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Emerging Trends to Drive Automotive Retrofit Electric Vehicle Powertrain Market Growth at 9% CAGR Through 2029
Automotive Retrofit Electric Vehicle Powertrain Market Size
Automotive Retrofit Electric Vehicle Powertrain Market Size Growth Forecast: What to Expect by 2025?
The market size for automotive retrofit electric vehicle powertrain has seen significant growth in the past years. The market is set to increase from $68.73 billion in 2024 to $74.5 billion in 2025, with the compound annual growth rate (CAGR) calculated at 8.4%. The historic growth of this market is due to factors such as heightened environmental consciousness, government incentives, escalation in fuel prices, a rise in consumer interest, regulatory pressure, and infrastructure development.
How Will the Automotive Retrofit Electric Vehicle Powertrain Market Size Evolve and Grow by 2029?
Substantial expansion is anticipated in the automotive retrofit electric vehicle powertrain segment in the upcoming years, with projections indicating a market value of $105.35 billion by 2029, growing at a Compound Annual Growth Rate (CAGR) of 9.0%. Factors responsible for this predicted growth during the forecast period include cost-cutting measures, worldwide electrification efforts, market competitiveness, changes in customer tastes, and initiatives to create intelligent cities. Increasing demand for retrofit solutions, battery technology progression, regulatory support and incentives, technological advancements in powertrain components, expansion of retrofit kits and solutions, as well as partnerships and collaborations are expected to be the dominant trends in the forecast period.
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What Drivers Are Propelling the Growth of Automotive Retrofit Electric Vehicle Powertrain Market Forward?
The automotive retrofit electric vehicle powertrain market is anticipated to blossom in response to the growing appetite for electric vehicles. Electric vehicles, powered by electric motors that utilize electricity stored in batteries and rechargeable from external sources, utilize automotive retrofit electric vehicle powertrain. This eliminates the need for an internal combustion engine, resulting in lower maintenance costs and reduced noise pollution. Thus, a high demand for electric vehicles correspondingly boosts the demand for automotive retrofit electric vehicle powertrains. As indicated by the U.S. Energy Information Administration in November 2023, battery-electric vehicle (BEV) sales had constituted 17.7% of new light-duty vehicles sales in the third quarter of 2023, and 16.0% of all new vehicle sales for the year to date - a significant increase from 12.5% in 2022 and 9.0% in 2021, as revealed by Wards Intelligence. This surge in demand for electric vehicles is thus facilitating the progression of the automotive retrofit electric vehicle powertrain market.
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Which Emerging Trends Are Transforming the Automotive Retrofit Electric Vehicle Powertrain Market in 2025?
The ongoing trend of product innovation is becoming increasingly popular in the retrofit electric vehicle powertrain market of the automotive industry. To solidify their market standing, major companies in this sector are concentrating on creating new and innovative solutions. For example, Starya mobility, an Indian electric vehicle company, introduced a locally developed, ARAI-approved electric powertrain in January 2023. This powertrain, equipped with a 5.5kw proprietary PMSM motor & controller, can transform a petrol scooter into an entirely electrical one and is resistant to various weather conditions. Replacing the traditional internal combustion engines and gasoline tanks, this electric powertrain supplies the required power for the vehicle to operate on roads.
What Are the Key Segments in the Automotive Retrofit Electric Vehicle Powertrain Market?
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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Who Are the Key Players Shaping the Automotive Retrofit Electric Vehicle Powertrain Market's Competitive Landscape?
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 Geographic Markets Are Powering Growth 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
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