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Rising demand for electric vehicles is likely to spur innovation in automotive retrofit electric vehicle powertrain manufacturing, propelling the market during the forecast period.

The global automotive retrofit electric vehicle powertrain market is expected to grow from $59.54 billion in 2022 to $65.14 billion in 2023 at a compound annual growth rate (CAGR) of 9.4%. The global automotive retrofit electric vehicle powertrain market size is expected to reach $89.56 billion in 2027 at a CAGR of 8.3%.

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Global Automotive Retrofit Electric Vehicle Powertrain Market Segments Include:

• By Component Type: Inclusive Conversion Kit, Electric Motor, Battery, Controller, Charger, Other Components
• By Vehicle type: Two Wheelers, Passenger Vehicle, Commercial Vehicle
• By Electric Vehicle Type: All Electric Vehicle Battery, Plug-in Hybrid Vehicle, Hybrid Vehicle
• By Geography: The market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa. Among these regions, Asia Pacific is the largest region in the global automotive retrofit electric vehicle powertrain market in 2021.

Major Market Players in the automotive retrofit electric vehicle powertrain market include Robert Bosch GMbH, Mitsubishi Electric Corporation, Magna International Inc., Altigreen Propulsion Labs – Engineering, Bharath Mobi, Hitachi Astemo Ltd.

Product innovation is a significant trend that is gaining traction in the automotive retrofit electric vehicle powertrain market. Major automotive retrofit electric vehicle powertrain firms are focusing on developing new creative solutions to increase their market position. For example, Starya Mobility, an Indian-based electric vehicle firm, released an indigenously developed ARAI-approved electric powertrain in January 2023, which included a 5.5kw proprietary PMSM motor and controller. This controller changes a gas scooter to a pure electric scooter that can survive harsh weather conditions. Internal combustion engines and petrol tanks would be replaced with an electric powertrain that supplies the vehicle with the necessary power to drive on the road surface.

The Automotive Retrofit Electric Vehicle Powertrain Global Market Report 2023  provides a automotive retrofit electric vehicle powertrain market overview for the time series: historic years (2010 – 2021) and ten years forecast (2023 – 2032). The automotive retrofit electric vehicle powertrain market forecast analyzes automotive retrofit electric vehicle powertrain market size, automotive retrofit electric vehicle powertrain market share, leading competitor market positions. The regions covered in the report include Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa and the countries include Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

The integrated electric powertrain that converts an old car into an electric car is referred to as an automotive retrofit electric vehicle powertrain. This system’s major goal is to reduce pollution.

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