Automotive Retrofit Electric Vehicle Powertrain Market Size To Touch USD 118.1 Bn By 2030

Published Date : 16 Jan 2023

The global automotive retrofit electric vehicle powertrain market size was exhibited at USD 66.03 billion in 2022 and is expected to touch around USD 118.1 billion by 2030, growing at a CAGR of 7.54% from 2022 to 2030.

Oil prices have risen significantly as a result of the progressive depletion of world oil reserves, as well as global warming challenges caused by significant CO2 emissions. Environmental preservation and energy conservation are worldwide concerns. As a result, the green energy trend is dominant in vehicle industrial design and development. Thus, e-powertrains with low energy consumption and low carbon emissions are now the development trend for automakers. 

It provides power to electric vehicles without the need of an internal combustion engine. E-powertrains with low energy consumption and low carbon emissions have been the development emphasis for automobile businesses. It provides power to the electric car without requiring an internal combustion engine. The e-powertrain is a small and light device that generates immediate torque and causes very little vibration. 

Among the essential components of an electric vehicle powertrain are the power distribution module, gearbox, converter, invertor, and electric motor. These components work together to offer a high-quality, smooth, and responsive drive. 

Automobile corporations in the industry are emphasizing on high-growth uses like as passenger vehicles and entire kits to have a check on their operations afloat following the COVID-19 outbreak. As a consequence of a combination of factors, such as rising gasoline prices, which have spurred demand for EVs, the industry is likely to rise. However, because of their high purchase prices, modern electric vehicles are not affordable to many automobile buyers. 

An automobile retrofit electric vehicle powertrain is often retrofitted to any antique or classic car to convert it into an electric vehicle in order to reduce emissions. By doing this, traditional automobile owners may able to finish their transition to electric movement, saving their costs and reducing pollution. As a result, all companies must invest in their R&D department in order to develop more types of automotive retrofit electric vehicle powertrains that help in the cost-effective conversion of conventional automobiles to EVs.

Automotive Retrofit Electric Vehicle Powertrain Market Report Scope

Report Coverage Details
Market Size in 2022 USD 66.03 Billion
Market Size by 2030 USD 118.1 Billion
Growth Rate from 2022 to 2030 CAGR of 7.54%
Base Year 2022
Forecast Period 2022 to 2030
Segments Covered By Component Type, By Vehicle Type, By Electric Vehicle Type
Regions Covered  North America, Europe, Asia-Pacific, Latin America and Middle East & Africa


Report Highlights

  • After Europe and North America, Asia Pacific has the greatest market for passenger electric cars. The region's three leading countries in the passenger EV market are Japan, China, and South Korea.
  • Demand for electric vehicles with automotive retrofits is rising worldwide, but especially in Asia Pacific and Europe. This is due to the fact that it is simple to handle and that there is a rising demand for these vehicles.
  • OEMs will have additional alternatives to expand their revenue stream and geographic reach as governments throughout the world raise their investments in creating EV charging stations and Hydrogen fueling stations, along with incentives offered to buyers.
  • During the projection period, the electric motor segment is predicted to increase. Throughout the projection period, the included Conversion kit is predicted to rise.

Regional Snapshots

In 2021, Asia Pacific owned the highest volume share of the worldwide automotive retrofit electric vehicle powertrain market, accounting for 65.6% of the total. Growth was mostly ascribed to the crucial presence of industrialized nations such as China, Japan, India, and South Korea, which are home to significant research and development as well as production capabilities for automotive retrofit manufacturers.

North America and Europe are also significant markets for automotive retrofit electric vehicle powertrains, with value shares of 10.71% and 17.29% of the worldwide market in 2021, respectively. The retrofitting of vintage classic automobiles drives these markets. In these locations, electric motors and chargers were the most in demand parts for automotive retrofit electric vehicle powertrains. 

Market Dynamics

Drivers

Throughout the projected period, the market is likely to be driven by demand for vehicle electrification in various emerging nations. The global comprehensive kit industry is projected to reach a worth of US$ 23.9 billion by the end of the year 2022, owing to the popularity of vehicle owners who are eager to convert their present conventional automobiles into electric rather than acquiring brand new electric vehicles so that they can save money. 

The kit is a particularly versatile item since it comprises all of the essential elements for retrofitting in a single kit, for example, an electric battery, regulators, converters, axles, and charges.

Inclusive kits assist car owners save, money, time, and effort that would otherwise be spent on obtaining every single element necessary to convert a vehicle to the electric vehicle. Moreover, they are gaining appeal in newly emerging areas such as North America as well as Europe for retrofitting excellent automobiles from the 1970s, 1980s, and 1990s. This huge number of variables is driving their popularity as a preferred segment of auto retrofit electric car powertrain in the retrofitting for standard automobiles.

Restraints

The absence of common charging infrastructure and the greater cost of electric cars are important hurdles to the growth of the automotive retrofit electric vehicle powertrain industry. The cost of battery components, infrastructural support, and making electric cars financially feasible are all concerns that have slowed global adoption of electric vehicles. 

Only some places have access to key battery components like as cobalt and lithium. Lithium may be found in China, Australia, and Latin America, but cobalt is mostly found in the Democratic Republic of the Congo. Obtaining these materials is complicated and costly due to shipping costs and government regulations that govern the supply chain.

Opportunities

One of the main possibilities in the automotive retrofit electric vehicle powertrain industry is the design to cost approach and the development of a native platform for electric cars. For the electric vehicle powertrain simulation, OEMs are increasingly using an electric car powertrain design to cost method. This tendency has been especially noticeable in second-generation electric cars. The design-to-cost method is largely concerned with making better use of lightweight materials in structural sections and integrating components in the e-powertrain. 

Furthermore, OEMs are concentrating on developing a native platform for EVs. Non-native electric cars constrain the battery into the IC engine platform's compacted footprint, limiting energy capacity. When compared to non-native electric vehicles, native electric vehicles have optimal battery packing and more interior room. As a result, OEMs are spending extensively in these areas, which is projected to boost the electric vehicle powertrain industry.

Challenges

Making battery management systems that are both cost effective and good performance has been difficult, resulting in EVs that are more expensive and hence less appealing. Infrastructure is also a considerable roadblock. Access to public charging facilities and quick recharge are critical. However, electric cars' limited accessibility and low range have remained challenges. These problems have impeded electric car adoption, which is projected to limit the market for electric vehicle powertrain.

Recent Developments

  • On October 4, 2021, Cell Propulsion and Autobot India announced a collaboration to provide tailored EV solutions to commercial vehicle owners in India. 
  • On January 26, 2022, Continental AG announced a collaboration with Volterio to create completely automated charging robots for electric cars.
  • On February 15, 2022, BorgWarner Inc., previously Delphi Technologies, announced a USD 220 million acquisition of Chinese EV supplier Santroll's light car electric motor division.
  • Anand Group and Mando Corporation launched Anand Mando e Mobility on August 3, 2021, a new joint venture in India focusing on the production and distribution of components and systems for electric two and three wheelers.
  • On March 6, 2019, Mitsubishi Electric announced the inauguration of a new manufacturing plant in the Czech Republic to produce electric car motors and inverters.

Major Key Players

  • 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

Market Segmentation

By Component Type

  • Inclusive Conversion Kit
  • Electric Motor
  • Battery
  • Controller
  • Charger
  • Others (Axle, Converter, etc.)

By Vehicle Type

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

By Electric Vehicle Type

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

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