted for the forecast period is due to factors such as cost reductions, international electrification initiatives, market competitiveness, consumer preferences, and the rise of smart cities. Ongoing trends that will potentially shape the forecast period include an increased demand for retrofit solutions, progress in battery technology, regulatory support and incentives, technological breakthroughs in powertrain components, an increased offering of retrofit kits and solutions, and industry partnerships and collaborations.
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What Are the Different Automotive Retrofit Electric Vehicle Powertrain Market Segments?
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
Subsegments:
1) By Inclusive Conversion Kit: Complete Conversion Kits, Customizable Kits
2) By Electric Motor: AC Motors, DC Motors
3) By Battery: Lithium-Ion Batteries, Lead-Acid Batteries, Solid-State Batteries
4) By Controller: Motor Controllers, Battery Management Systems (BMS)
5) By Charger: Onboard Chargers, Offboard Chargers
6) By Other Components: Thermal Management Systems, Transmission Components, Connectors And Wiring
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What Are the Primary Drivers Shaping the Automotive Retrofit Electric Vehicle Powertrain Market?
The growth of the automotive retrofit electric vehicle powertrain market is predicted to surge due to the growing demand for electric vehicles. An electric vehicle, which is a vehicle powered by an electric motor that utilizes electricity from a battery that can be recharged from an external source, uses automotive retrofit electric vehicle powertrain. This system powers electric vehicles, eliminating the need for an internal combustion engine, reducing maintenance needs and noise pollution. Thus, as the need for electric vehicles rises, so does the demand for the automotive retrofit electric vehicle powertrain. For example, the U.S. Energy Information Administration, a government agency in the US, cited in November 2023 that the portion of battery-electric vehicles (BEVs) in new light-duty vehicle sales was 17.7% in the third quarter of 2023. BEVs accounted for 16.0% of total new vehicle sales this year, an increase from 12.5% in 2022 and 9.0% in 2021, as reported by Wards Intelligence. Consequently, the escalating need for electric vehicles fuels the automotive retrofit electric vehicle powertrain market.
Which Companies Are Leading in the Automotive Retrofit Electric Vehicle Powertrain Market?
Major companies operating in the automotive retrofit electric vehicle powertrain market include 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
What Are the Major Trends Shaping the Automotive Retrofit Electric Vehicle Powertrain Market?
Innovations in products are becoming a significant trend in the automotive retrofit electric vehicle powertrain industry. The primary businesses in this sector are concentrating on creating novel solutions to solidify their market standing. For instance, Starya Mobility, an electric vehicle firm based in India, unveiled an ARAI-approved, indigenously developed electric powertrain in January 2023. This powertrain includes a custom 5.5kw PMSM motor and controller, converting a gasoline scooter into a fully electric one that can endure different weather conditions. The standard internal combustion engines and fuel tanks would be substituted with an electric powertrain, delivering the required power for the vehicle's road mobility.
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What Are the Top Revenue-Generating Geographies in the Automotive Retrofit Electric Vehicle Powertrain Market?
Asia-Pacific was the largest region in the automotive retrofit electric vehicle powertrain market in 2024. The regions covered in the automotive retrofit electric vehicle powertrain market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Automotive Retrofit Electric Vehicle Powertrain Market?
2. What is the CAGR expected in the Automotive Retrofit Electric Vehicle Powertrain Market?
3. What Are the Key Innovations Transforming the Automotive Retrofit Electric Vehicle Powertrain Industry?
4. Which Region Is Leading the Automotive Retrofit Electric Vehicle Powertrain Market?
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