Published Date : 16 Jan 2023
The global automotive retrofit electric vehicle powertrain market size is expected to hit around USD 125.37 billion by 2032 from USD 61.68 billion in 2022 with a CAGR of 7.40% from 2023 to 2032.
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 2023 | USD 65.94 Billion |
| Market Size by 2032 | USD 125.37 Billion |
| Growth Rate from 2023 to 2032 | CAGR of 7.40% |
| Base Year | 2022 |
| Forecast Period | 2023 to 2032 |
| 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
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
Major Key Players
Market Segmentation
By Component Type
By Vehicle Type
By Electric Vehicle Type
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