Automotive Retrofit Electric Vehicle Powertrain Market Share

APAC Market Statistics

The automotive retrofit electric vehicle powertrain market in the Asia Pacific is set to hold the largest share of 45.9% during the forecast period. The surge in the purchase of electric vehicles owing to their benefits such as one-pedal driving, and remote starting drives the growth of automotive retrofit electric vehicle powertrains in this region. According to a report by the Economist Intelligence Unit in 2024, Asia will witness a growth rate of 63% in EV sales globally by 2029.

In China, there are various government laws and regulations to curb carbon emissions. According to the Guide to Chinese Climate Policy 2022, several major Chinese cities impose license plate-based driving bans on passenger cars on specific days but do not apply to electric cars. This can act as a growing factor for this market revenue.

Japan is a hub of top companies such as Mando Corp., Mitsubishi Electric Corp., and Hitachi Astemo Ltd. Moreover, demand for logistics solutions for efficient transportation in this industry is surging in Japan. For instance, Trading Economics estimated that the transportation landscape in Japan observed a growth of 153 million in 2023 from 134 million in 2021.

Europe Market Analysis

Europe will also encounter huge growth in the automotive retrofit electric vehicle powertrain market share during the forecast period with a notable share. This region will account for the second position in this landscape owing to the demand for eco-friendly solutions boosted by their rising awareness of sustainability. European Environment Agency in 2024 reported that electric vehicles such as electric cars in Europe are increasing with a growth rate of 23% in 2023 as compared to previous years.

There is a high demand for efficient and convenient commuting alternatives in Germany, as the European Cyclist Federation 2022, stated that most Germans would prefer public transport and bicycles to commute over their cars. The gain in this sector will augment the electric car rental value in the near future.

There is a high usage of technologically advanced products in the UK as a report- Trend Deck 2021 published by the UK government, estimated that the number of IoT devices surpassed 150 million as compared to 13 million between 2006 and 2024.