North America Automotive Retrofit Electric Vehicle Market to be Led by Old Vehicle Replacements Through 2028
Strict government initiatives, new technologies, and rising focus on environment sustainability are the driving
forces for North America Automotive Electric Vehicle Retrofit market.
According
to the TechSci Research report, "North America Automotive Electric
Vehicle Retrofit Market - By Country, Competition, Forecast and
Opportunities, 2018-2028F",Rising
emission standards, rising fuel prices, and growing demand for cost-effective
solutions to transition to electric mobility are major factors driving the
automotive retrofit electric vehicle powertrain market. Furthermore, government
incentives for electric vehicles to reduce air pollution levels, as well as
announcements to ban both the sales of new IC engine vehicles and the use of IC
engine vehicles more than 15 years old, are few significant factors driving the
global market. Electric vehicle retrofitting entails replacing a vehicle's
fossil fuel-powered engine and connected components such as axles with electric
motors, batteries, and a slew of microelectronics such as controllers and
converters. Chargers are also installed in retrofitted vehicles to allow them
to be charged at any time. Electric vehicle retrofitting is viewed as a
cost-effective method and opportunity for a significant number of vehicle
owners who would otherwise be unable to afford new electric vehicles.
Retrofitting is also being considered as a way to extend the life and usability
of an old vehicle, beyond the end of its lifecycle.
Automotive
retrofit electric vehicle powertrain is an integrated electric powertrain that
is typically retrofitted to an antique or classic car to transform that car
into an electric car to minimise emissions. So that they can reduce their
running costs and emissions, owners of conventional vehicles can finish making
the switch to electric mobility. Ford and General Motors are among the major
automakers offering electric conversion kits for drivers who want to keep their
current vehicle on the road while drastically reducing emissions. In 2020,
General Motors announced a motor, battery, and converter kit. Ford is getting
ready to sell a 281-horsepower electric crate motor. Zero Labs in Los Angeles
provides an electric drive chassis platform for various vehicle classes such as
4x4 SUVs, pickup trucks, and muscle cars. London Electric is a company based in
the United Kingdom that provides conversion services for original Minis, Land
Rovers, and Morris classic cars. Conversion for mass production models should
be less expensive, and if adoption is to be effective, it should remain
affordable to many car owners.
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The North America Automotive Electric
Vehicle Retrofit market can be segmented based on vehicle type, electric
vehicle type, by end-user, by motor type and by region. Based on vehicle type,
the passenger car segment currently dominates North America Automotive Electric
Vehicle Retrofit market with highest share among all vehicle type. This is due
to the rising demand of the passenger car and high replacement ratio of retrofitted
in the passenger car. In terms of Electric Vehicle Type, the market is divided into Battery
Electric Vehicle, Plug-in Hybrid Electric Vehicle and Hybrid Electric Vehicles.
Battery Electric Vehicle has led in this segment due to consumers' propensity
to choose Battery electric conversions for their vehicles in order to
drastically cut running expenses. Based on the end-user, the market is divided
into the inclusive conversion kit and assembled parts. The Inclusion conversion
kit dominates the market because consumers prefer it over completed pieces
because it allows them to change their car with only one kit and is more
affordable. Based on the motor hub, the market is divided between mid-drive hub
motor and wheel drive hub motor.
Some of the major
players operating in the North America Automotive Electric Vehicle Retrofit market
include:
- Delphi
Technologies
- Hitachi Astemo,
Ltd.
- Mando
Corporation
- Bison EV
- CanEV
- FlashDrive
Motors
- Zerolabs, Inc.,
- Electric GT
- XL Fleet Corp
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'“Many companies are investing in the development
of electric vehicle retrofit kits for the conversion of fossil fuelled vehicles
to reduce carbon emission. Also, the vehicles which are not up to the
government standard are being replaced with retrofit kit. Additionally, the
concern regarding the environmental pollution led the government to promote the
policy for Electric vehicle adoption, which is further increasing the potential
of automotive electric vehicle retrofit market. " said Mr. Karan Chechi,
Research Director with TechSci Research, a research-based global management
consulting firm.
“North
America Automotive Retrofit Automotive Retrofit Electric Vehicle Market by
Vehicle Type (Two-Wheeler, Passenger Car, Commercial Vehicles), By Automotive
Retrofit Electric Vehicle Type (Battery Electric Vehicle, Plug-in Hybrid
Vehicle, Hybrid Vehicle), By End User (Inclusive Conversion Kit, Assembled
Parts), By Motor Type (Mid Drive Motor, Wheel Hub Motor), and By Region
Competition, Opportunity, and Forecast, 2018-2028F”, has evaluated
the future growth potential of North America Automotive Electric Vehicle
Retrofit Market and provides statistics & information on market size,
structure, and future market growth. The report intends to provide cutting-edge
market intelligence and help decision makers take sound investment decisions. Besides,
the report also identifies and analyzes the emerging trends along with
essential drivers, challenges, and opportunities in the North America Automotive
Electric Vehicle Retrofit Market.
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