Automotive Retrofit Electric Vehicle Power Train Market: Growth, Trends, and Future Outlook

The Automotive Retrofit Electric Vehicle Power Train Market has witnessed significant growth in recent years and is poised for substantial expansion in the coming decade. Valued at US$ 67.64 billion in 2023, the market is expected to reach nearly US$ 110.04 billion by 2030, growing at a CAGR of 7.2% from 2024 to 2030. This growth is driven by increasing environmental regulations, rising fuel costs, and the growing demand for cost-effective solutions to transition from internal combustion (IC) engines to electric mobility.

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Market Overview

Electric vehicle (EV) retrofitting involves replacing the traditional petrol or diesel engine of a vehicle with an electric motor, battery, and associated electronics, including converters and controllers. Retrofitted vehicles are also equipped with chargers compatible with home and public charging infrastructure. This approach is particularly attractive to vehicle owners who cannot afford new electric vehicles but want to switch to eco-friendly alternatives.

Government incentives worldwide, such as subsidies, exemptions from tolls, free parking, and reduced registration fees for electric vehicles, have further boosted market growth. Moreover, certain countries in Europe and the Asia Pacific are implementing bans on the sale and use of older IC vehicles, driving the adoption of electric retrofits. Retrofitting is also becoming a strategy to extend the life of older vehicles, adding sustainability and value for owners.

Market Dynamics

The rising demand for vehicle electrification in both developed and developing countries is a major driver for this market. Comprehensive conversion kits, which include all components necessary for retrofitting—battery, charger, motor, controller, axle, and converters—have gained popularity due to their convenience and cost-effectiveness.

In developing regions, high upfront costs of new electric vehicles often deter buyers. Retrofitting offers a more affordable pathway to electric mobility. Additionally, retrofitting classic and small vehicles, as well as commercial vehicles like light and heavy-duty trucks, is gaining traction globally. Markets in North America and Europe are also seeing increased demand for retrofitting kits for vintage vehicles from the 70s, 80s, and 90s.

Segment Analysis

• By Vehicle Type:

  • Two-wheelers dominate the market due to affordability and high adoption rates in urban areas.

  • Commercial vehicles, including light and heavy-duty trucks, are showing significant growth as businesses seek cost-effective electrification solutions.

  • Passenger vehicles (hatchbacks, sedans, and utility vehicles) are also increasingly being retrofitted.

• By Component:

  • Electric motors and inclusive conversion kits are projected to witness substantial growth.

  • Batteries, controllers, and chargers remain critical components supporting the retrofitting ecosystem.

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Regional Insights

The Asia Pacific region dominates the market, accounting for over 65% of global market share, driven by the presence of key manufacturers in China, Japan, India, and South Korea. Companies such as Hitachi Astemo, Mitsubishi Electric, and Mando Corporation, along with startups like Altigreen, BharatMobi, and Loop Moto, are leading market innovation.

Europe and North America also represent significant markets, focusing on retrofitting classic and commercial vehicles. Together, they account for around 28% of the global market, offering a mix of technological advancements and government support for EV adoption.

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Key Players

The global market includes established players and emerging startups:

• 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 Inc

These companies focus on innovation, government collaborations, and expanding their presence in high-demand regions.

Future Outlook

The automotive retrofit EV powertrain market is expected to continue its strong growth trajectory, supported by:

• Rising fuel costs and environmental concerns

• Government incentives and stricter emission regulations

• Cost-effective solutions for vehicle electrification

• Growing awareness of sustainability among vehicle owners

The increasing adoption of inclusive retrofit kits will play a pivotal role in accelerating the market’s expansion in both developed and emerging economies.

Frequently Asked Questions (FAQs)

1. What is the forecast period considered for the Automotive Retrofit Electric Vehicle Power Train Market?
The forecast period for the market is 2024-2030.

2. Which key factors are hindering the growth of the Automotive Retrofit Electric Vehicle Power Train Market?
The high cost of manufacturing and retrofitting is a major challenge limiting widespread adoption.

3. What is the compound annual growth rate (CAGR) of the market?
The market is projected to grow at a CAGR of 7.2% during 2024–2030.

4. What are the key factors driving the market growth?
Increasing environmental awareness, rising fuel costs, government incentives, and the affordability of retrofitting compared to new electric vehicles are the main growth drivers.

5. Which are the major global players in the Automotive Retrofit EV Powertrain Market?
Major players include ALTIGREEN, BHARAT MOBI, Continental AG, Delphi Technologies, ETrio, EV Europe, Folks Motor, Hitachi Astemo, Johnson Electric, Loop Moto, Magna International, Mando Corporation, Mitsubishi Electric, Rexnamo Electro, Robert Bosch, Transition One, VerdeMobility, and XL Fleet Inc.

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