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Market Overview
Automotive Retrofit Electric Vehicle Powertrain market was valued at 54.4 billion US$ in 2022 and is projected to reach 90 billion US$ by 2030, at a CAGR of 6.5% during the forecast period. An automotive retrofit electric vehicle powertrain is a system that allows a conventional gasoline-powered vehicle to be converted into an electric vehicle. This typically involves replacing the internal combustion engine with an electric motor and installing a battery pack to store electricity.
Market Dynamics
The rise in demand to convert vehicles to full electric power in order to lower operating costs and consistent rise in fuel prices are key driving factors of the market. However, technological difficulties and high Cost might hamper the market growth. The implementation of favourable government incentives would provide lucrative opportunities for the market in coming years.
Market Segmentation
The global Automotive Retrofit Electric Vehicle Powertrain market is mainly classified based on Vehicle Type, Component, and Electric Vehicle Type.
Vehicle Type is further segmented into Two Wheelers, Passenger Vehicle, and Commercial Vehicle.
By Component the market is divided into Inclusive Conversion Kit, Electric Motor, Battery, Controller, Charger, and Others.
By Electric Vehicle Type the market is further divided into All Battery Electric Vehicle, Plug-in Hybrid Vehicle, and Hybrid Vehicle.
Regional Segementation
Based on geography, the global Automotive Retrofit Electric Vehicle Powertrain market is divided into North America, Europe, Asia-Pacific, South America, and Middle East & Africa. North America is further divided in the U.S., Canada, and Mexico, whereas Europe consists of the UK, Germany, France, Italy, and Rest of Europe. Asia-Pacific is segmented into India, China, Japan, South Korea, and Rest of Asia-Pacific. The South America region includes Brazil, Argentina, and the Rest of South America, while the Middle East & Africa is categorized into GCC Countries, Egypt, South Africa, and Rest of Middle East & Africa.
Competitive landscape
Key players operating in the Automotive Retrofit Electric Vehicle Powertrain industry include ALTIGREEN, BHARAT MOBI, Continental AG, Delphi Technologies, ETrio, EV Europe, Folks Motor, Hitachi Astemo Ltd., Johnson Electric Holdings Ltd, Loop Moto, Magna International Inc., Mando Corporation, Mitsubishi Electric, Rexnamo Electro Pvt Ltd., Robert Bosch GmbH, Transition One, VerdeMobility, and XL Fleet.
Automotive Retrofit Electric Vehicle Powertrain Market Key Segments:
By Vehicle Type
- Two Wheelers
- Passenger Vehicle
- Commercial Vehicle
By Component
- Inclusive Conversion Kit
- Electric Motor
- Battery
- Controller
- Charger
- Others
By Electric Vehicle Type
- All Battery Electric Vehicle
- Plug-in Hybrid Vehicle
- Hybrid Vehicle
Key Global Automotive Retrofit Electric Vehicle Powertrain Industry Players
- ALTIGREEN
- BHARAT MOBI
- Continental AG
- Delphi Technologies
- ETrio
- EV Europe
- Folks Motor
- Hitachi Astemo Ltd.
- Johnson Electric Holdings Ltd
- Loop Moto
- Magna International Inc.
- Mando Corporation
- Mitsubishi Electric
- Rexnamo Electro Pvt Ltd.
- Robert Bosch GmbH
- Transition One
- VerdeMobility
- XL Fleet
What Report Provides
- Full in-depth analysis of the parent Industry
- Important changes in market and its dynamics
- Segmentation details of the market
- Former, on-going, and projected market analysis in terms of volume and value
- Assessment of niche industry developments
- Market share analysis
- Key strategies of major players
- Emerging segments and regional growth potential
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