Who are the key vendors in the Global Automotive Retrofit Electric Vehicle Powertrain Market?

The 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 the global market. Some of the key vendors include EV West, Electric GT, Zero EV, Revolution Electric Vehicles, EV Source, HSR Motors, BorgWarner, AVID Technology, UQM Technologies Inc., Magna International Inc., Meritor, Inc., TM4, Bosch Limited, Continental AG, Cummins Inc., Danfoss A/S, Denso Corporation, GKN Automotive Limited, Hitachi Automotive Systems, Ltd., and Johnson Electric Holdings Limited.

What is the key driver of Global Automotive Retrofit Electric Vehicle Powertrain Market?

The key driver of the Global Automotive Retrofit Electric Vehicle Powertrain Market is the reduction in the cost of EV batteries to support the demand for cost-effective electric vehicles.

Global Automotive Retrofit Electric Vehicle Powertrain Market Size, Share, Growth Analysis, By Vehicle Type(Two Wheelers, Passenger Vehicle), By Component Type(Electric motor, Inverter) - Industry Forecast 2024-2031

Q: What is the key market trend for Global Automotive Retrofit Electric Vehicle Powertrain Market?

One of the key market trends for the Global Automotive Retrofit Electric Vehicle Powertrain Market is the government's promotion of the development and sales of 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 also 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 is expected to be the first region to consider switching entirely to electric vehicles, with most countries in the region announcing their intention to stop sales of ICE vehicles in the coming decades.

Report ID: SQMIG25A2066 | Region: Global | Published Date: February, 2024
Pages: 157 | Tables: 65 | Figures: 75

Global Automotive Retrofit Electric Vehicle Powertrain Market Dynamics

Automotive Retrofit Electric Vehicle Powertrain Market Driver

Reducing the cost of EV batteries to support demand for cost-effective EVs

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.

Automotive Retrofit Electric Vehicle Powertrain Market Restraint

Insufficient EV charging facilities

Some EV charging stations can be found in various nations around the world. As a result, fewer public EV charging stations are available, reducing the use of electric vehicles. Barring a few states, most nations have not been able to install the required number of EV charging stations, despite the fact that various nations are in the process of doing so. With a well-developed EV charging network across the world, the demand for EVs is expected to increase. Most nations have yet to build such charging infrastructure. The Netherlands has the highest density of EV chargers per 100 Km. Netherlands is the most charging stations at 19-20 per 100 Km. China is second with about 3-4 stations per 100 km. The UK has around 3 charging points per 100 km, but countries like Germany, UAE, Japan, Singapore, South Korea, Sweden, France, US, are rapidly expanding charging stations with plans to phase out sales of ICE vehicles by 2030 and Russia has accelerated the shift to EVs by building a large number of charging stations.

Global Automotive Retrofit Electric Vehicle Powertrain Market Report Snapshots

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Global Automotive Retrofit Electric Vehicle Powertrain Market size was valued at USD 58.89 billion in 2021 and is poised to grow from USD 60.23 billion in 2022 to USD 116.2 billion by 2030, growing at a CAGR of 7.1% in the forecast period (2023-2030).

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. 'EV West', 'Electric GT', 'Zero EV', 'Revolution Electric Vehicles', 'EV Source', 'HSR Motors', 'BorgWarner', 'AVID Technology', 'UQM Technologies Inc.', 'Magna International Inc.', 'Meritor, Inc.', 'TM4', 'Bosch Limited', 'Continental AG', 'Cummins Inc.', 'Danfoss A/S', 'Denso Corporation', 'GKN Automotive Limited', 'Hitachi Automotive Systems, Ltd.', 'Johnson Electric Holdings Limited'

Reducing the cost of EV batteries to support demand for cost-effective EVs

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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Global Automotive Retrofit Electric Vehicle Powertrain Market Size, Share, Growth Analysis, By Vehicle Type(Two Wheelers, Passenger Vehicle), By Component Type(Electric motor, Inverter) - Industry Forecast 2024-2031

Global Automotive Retrofit Electric Vehicle Powertrain Market Dynamics

Global Automotive Retrofit Electric Vehicle Powertrain Market Report Snapshots

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