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Global Automotive Retrofit Electric Vehicle Powertrain Market Insights
Global Automotive Retrofit Electric Vehicle Powertrain Market size was valued at USD 58.89 billion in 2021 and is poised to grow from USD 60.23 billion in 2022 to USD 116.2 billion by 2030, growing at a CAGR of 7.1% in the forecast period (2023-2030).
The continues depletion of global oil reserves as a result of significant CO2 emissions, as well as global warming concerns, have contributed to the rapid rise in oil prices. Energy conservation and environmental protection are global issues. As a result, the green energy trend dominates the industrial design and development of cars. So, automotive businesses are now focusing on developing e-powertrains that consume less energy and emit less carbon. It acts as the vehicle’s power source, replacing the requirements of the internal combustion engine. An electric drivetrain is a small, lightweight device that produces instant torque and very little vibration. The power distribution module (PDM), transmission, inverter, converter, gearbox, and electric motor are some of the important parts of an electric vehicle’s powertrain. These things combine to provide a high-quality, smooth and responsive drive.
The automotive retrofit electric vehicle powertrain market is driven by factors such as rising fuel prices, tightening emission norms, and growing demand for affordable solutions to switch to electric portability. In addition, government incentives for electric vehicles to reduce air pollution levels and the ban on the sale of new IC motor vehicles and the use of IC motor vehicles older than 15 years are also contributed into the growth of the global market. The vehicle’s gasoline-fuelled motor and any associated components, such as axles, electric motors, batteries, and numerous microelectronic, such as converter and regulator is replaced as part of an electric vehicle retrofit. Retrofitted cars also offer open matrices and chargers so they can be charged at home. Electric car retrofitting is seen by many vehicle owners as a practical option to get electric vehicles without spending money on brand-new vehicles. In addition, retrofitting is increasingly seen as a way to extend the useful life and comfort of an old vehicle after it has served its purpose.
The growing need for the electrification of vehicles in the automotive industry and increasing sales of electric vehicles are also contributing to the demand for automotive powertrains. The sector is also projected to grow at a faster pace due to the increasing need for automatic transmissions and engine downsizing to improve fuel efficiency. However, the lack of adequate EV charging infrastructure may limit the market expansion.
Global Automotive Retrofit Electric Vehicle Powertrain Market Segmental Analysis
Global automotive retrofit electric vehicle powertrain market is segmented on the basis of vehicle type, component type and region. On the basis of vehicle type, global automotive retrofit electric vehicle powertrain market is segmented into two wheelers, passenger vehicle and commercial vehicle. On the basis of component type, global automotive retrofit electric vehicle powertrain market is segmented into electric motor, inverter, converter, power distribution module, and transmission. On the basis of region, global automotive retrofit electric vehicle powertrain market is divided into North America, Europe, Asia Pacific and MEA.
Automotive Retrofit Electric Vehicle Powertrain Market Analysis by Vehicle Type
On the basis of vehicle type, global automotive retrofit electric vehicle powertrain market is segmented into two wheelers, passenger vehicle and commercial vehicle. The passenger vehicle segment is expected to dominate the market during the forecast period. Due to increasing consumer demand for cars for daily mobility and rapid adoption of electric vehicles, especially in developing countries, the market for electric powertrains is growing rapidly. The expansion of the EV powertrain market in this segment is expected to be fuelled by the development of vehicle-to-grid services, better grid solutions, and greater acceptance of electric buses by transit authorities, particularly in China and India.
Automotive Retrofit Electric Vehicle Powertrain Market Analysis by Component Type
On the basis of component type, global automotive retrofit electric vehicle powertrain market is segmented into electric motor, inverter, converter, power distribution module, and transmission. The transmission segment has the largest market share for this technology. Most electric cars have a single-speed transmission. But further research and development have been done to examine the commercial viability of multiple-speed transmissions like the Porsche Taycan. Major manufacturers of EV transmissions are building multispeed sailing operations and load-shifting capabilities for electric cars. These factors are expected to support market expansion.
The power distribution module (PDM) segment is expected to grow at the fastest rate during the forecast period. Increasing use of electrical functions in EVs and cost savings associated with PDM drive market expansion.
In this market, the electric motor segment is expected to experience sustained expansion. Improved motor design is required to meet the increasing demands of thermal barriers, thereby reducing the cost of additional materials for electric motors. In turn, this promotes market expansion for e-powertrain motors.
As manufacturers develop new product lines for hasty integration into commercial vehicles, the converter category is projected to experience steady expansion in this market. In this market, the inverter segment is expected to grow gradually as manufacturers work to build cars with integrated units, which include converter and inverter functionality.