Automotive EV Retrofit Powertrain Market: Opportunities in Vehicle Electrification
Automotive Retrofit Electric Vehicle Power Train Market: Growth, Trends, and Future Outlook (2024–2030)
Market Overview
The global Automotive Retrofit Electric Vehicle (EV) Power Train Market was valued at US$ 67.64 billion in 2023 and is projected to grow at a CAGR of 7.2% from 2024 to 2030, reaching nearly US$ 110.04 billion by 2030. This growth is driven by rising environmental concerns, increasing fuel prices, and the growing demand for cost-effective solutions to shift toward electric mobility.
Automotive retrofit electric powertrains involve replacing conventional internal combustion engine (ICE) components with electric motors, batteries, controllers, converters, and charging systems. This process allows existing vehicles to operate on electric power, extending their lifespan and improving sustainability. Retrofitting has emerged as a practical alternative for vehicle owners who wish to adopt electric mobility without purchasing new EVs.
Stringent emission regulations, government mandates to phase out old ICE vehicles, and bans on fossil fuel-powered automobiles in several regions are accelerating market adoption. Additionally, the availability of home and public charging infrastructure further supports market expansion.
♦ Request a Free Sample Copy or View Report Summary:https://www.maximizemarketresearch.com/request-sample/82047/
Market Dynamics
One of the key drivers of the market is the increasing demand for vehicle electrification in developing economies. High upfront costs of new electric vehicles often discourage consumers, making retrofitting a more affordable option. Retrofit solutions enable cost savings while allowing users to benefit from government incentives associated with electric mobility.
The rising popularity of inclusive conversion kits has also strengthened market growth. These kits include essential components such as batteries, motors, controllers, chargers, and converters in a single package. They reduce installation time, lower overall costs, and simplify the conversion process for vehicle owners.
Inclusive kits are particularly popular in Asia Pacific markets, where small and mid-sized vehicles dominate transportation. In developed regions such as North America and Europe, retrofitting classic vehicles from the 1970s to 1990s has gained popularity, further contributing to market demand.
Government incentives play a crucial role in market expansion. Benefits such as tax exemptions, free parking, reduced registration fees, toll waivers, and direct subsidies encourage consumers to adopt electric vehicles. Retrofitting allows vehicle owners to access these benefits at a lower cost, making it an attractive solution.
However, high manufacturing and installation costs of retrofit systems may hinder market growth in certain regions. Technical complexities and limited availability of certified service providers can also pose challenges.
Segment Analysis
By Vehicle Type
The market is segmented into:
- Two Wheelers
- Passenger Vehicles (Hatchback, Sedan, Utility Vehicles)
- Commercial Vehicles (LCV and HCV)
The two-wheelers segment is expected to dominate the market during the forecast period due to high demand in densely populated regions and cost-sensitive markets. The commercial vehicle segment is also witnessing significant growth as logistics and transportation companies adopt electric mobility to reduce operational costs and emissions.
By Component
Based on components, the market includes:
- Inclusive Conversion Kits
- Electric Motors
- Batteries
- Controllers
- Chargers
- Others (Axles, Converters, etc.)
The electric motor and inclusive conversion kit segments are expected to experience strong growth. Favorable government policies and increasing adoption of standardized retrofit kits are driving demand in these segments.
♦ Download Sample Report Here : https://www.maximizemarketresearch.com/request-sample/82047/
Regional Insights
The Asia Pacific region dominates the global market, accounting for approximately 65.54% of market share in recent years. This dominance is attributed to strong manufacturing capabilities, rising urbanization, and supportive government initiatives in countries such as China, India, Japan, and South Korea.
Major players including Hitachi Astemo Ltd., Mitsubishi Electric Corporation, and Mando Corporation have strong operational bases in this region. Furthermore, startups such as Altigreen, BharatMobi, Folks Motor, and Loop Moto are actively contributing to market development, especially in India.
North America holds around 10.69% of the market share, driven by technological advancements and classic vehicle retrofitting trends. Europe accounts for approximately 17.19%, supported by strict emission norms and sustainability policies.
♦ Make Smarter Decisions in 2026 — Get Your Research Report Now: https://www.maximizemarketresearch.com/market-report/global-automotive-retrofit-electric-vehicle-power-train-market/82047/
Competitive Landscape
The Automotive Retrofit EV Power Train Market is moderately competitive, with established players and emerging startups shaping industry growth. Key companies include:
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, and XL Fleet Inc.
These companies focus on product innovation, strategic partnerships, geographic expansion, and cost optimization to strengthen their market presence.
Future Outlook
The future of the Automotive Retrofit Electric Vehicle Power Train Market remains promising. Rising environmental awareness, expanding charging infrastructure, and increasing urban mobility challenges are expected to drive long-term growth. Technological advancements in battery efficiency, lightweight motors, and modular retrofit kits will further enhance market adoption.
As governments continue to promote low-emission transportation and consumers seek affordable electric alternatives, vehicle retrofitting will play a vital role in the global transition toward sustainable mobility.
◉ Get Market Research Latest Trends
Global Bone Marrow Aspirate Concentrates (BMAC) Market https://www.maximizemarketresearch.com/market-report/global-bone-marrow-aspirate-concentrates-bmac-market/37078/
Global Uro-Gynaecological Surgical Devices Market https://www.maximizemarketresearch.com/market-report/global-uro-gynaecological-surgical-devices-market/82678/
Inhalable Drug Market https://www.maximizemarketresearch.com/market-report/inhalable-drug-market/123389/
About Maximize Market Research:
Maximize Market Research is a multifaceted market research and consulting company with professionals from several industries. Some of the industries we cover include medical devices, pharmaceutical manufacturers, science and engineering, electronic components, industrial equipment, technology and communication, cars and automobiles, chemical products and substances, general merchandise, beverages, personal care, and automated systems. To mention a few, we provide market-verified industry estimations, technical trend analysis, crucial market research, strategic advice, competition analysis, production and demand analysis, and client impact studies.
Contact Maximize Market Research:
3rd Floor, Navale IT Park, Phase 2
Pune Bangalore Highway, Narhe,
Pune, Maharashtra 411041, India
sales@maximizemarketresearch.com
+91 96071 95908, +91 9607365656