Automotive Retrofit Electric Vehicle Powertrain Market Expansion Projected to Gain an Uptick During 2019 – 2027
Retrofitting an old vehicle into an electric vehicle is a new way to reduce pollution and promote zero-emission. Retrofit electric vehicles include replacement of the engine and fuel tank with a battery and battery charger, respectively.
Retrofitted electric vehicles do not require gears and can travel up to 150km on a single charge. According to Central Motor Vehicle Rule, 1989, of India, the conversion of engine powered vehicles into pure electric operation with fitment of electric kit would be permitted if the vehicle was manufactured on or after January 1, 1990.
Key Drivers of Global Automotive Retrofit Electric Vehicle Powertrain Market
Rise in sale of vehicles across the globe is a key factor that drives the electric vehicle market. Vehicle manufacturers are emphasizing on retrofitting old vehicles into electric vehicles, which in turn is estimated to boost the automotive retrofit electric vehicle powertrain market across the globe. Enactment of numerous rules and regulations by various governments regarding emission, across the globe, is likely to boost the global automotive retrofitting electric vehicle powertrain market.
Rise in demand for automatic transmission in the vehicle to enhance driving comfort is projected to propel the automotive retrofit electric vehicle market, as a retrofit electric vehicle doesn’t require gears. Major countries across the globe are focused on the development of pollution-free smart cities, and electric vehicles are expected to be a viable option to achieve this goal.
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Europe and Asia Pacific to hold prominent share of global automotive retrofit electric vehicle powertrain market
Europe is projected to hold a major share of automotive retrofit electric vehicle powertrain market due to significant presence of automotive industries and enactment of stringent rules regarding emission norms in the region. Increase in continuous research and development and collaboration between automotive companies is likely to fuel the automotive retrofit electric vehicle market in Europe.
Followed by Europe, Asia Pacific is projected to account for a significant share of the global automotive retrofit electric vehicle powertrain market, due to an increase in vehicle production and sale in the region. China has significant reserves of lithium which in turn is estimated to propel investment for battery production for electric vehicle. Demand for electric vehicles is high in China and Japan which in turn would boost the automotive retrofit electric vehicle market in Asia Pacific.
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Key Players Operating in Automotive Retrofit Electric Vehicle Powertrain Market
The global automotive retrofit electric vehicle powertrain market is highly concentrated owing to the presence of top manufacturers.
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