Automotive Retrofit Electric Vehicle Powertrain Market Size & Share, By Component Type (Inclusive Conversion Kit, Electric Motor, Battery, Controller, Charger, Others), Vehicle Type (Two Wheelers, Passenger Vehicle, Commercial Vehicle), Electric Vehicle Type (All Electric Vehicle Battery, Plug-in Hybrid Vehicle, Hybrid Vehicle), Regional Forecast, Industry Players, Growth Statistics Report 2024-2032

Market Outlook:

Automotive Retrofit Electric Vehicle Powertrain Market crossed USD 65.98 Billion in 2023 and is anticipated to reach USD 126.5 Billion by end of the year 2032, witnessing more than 7.5% CAGR between 2024 and 2032.

• Base Year Value (2023): USD 65.98 Billion
• CAGR (2024-2032): 7.5%
• Forecast Year Value (2032): USD 126.5 Billion
• Historical Data Period: 2019-2023
• Largest Region: Asia Pacific
• Forecast Period: 2024-2032

Market Dynamics:

Growth Drivers & Opportunity:

The Automotive Retrofit Electric Vehicle Powertrain Market is expected to experience strong growth in the coming years due to the increasing government initiatives and regulations promoting the adoption of electric vehicles. These regulations are aimed at reducing carbon emissions and combating climate change, which has led to a growing demand for electric powertrains in the automotive industry.

Another major growth driver for the Automotive Retrofit Electric Vehicle Powertrain Market is the growing consumer awareness and demand for environmentally friendly transportation options. With a greater emphasis on sustainability and reducing carbon footprints, more consumers are opting for electric vehicles, driving the market for retrofit electric powertrains.

Furthermore, advancements in technology and innovation in the electric vehicle sector are also contributing to the growth of the Automotive Retrofit Electric Vehicle Powertrain Market. Continuous improvements in battery technology, range capacity, and charging infrastructure are making electric vehicles more viable and appealing to consumers, leading to an increase in the demand for retrofit electric powertrains.

Report Scope

Report Coverage	Details
Segments Covered	Component Type, Vehicle Type, Electric Vehicle Type
Regions Covered	• North America (United States, Canada, Mexico) • Europe (Germany, United Kingdom, France, Italy, Spain, Rest of Europe) • Asia Pacific (China, Japan, South Korea, Singapore, India, Australia, Rest of APAC) • Latin America (Argentina, Brazil, Rest of South America) • Middle East & Africa (GCC, South Africa, Rest of MEA)
Company Profiled	ALTIGREEN, BHARAT MOBI, Continental AG, Delphi Technologies, ETrio, EV Europe, Folks Motor, Hitachi Astemo., Johnson Electric Holdings, Loop Moto, Magna International, Mando, Mitsubishi Electric, Rexnamo Electro Pvt., Robert Bosch, Transition One, VerdeMobility, XL Fleet

Industry Restraints:

Despite the promising growth prospects, the Automotive Retrofit Electric Vehicle Powertrain Market faces certain restraints that could hinder its growth. A significant restraint is the high cost associated with retrofitting traditional internal combustion engine vehicles with electric powertrains. The cost of purchasing and installing electric powertrains can be prohibitive for many consumers, limiting the market potential for retrofit solutions.

Moreover, a significant restraint for the Automotive Retrofit Electric Vehicle Powertrain Market is the lack of standardization and regulations in the retrofitting process. With no standardized guidelines or regulations in place, there is a lack of uniformity and quality control in retrofitting electric powertrains, leading to potential safety and performance issues. This uncertainty and inconsistency in the retrofitting process may deter some consumers from investing in retrofit electric powertrains, posing a challenge to the market growth.

Regional Forecast:

North America:

The North American automotive retrofit electric vehicle powertrain market is projected to witness significant growth in the coming years. The United States and Canada are leading the adoption of electric vehicles, driven by government incentives, infrastructure investments, and changing consumer preferences. The increasing focus on reducing carbon emissions and the shift towards sustainable transportation are also driving the demand for electric vehicle powertrains in the region.

Asia Pacific:

In Asia Pacific, countries like China, Japan, and South Korea are at the forefront of the electric vehicle revolution. China, in particular, has emerged as the largest market for electric vehicles globally, supported by government policies promoting electric vehicle adoption. Japan and South Korea are also making significant investments in electric vehicle technology, leading to a growing demand for retrofit electric vehicle powertrains in the region.

Europe:

The European automotive retrofit electric vehicle powertrain market is poised for substantial growth, with countries like the United Kingdom, Germany, and France driving the demand. These countries have ambitious targets for reducing carbon emissions and promoting the use of electric vehicles, leading to a favorable regulatory environment for retrofit electric vehicle powertrains. The availability of charging infrastructure and increasing consumer awareness about the benefits of electric vehicles are also contributing to the market growth in Europe.

Segmentation Analysis:

In terms of segmentation, the global Automotive Retrofit Electric Vehicle Powertrain market is analyzed on the basis of Component Type, Vehicle Type, Electric Vehicle Type.

Automotive Retrofit Electric Vehicle Powertrain Market:

The Automotive Retrofit Electric Vehicle Powertrain Market is segmented by Component Type, Vehicle Type, and Electric Vehicle Type. In terms of Component Type, the market is categorized into Inclusive Conversion Kit, Electric Motor, Battery, Controller, Charger, and Others. The Inclusive Conversion Kit segment includes the necessary components for converting traditional vehicles into electric vehicles. The Electric Motor segment comprises the motor that drives the electric vehicle. The Battery segment includes the power source for the electric vehicle, while the Controller segment controls the flow of electricity. The Charger segment provides the means to recharge the electric vehicle. The Others segment encompasses any additional components necessary for the electric powertrain.

In terms of Vehicle Type, the market is segmented into Two Wheelers, Passenger Vehicles, and Commercial Vehicles. Two Wheelers refer to electric motorcycles and scooters. Passenger Vehicles include electric cars and SUVs. Commercial Vehicles encompass electric buses, trucks, and vans. Each segment has specific requirements and demands for electric powertrain components.

In terms of Electric Vehicle Type, the market is segmented into All Electric Vehicle Battery, Plug-in Hybrid Vehicle, and Hybrid Vehicle. All Electric Vehicle Battery refers to vehicles that rely solely on battery power for propulsion. Plug-in Hybrid Vehicles combine battery power with a traditional internal combustion engine. Hybrid Vehicles use both battery power and internal combustion engine power simultaneously or independently. Each type of electric vehicle has different powertrain needs and utilization patterns in the market.

Competitive Landscape:

The competitive landscape in the Automotive Retrofit Electric Vehicle Powertrain Market is characterized by intense rivalry among key players striving to gain a competitive edge through technological innovations and strategic partnerships. The market is witnessing a surge in demand for retrofit electric vehicle powertrains owing to growing environmental concerns and stringent emissions regulations. Some of the top companies operating in the Automotive Retrofit Electric Vehicle Powertrain Market include:

BorgWarner Inc.

Siemens AG

AVL List GmbH

Schaeffler AG

Continental AG

ZF Friedrichshafen AG

Magna International Inc.

Robert Bosch GmbH

ABB Ltd.

DENSO Corporation