What Has Been The Historical And Current Growth Of The Automotive Retrofit Electric Vehicle Powertrain Market?
The automotive retrofit electric vehicle powertrain market has seen considerable growth due to a variety of factors.
• In the past few years, there has been a significant increase in the size of the automotive retrofit electric vehicle powertrain market. It is projected to escalate from $68.73 billion in 2024 to $74.5 billion in 2025, experiencing a compound annual growth rate (CAGR) of 8.4%. The expansion during the historic period is a result of factors such as increased environmental consciousness, governmental incentives, a surge in fuel costs, growing interest of consumers, regulation enforcement, and developments in infrastructure.
What Are The Predictions for The Automotive Retrofit Electric Vehicle Powertrain Market?
The Automotive Retrofit Electric Vehicle Powertrain market is expected to maintain its strong growth trajectory in upcoming years.
• Anticipated robust growth in the automotive retrofit electric vehicle powertrain sector will see the market value climb to $105.35 billion in 2029, experiencing a compound annual growth rate (CAGR) of 9.0%.
This expected escalation during the forecast timeframe can be accounted to factors such as decrease in costs, worldwide electrification movements, stiff market competition, changing consumer choices, and initiatives aimed at creating smart cities. The forecast period will also witness a surge in demands for retrofit solutions, breakthroughs in battery technology, backing and incentives from regulations, innovative technology in powertrain components, growth in retrofit kits and solutions, as well as multiple partnerships and collaborations.
Which Drivers Are Accelerating Growth In The Automotive Retrofit Electric Vehicle Powertrain Market?
The surge in electric vehicle demand is anticipated to drive the expansion of the automotive retrofit electric vehicle powertrain market. Electric vehicles are those which operate on electricity supplied by a battery that can be charged from an external source. Automotive retrofit electric vehicle powertrains are used to fuel these vehicles, eliminating the necessity for an internal combustion engine. This leads to lower maintenance and reduced noise pollution. Consequently, the rise in electric vehicle interest escalates the demand for automotive retrofit electric vehicle powertrains. For example, in November 2023, the US Energy Information Administration, a US-based governmental organization, reported that the proportion of battery-electric vehicles (BEVs) in new light-duty vehicle sales hit 17.7% in the third quarter of 2023. BEVs accounted for 16.0% of all new vehicle sales to date that year, an increase from 12.5% in 2022 and 9.0% in 2021, according to Wards Intelligence. Thus, the growing popularity of electric vehicles is propelling the automotive retrofit electric vehicle powertrain market.
What Are The Core Segments Of The Global 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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Which Emerging Trends Are Reshaping The Automotive Retrofit Electric Vehicle Powertrain Market Size?
Major companies in the automotive retrofit electric vehicle powertrain space are leveraging product innovations to reinforce their market position, a trend that is gaining traction. Notably, Starya Mobility, an electric vehicle firm in India, launched a uniquely designed ARAI-approved electric powertrain in January 2023. This powertrain, which comprises a 5.5kw proprietary PMSM motor & controller, transforms a gasoline-powered scooter into a fully electric vehicle and is resilient to diverse weather conditions. The powertrain serves as a replacement for internal combustion engines and gasoline tanks, furnishing the necessary propulsion for the vehicle to travel on the road.
Who Are the Key Players 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 Regional Insights Into 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
