Top Automotive Retrofit Electric Vehicle (EV) Powertrain Companies

Skyquest Technology's expert advisors have carried out comprehensive research and identified these companies as industry leaders in the Automotive Retrofit Electric Vehicle (EV) Powertrain Market. This Analysis is based on comprehensive primary and secondary research on the corporate strategies, financial and operational performance, product portfolio, market share and brand analysis of all the leading Automotive Retrofit Electric Vehicle (EV) Powertrain industry players.

Automotive Retrofit Electric Vehicle (EV) Powertrain Market Competitive Landscape

Global automotive retrofit electric vehicle powertrain market is highly competitive with the presence of local as well as global companies. The major players are adopting several growth strategies such as product launches, acquisitions, and collaborations, which are contributing to the growth of global automotive retrofit electric vehicle powertrain market.

For example, In July 2021, German car maker Mercedes Benz announced that it would buy YASA, a provider of next-generation electric propulsion technology. The business offers automobile sector solutions for electric and hybrid powertrains. Yasa Mercedes Benz will continue to operate as a wholly owned subsidiary.

In July 2021, LG Electronics and Magna International formed a joint venture to develop electric vehicles (EVs). A transaction agreement has been formally signed by both businesses. The new business will be based in Incheon, South Korea, and will go by the name LG Magna E-Powertrain. It will initially provide employment to 1000 people.

Top Players in Automotive Retrofit Electric Vehicle (EV) Powertrain Market

  • Tesla, Inc. (USA) 
  • BYD Company Ltd. (China) 
  • NIO Inc. (China) 
  • Rivian Automotive, Inc. (USA) 
  • Lucid Group, Inc. (USA) 
  • Xpeng Inc. (China) 
  • Li Auto Inc. (China) 
  • Fisker Inc. (USA) 
  • Nikola Corporation (USA) 
  • Workhorse Group Inc. (USA) 
  • Lordstown Motors Corp. (USA) 
  • Proterra Inc. (USA) 
  • Canoo Inc. (USA) 
  • Arrival Ltd. (UK) 
  • REE Automotive Ltd. (Israel) 
  • ElectraMeccanica Vehicles Corp. (Canada) 
  • Arcimoto, Inc. (USA) 
  • GreenPower Motor Company Inc. (Canada) 
  • Hyliion Holdings Corp. (USA) 
  • Lion Electric Company (Canada)

Automotive Retrofit Electric Vehicle Powertrain Market

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Global Automotive Retrofit Electric Vehicle (EV) Powertrain Market Market size was valued at USD 64.5 billion in 2023 and is poised to grow from USD 69.08 billion in 2024 to USD 119.58 billion by 2032, growing at a CAGR of 7.1% during the forecast period (2025-2032).

Global automotive retrofit electric vehicle powertrain market is highly competitive with the presence of local as well as global companies. The major players are adopting several growth strategies such as product launches, acquisitions, and collaborations, which are contributing to the growth of global automotive retrofit electric vehicle powertrain market. 'Tesla, Inc. (USA) ', 'BYD Company Ltd. (China) ', 'NIO Inc. (China) ', 'Rivian Automotive, Inc. (USA) ', 'Lucid Group, Inc. (USA) ', 'Xpeng Inc. (China) ', 'Li Auto Inc. (China) ', 'Fisker Inc. (USA) ', 'Nikola Corporation (USA) ', 'Workhorse Group Inc. (USA) ', 'Lordstown Motors Corp. (USA) ', 'Proterra Inc. (USA) ', 'Canoo Inc. (USA) ', 'Arrival Ltd. (UK) ', 'REE Automotive Ltd. (Israel) ', 'ElectraMeccanica Vehicles Corp. (Canada) ', 'Arcimoto, Inc. (USA) ', 'GreenPower Motor Company Inc. (Canada) ', 'Hyliion Holdings Corp. (USA) ', 'Lion Electric Company (Canada)'

Due to technological advancements and the mass production of large-scale EV batteries, the cost of EV batteries has been decreasing over the past ten years. Since the EV battery is one of the most expensive parts of a car, this has caused the prices of EVs to drop. In 2010 the cost of a typical EV battery was around USD 1,100 per kWh. However, by 2020, the price had dropped to around USD 137 per kWh, and by 2021, it had fallen to USD 120. In China's electric vehicle business, these batteries can be purchased for as little as $100 per kilowatt. This is due to the decreasing cost of making these batteries, reduced cost of cathode material, higher production, etc. EV battery prices are expected to drop to approximately USD 60 per kWh by 2030, leading to significant cost reductions. This makes them cheaper than conventional ICE vehicles.

The government began to promote the development and sales of the market for electric vehicles and related charging infrastructure. For example, the US government invested USD 5 billion in 2017 in the electric vehicle industry to promote electric vehicle infrastructure such as charging stations. Norway and Germany are investing heavily in promoting sales of the electric vehicle market. Thus, due to strong incentives and subsidies in Europe, there is a high growth rate in the sale of electric vehicles. Most of these countries also offer incentives for setting up electric vehicle charging stations. Europe should be the first region to consider switching entirely too electric vehicles. Most countries in the region have announced their intention to stop sales of ICE vehicles in the coming decades.

Asia Pacific is expected to witness significant growth during the forecast period. Several legal initiatives such as EV sales quotas, fuel economy targets, and benefits for EVs in the assignment of license plates in countries such as China are the primary reasons for significant market penetration. The adoption of stringent emission norms like BS-VI in China and India is boosting the industry in this region. Partnerships among leading companies to build charging infrastructure are also fueling the growth of this market. For example, BP, the world's largest oil company, and Chinese company Didi Chuxing have partnered to build EV charging stations in China. Chinese lithium reserves are encouraging additional investment in the battery segment. Thanks to the government's supportive policies, Tesla also introduced the Model 3 in South Korea at a significantly lower price. These factors are expected to account for the largest market share in APAC.

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