Automotive Retrofit Electric Vehicle Powertrain Market Size

Automotive Retrofit Electric Vehicle Powertrain Market size was USD 66.1 billion in 2023 and is predicted to cross USD 167.3 billion by the end of 2036, expanding at a CAGR of 8% during the forecast timeline, i.e., 2024-2036. In 2024, the industry size of automotive retrofit electric vehicle powertrains is evaluated at USD 71.05 billion.

The growing demand for eco-friendly commuting options has led to an alarming increase in the value of sustainable and environmentally friendly products. Credited to the implementation of strict regulations for vehicle emissions as there is a decline in air quality. The increase in particulate matter emissions from vehicles has negative impacts on both the environment and the health of living things. As a result, governments across the world have imposed strict emission regulations on automakers. The White House in 2021 set a target of a minimum 50% EV sales share predicted by 2030.  Moreover, electric-powered mobility solutions are also projected as a cost-effective and environmentally beneficial mode of transportation. In 2023, the European Parliament stated that about 61% of EU transport emissions are credited to passenger cars.