Global Automotive Retrofit Electric Vehicle Powertrain Market Size By Vehicle Type (Two Wheelers, Passenger Vehicle (Hatchback, Sedan and Utility Vehicle)), By Electric Vehicle Type (All Electric Vehicle Battery, Plug-in Hybrid Vehicle), By Geographic Scope And Forecast

Automotive Retrofit Electric Vehicle Powertrain Market Size And Forecast

Automotive Retrofit Electric Vehicle Powertrain Market size was valued at USD 61.02 Billion in 2022 and is projected to reach USD 115.29 Billion by 2030, growing at a CAGR of 6.85% from 2023 to 2030.

Global Automotive Retrofit Electric Vehicle Powertrain Market is witnessing substantial growth during the forecasted period due to various driving factors including growing demand for electric vehicles and retrofit electrification fittings. Besides this, the potential advantages of EV vehicles over conventional petrol and diesel-based automobiles have further escalated the demand for automotive retrofit electric vehicle powertrain systems.

Global Automotive Retrofit Electric Vehicle Powertrain Market Definition

“Electric power train” is an electrical circuit that consists of the traction motor(s), and it also includes the electric energy conversion system REESS, the electronic converters, the respective electric connectors & wiring harness, and the coupling system for charging the REESS. Which, the REESS stands for “Rechargeable Electrical Energy Storage System” which is a rechargeable energy storage system that is used to generate electric energy for electric propulsion.

The demand for electric vehicle powertrains in the fuel-based automotive as a retrofit installation as well as in the case of electric vehicles has escalated drastically over the past few years and is expected to upsurge exponentially considering the government assistance and strict regulations associated with the automotive fuel emission.

Global Automotive Retrofit Electric Vehicle Powertrain Market Overview

Over the past few years, the demand for electric vehicles has increased significantly and is expected to grow even at a faster rate considering various drivers and opportunities in the market. As per the data published by the International Energy Agency, Electrification in the automotive sector has witnessed exponential growth since carbon emission through the automotive sector leads to more than 16% of global emissions. That has increased the need to minimize the global carbon footprint in all possible ways.

The agency estimated out of the automotive sales in 2022 more than 13% of the vehicles sold are electric and this share is expected to increase over the forecasted period. The International Energy Agency also claims that the overall automotive segment will run on electrical energy by the end of 2050 and there will be zero carbon emissions through the automobile segment. However, the electrical vehicle growth has been stagnant in the developing regions considering the lack of charging infrastructure and lack of vehicle availability and cost associated as compared to fuel-based automotive units.

On the other hand, government initiatives and assistance to upsurge electric vehicle adoption and awareness about clean energy will further complement the growth of automotive electrification over the forecasted period. The International Energy Agency (IEA) has introduced an Electric Vehicle Initiative (EVI) membership plan across the globe to escalate the demand for vehicle electrification. As of now around 15 countries are getting assistance through this membership.

Under this, the IEA is further launching a variety of campaigns to assist and escalated the electrification of the automotive segment. However, some of the developing economies like India with substantial potential in EV growth are running below average in this case. But the increasing government incentive will lead to improving the demand for EVs and this will ultimately expand the automotive retrofit electric vehicle powertrain industry.

Global Automotive Retrofit Electric Vehicle Powertrain Market Segmentation Analysis

The Global Automotive Retrofit Electric Vehicle Powertrain Market is segmented on the basis of Vehicle Type, Electric Vehicle Type, And Geography.

Automotive Retrofit Electric Vehicle Powertrain Market, By Vehicle Type

• Two Wheelers
• Passenger Vehicle (Hatchback, Sedan and Utility Vehicle)
• Commercial Vehicle (Light Commercial Vehicle and Heavy Commercial Vehicle)

Based on Vehicle Type, the market is bifurcated into Two Wheelers, Passenger Vehicle (Hatchback, Sedan and Utility Vehicle), and Commercial Vehicle (Light Commercial Vehicle and Heavy Commercial Vehicle). Out of which, the commercial vehicles segment is expected to dominate the automotive retrofit electric powertrain market over the forecasted period followed by the passenger vehicles. Besides this, passenger vehicles are expected to grow at the highest CAGR considering the growing adoption and electrification across the passenger automotive segment.

Automotive Retrofit Electric Vehicle Powertrain Market, By Electric Vehicle Type

• All Electric Vehicle Battery
• Plug-in Hybrid Vehicle
• Hybrid Vehicle

Based on Electric Vehicle Type, the market is bifurcated into All Electric Vehicle Battery, Plug-in Hybrid Vehicle, and Hybrid Vehicle. Out of which the all-electric vehicle battery will be dominating the market followed by plug-in hybrid vehicles. However, the costs associated with hybrid vehicles and the lack of availability across developing nations has kept the segment untapped to some extent. But it is expected to grow at a significant growth rate over the forecasted period.

Automotive Retrofit Electric Vehicle Powertrain Market, By Geography

• North America
• Europe
• Asia Pacific
• Rest of the world

Based on Regional Analysis, the Global Automotive Retrofit Electric Vehicle Powertrain Market is classified into North America, Europe, Asia Pacific, and the Rest of the world. Asia Pacific accounted for the largest market share and is projected to grow at the highest CAGR during the forecast period. China is the manufacturing hub for vehicle electrification and the adoption across the country is comparatively higher than in the European and North American automotive sectors. In complementary to this, the Indian market is showing signs of exponential growth over the forecasted period considering the government initiatives and availability of EVs through the local manufacturers.

Key Players

The “Global Automotive Retrofit Electric Vehicle Powertrain Market” study report will provide valuable insight with an emphasis on the global market including some of the major players such as 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, and many others. This section provides a company overview, ranking analysis, company regional and industry footprint, and ACE Matrix.

Our market analysis also entails a section solely dedicated to such major players wherein our analysts provide an insight into the financial statements of all the major players, along with product benchmarking and SWOT analysis.

Key Developments

• In June 2021, the automobile manufacturer XOS Inc. has launched a new powertrain segment for the class 5 and class 8 commercial EVs. This new division will enable the companies to know how the design and implementation of the EVs.

Ace Matrix Analysis

The Ace Matrix provided in the report would help to understand how the major key players involved in this industry are performing as we provide a ranking for these companies based on various factors such as service features & innovations, scalability, innovation of services, industry coverage, industry reach, and growth roadmap. Based on these factors, we rank the companies into four categories as Active, Cutting Edge, Emerging, and Innovators.

Market Attractiveness

The image of market attractiveness provided would further help to get information about the region that is majorly leading in the Global Automotive Retrofit Electric Vehicle Powertrain Market. We cover the major impacting factors that are responsible for driving the industry growth in the given region.

Porter’s Five Forces

The image provided would further help to get information about Porter’s five forces framework providing a blueprint for understanding the behavior of competitors and a player’s strategic positioning in the respective industry. Porter’s five forces model can be used to assess the competitive landscape in the Global Automotive Retrofit Electric Vehicle Powertrain Market, gauge the attractiveness of a certain sector, and assess investment possibilities.

Report Scope