Automotive Retrofit Electric Vehicle Powertrain Market Size, Share, Revenue, Trends, and Drivers For 2024-2033

The Business Research Company has updated its global market reports with latest data for 2024 and projections up to 2033

LONDON, GREATER LONDON , UNITED KINGDOM, September 30, 2024 /EINPresswire.com/ -- The automotive retrofit electric vehicle powertrain market has experienced robust growth in recent years, expanding from $63.93 billion in 2023 to $69.69 billion in 2024 at a compound annual growth rate (CAGR) of 9.0%. The growth in the historic period can be attributed to environmental awareness, government incentives, increasing fuel prices, rising consumer interest, regulatory pressure, infrastructure development.

What Is The Estimated Market Size Of The Global Automotive Retrofit Electric Vehicle Powertrain Market And Its Annual Growth Rate?
The automotive retrofit electric vehicle powertrain market is projected to continue its strong growth, reaching $97.44 billion in 2028 at a compound annual growth rate (CAGR) of 8.7%. The growth in the forecast period can be attributed to cost reductions, global electrification initiatives, market competition, consumer preferences, smart cities initiatives.

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Growth Driver Of The Automotive Retrofit Electric Vehicle Powertrain Market
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.

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Who Are The Leading Competitors In The Automotive Retrofit Electric Vehicle Powertrain Market Share?
Key players in the market include 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, Transition One, XL Fleet, Johnson Electric Holdings Ltd., ZeroLabs Automotive, SkyQuest Technology, ABB Ltd., BorgWarner, Cummins, Dana Incorporated, Eaton, GKN Automotive, Magneti Marelli, Mahle, Nexteer Automotive, Schaeffler, Valeo, ZF Friedrichshafen, Tesla Inc., BYD Company.

What Are The Dominant Trends In Automotive Retrofit Electric Vehicle Powertrain Market Growth?
Major companies operating in the automotive retrofit electric vehicle powertrain market are focusing on strategic partnerships to sustain their position in the market. A strategic partnership refers to a formal alliance between two companies with the specific goal of achieving mutual benefits and objectives.

How Is The Global Automotive Retrofit Electric Vehicle Powertrain Market Segmented?
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

Geographical Insights: Asia-Pacific Leading The Automotive Retrofit Electric Vehicle Powertrain Market
Asia-Pacific was the largest region in the market in 2023. The regions covered in the report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

Automotive Retrofit Electric Vehicle Powertrain Market Definition
Automotive retrofit electric vehicle powertrain refers to the integrated electric powertrain that transforms an old car into an electric car. The primary purpose of this system is to reduce pollution.

Automotive Retrofit Electric Vehicle Powertrain Global Market Report 2024 from TBRC covers the following information:
• Market size data for the forecast period: Historical and Future
• Macroeconomic factors affecting the market in the short and long run
• Analysis of the macro and micro economic factors that have affected the market in the past five years
• Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
• Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

An overview of the global automotive retrofit electric vehicle powertrain market report covering trends, opportunities, strategies, and more
The Automotive Retrofit Electric Vehicle Powertrain Global Market Report 2024 by The Business Research Company is the most comprehensive report that provides insights on automotive retrofit electric vehicle powertrain market size, automotive retrofit electric vehicle powertrain market drivers and trends, automotive retrofit electric vehicle powertrain market major players and automotive retrofit electric vehicle powertrain market growth across geographies. This report helps you gain in-depth insights into opportunities and strategies. Companies can leverage the data in the report and tap into segments with the highest growth potential.

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