DUBLIN, June 8, 2023 /PRNewswire/ — The “Automotive Retrofit Electric Vehicle Powertrain Global Market Report 2023” report has been added to ResearchAndMarkets.com’s offering.
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 automotive retrofit electric vehicle powertrain market is expected to reach $89.56 billion in 2027 at a CAGR of 8.3%.
Increasing demand for electric vehicles is expected to propel the growth of the automotive retrofit electric vehicle powertrain market going forward. The electric vehicle is automotive that can be powered by an electric motor that takes electricity from a battery and can be charged from an external source. Automotive retrofit electric vehicle powertrain is used to power electric vehicles and removes the need for an internal combustion engine providing low maintenance, and minimal noise pollution, as a result, increasing demand for electric vehicles increases the demand for the automotive retrofit electric vehicle powertrain.
For instance, in September 2022, according to the Global EV Outlook 2022 report, electric vehicle (EV) sales had doubled from the previous year in 2021, reaching a new high of 6.6 million units sales. Additionally, the sales of electric cars worldwide in 2021 have a sales share of 4%. Therefore, increasing demand for electric vehicles is driving the automotive retrofit electric vehicle powertrain market.
Product innovations are a key trend gaining popularity in the automotive retrofit electric vehicle powertrain. Major companies operating in automotive retrofit electric vehicle powertrains are focused on developing new innovative solutions to strengthen their position in the market. For instance, in January 2023, Starya mobility, an Indian-based electric vehicle company introduced an indigenously built ARAI-approved electric powertrain that includes a 5.5kw proprietary PMSM motor & controller. This controller converts a petrol scooter to pure electric and can withstand climatic conditions. Internal combustion engines and gasoline tanks would be replaced, respectively, by an electric powertrain that provides the necessary power for the vehicle to move on the road surface.
In August 2021, Mercedes-Benz, a Germany-based luxury vehicles company acquired YASA for an undisclosed amount. With this acquisition, both companies aim to develop best-in-class electric drive innovations to give the German automaker’s electric vehicles exceptional performance. YASA is a UK-based company manufacturing automotive retrofit electric vehicle powertrains.
Asia-Pacific was the largest region in the automotive retrofit electric vehicle powertrain market in 2022. The regions covered in automotive retrofit electric vehicle powertrain report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The countries covered in the automotive retrofit electric vehicle powertrain market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
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Description:
Where is the largest and fastest growing market for automotive retrofit electric vehicle powertrain? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The automotive retrofit electric vehicle powertrain market global report answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market’s historic and forecast market growth by geography.
Scope
Markets Covered:
1) By Component Type: Inclusive Conversion Kit; Electric Motor; Battery; Controller; Charger; Other Components
2) By Vehicle type: Two Wheelers; Passenger Vehicle; Commercial Vehicle
3) By Electric Vehicle Type: All Electric Vehicle Battery; Plug-in Hybrid Vehicle; Hybrid Vehicle
Key Topics Covered:
1. Executive Summary
2. Automotive Retrofit Electric Vehicle Powertrain Market Characteristics
3. Automotive Retrofit Electric Vehicle Powertrain Market Trends And Strategies
4. Automotive Retrofit Electric Vehicle Powertrain Market – Macro Economic Scenario
5. Automotive Retrofit Electric Vehicle Powertrain Market Size And Growth
6. Automotive Retrofit Electric Vehicle Powertrain Market Segmentation
7. Automotive Retrofit Electric Vehicle Powertrain Market Regional And Country Analysis
A selection of companies mentioned in this report includes
Robert Bosch GMbH
Mitsubishi Electric Coroporation
Magna International Inc.
Altigreen Propulsion Labs – Engineering
Bharath Mobi
Hitachi Astemo Ltd.
Delphi Technologies
Continental AG
EV Europe
Etrio
Folks Motor
Hitachi Astemo Ltd.
Transition One
XL Fleet
Johnson Electric Holdings Ltd.
For more information about this report visit https://www.researchandmarkets.com/r/tjl0t3
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