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Automotive Retrofit Electric Vehicle Powertrain Market Analysis: $102.22 Billion by 2029 With a CAGR of 8.6%
Automotive Retrofit Electric Vehicle Powertrain Market
Automotive Retrofit Electric Vehicle Powertrain Market Value Projection: How Much Will the Market Size by 2025?
The market size for the automotive retrofit electric vehicle powertrain has seen a robust expansion in the past few years. It is anticipated to escalate from a size of $68.73 billion in 2024 to $73.48 billion in 2025, marking a compound annual growth rate (CAGR) of 6.9%. Factors such as heightened environmental consciousness, governmental inducements, augmented fuel costs, burgeoning consumer interest, increased regulatory demands, and developments in infrastructure have contributed to this historical period growth.
What Will Be the Market Growth Forecat for Automotive Retrofit Electric Vehicle Powertrain in 2029?
The market size of the automotive retrofit electric vehicle powertrain is predicted to witness robust expansion in the coming years, escalating to $102.22 billion in 2029 with a compound annual growth rate (CAGR) of 8.6%. Factors such as cost-cutting measures, global electrification projects, competitive market dynamics, customer inclinations, and smart city initiatives are expected to drive growth during the forecast period. Key trends for this duration include a rise in demand for retrofit solutions, progress in battery technology, regulatory backing and incentives, technological transformation in powertrain elements, expansion in retrofit kits and solutions, along with partnerships and collaborations.
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What Are the Core Competitive Drivers in the Automotive Retrofit Electric Vehicle Powertrain Industry?
The rise in the popularity of electric vehicles is anticipated to spur the growth of the market for automotive retrofit electric vehicle powertrain. This powertrain, which powers electric cars by eliminating the need for an internal combustion engine, offers reduced maintenance costs and minimal noise pollution. Thus, the demand for electric vehicles directly influences the demand for automotive retrofit electric vehicle powertrain. For example, the U.S. Energy Information Administration reported in November 2023 that the proportion of battery-electric vehicles in new light-duty vehicle sales hit 17.7% in Q3 2023. Battery-electric vehicles constituted 16.0% of the total new vehicle sales for the year, an increase from 12.5% in 2022 and 9.0% in 2021, according to Wards Intelligence. Consequently, it is the growing popularity of electric vehicles that is fueling the growth in the market for automotive retrofit electric vehicle powertrain.
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Which Automotive Retrofit Electric Vehicle Powertrain Market Segment Is Projected to See the Fastest Growth?
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
Which Trends Are Opening New Opportunities in the Automotive Retrofit Electric Vehicle Powertrain Market?
A significant trend on the rise within the automotive retrofit electric vehicle powertrain industry is product innovation. Main players in the market are prioritizing the development of novel solutions in order to solidify their market position. For instance, in January 2023, the Indian-based electric vehicle company, Starya Mobility, rolled out a uniquely constructed ARAI-approved electric powertrain. This includes a 5.5kw proprietary PMSM motor & controller, which takes a petrol scooter and transforms it into a purely electric vehicle, capable of maintaining performance across different weather conditions. Traditional components like internal combustion engines and fuel tanks are replaced by the electric powertrain, which supplies the requisite power for the vehicle to operate on the road.
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Who Are the Leaders 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
Which Regional Automotive Retrofit Electric Vehicle Powertrain Markets Offer the Greatest Growth Potential?
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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