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 Insights

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).

The continues depletion of global oil reserves as a result of significant CO2 emissions, as well as global warming concerns, have contributed to the rapid rise in oil prices. Energy conservation and environmental protection are global issues. As a result, the green energy trend dominates the industrial design and development of cars. So, automotive businesses are now focusing on developing e-powertrains that consume less energy and emit less carbon. It acts as the vehicle's power source, replacing the requirements of the internal combustion engine. An electric drivetrain is a small, lightweight device that produces instant torque and very little vibration. The power distribution module (PDM), transmission, inverter, converter, gearbox, and electric motor are some of the important parts of an electric vehicle's powertrain. These things combine to provide a high-quality, smooth and responsive drive.

The automotive retrofit electric vehicle powertrain market is driven by factors such as rising fuel prices, tightening emission norms, and growing demand for affordable solutions to switch to electric portability. In addition, government incentives for electric vehicles to reduce air pollution levels and the ban on the sale of new IC motor vehicles and the use of IC motor vehicles older than 15 years are also contributed into the growth of the global market. The vehicle's gasoline-fuelled motor and any associated components, such as axles, electric motors, batteries, and numerous microelectronic, such as converter and regulator is replaced as part of an electric vehicle retrofit. Retrofitted cars also offer open matrices and chargers so they can be charged at home. Electric car retrofitting is seen by many vehicle owners as a practical option to get electric vehicles without spending money on brand-new vehicles. In addition, retrofitting is increasingly seen as a way to extend the useful life and comfort of an old vehicle after it has served its purpose.

The growing need for the electrification of vehicles in the automotive industry and increasing sales of electric vehicles are also contributing to the demand for automotive powertrains. The sector is also projected to grow at a faster pace due to the increasing need for automatic transmissions and engine downsizing to improve fuel efficiency. However, the lack of adequate EV charging infrastructure may limit the market expansion.

US Automotive Retrofit Electric Vehicle Powertrain Market is poised to grow at a sustainable CAGR for the next forecast year.

Global Automotive Retrofit Electric Vehicle Powertrain Market Report Snapshots

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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 Insights

Global Automotive Retrofit Electric Vehicle Powertrain Market Report Snapshots

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

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

Which region accounted for the largest share in Global Automotive Retrofit Electric Vehicle Powertrain Market?

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