The automotive retrofit electric vehicle powertrain market size has witnessed strong growth in recent years and is projected to grow from $68.73 billion in 2024 to $74.5 billion in 2025 at a compound annual growth rate (CAGR) of 8.4%. Factors contributing to this robust growth in the past include environmental awareness, government incentives, rising fuel prices, growing consumer interest, regulatory pressure, and infrastructure development.
Looking ahead, the automotive retrofit electric vehicle powertrain market size is expected to continue its upward trend, poised to reach $105.35 billion in 2029, growing at a CAGR of 9.0%. This robust growth in the forecast period is attributed to factors such as cost reductions, global electrification initiatives, intense market competition, evolving consumer preferences, and smart cities initiatives.
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What is triggering the robust growth in the Automotive Retrofit Electric Vehicle Powertrain Market?
Growing demand for electric vehicles is expected to fuel the market for automotive retrofit electric vehicle powertrain. Powered by electric motors that derive electricity from battery packs, these powertrains eliminate the need for internal combustion engines, thus promoting low maintenance, minimal noise pollution and appealing to an increasingly environmentally-conscious consumer base.
A snapshot of the trend is underscored by data from the U.S. Energy Information Administration which highlights how the share of battery-electric vehicles (BEVs) in new light-duty vehicle sales reached 17.7% in the third quarter of 2023, accounting for 16.0% of total new vehicle sales for the year, a marked increase from 12.5% in 2022 and just 9.0% in 2021.
What are the major segments within the Global Automotive Retrofit Electric Vehicle Powertrain Market?
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
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Who are the leading players in the Automotive Retrofit Electric Vehicle Powertrain Market?
Major companies operating in the market include Robert Bosch GMbH, Mitsubishi Electric Corporation, 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 emerging trends in the Automotive Retrofit Electric Vehicle Powertrain Market?
Product innovations form a salient trend sweeping across the automotive retrofit electric vehicle powertrain market. For example, in January 2023, Indian-based electric vehicle company Starya Mobility launched an indigenous ARAI- approved electric powertrain that includes a 5.5kw proprietary PMSM motor & controller to convert petrol scooters to pure electric vehicles resilient to various climatic conditions.
What Does The Future Hold For The Automotive Retrofit Electric Vehicle Powertrain Market In Different Regions?
The Asia-Pacific region emerged as the largest market for automotive retrofit electric vehicle powertrain in 2024. Other regions covered in the report include Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
What Does The Automotive Retrofit Electric Vehicle Powertrain Market Report 2025 Offer?
Automotive retrofit electric vehicle powertrain refers to the integrated electric powertrain that transforms an old car into an electric car. The primary purpose of this system is to reduce pollution. The Automotive Retrofit Electric Vehicle Powertrain Market research report from The Business Research Company offers global market size, growth rate, regional shares, competitor analysis, detailed segments, trends, and opportunities.
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