North America Automotive
Retrofit Automotive Retrofit Electric Vehicle Market is anticipated to grow at
a robust CAGR. With government goals to curb carbon emission and to promote the
adoption of the Automotive Retrofit Electric Vehicle, the government is
promoting different initiatives and polices for the automotive retrofitting. D.
Also, with the rising vehicle fleet size, the vehicles which are not up to the
government standard are enhanced with retrofitting so that outdated vehicles
can enhance their vehicle lifecycle and meet the standards. Retrofitting a
vehicle can also contribute to lower operating costs as compared to fossil fuel
powered vehicles.
Increasing Demand of Automotive
Retrofit Electric Vehicles
The demand for electric
vehicles is increasing globally. Electric vehicles are contributing to the
reduction of carbon emission. The demand from the automobile owners who are
keen to retrofit their existing internal Combustion vehicle (ICE) is
increasing. The low operating cost and less maintenance of the electric vehicle
tend to boost up the retrofit market. Also, with the increasing infrastructure
of the Automotive Retrofit Electric Vehicle charging stations, it further
enhances the market as vehicle owners are increasingly looking to adapt
electric mobility. Furthermore, retrofit electric vehicles
do not require gears, and thus, the market for automotive retrofit electric
vehicles is expected to grow as the demand for automatic transmissions in
vehicles increases.
Government Regulations and
Incentives on Electric Vehicle
Various government incentives
are available to encourage the use of electric vehicles. Some of these include
free parking in major city central business districts, waivers of road taxes
and registration fees, free road usage by charging no road tolls and
preferential road pricing, and direct subsidies provided when purchasing
electric vehicles. Many owners want to take advantage of these benefits by
switching to electric vehicles. Retrofitting is a very cost-effective way for
them to transition to electric mobility and reap these benefits. Furthermore,
the adoption of various emission-related norms and regulations is expected to
boost the demand for Automotive Retrofit Electric Vehicle powertrains for
retrofitted automobiles.
E-Mobility Range and
Infrastructure
The restraining factor in the
adoption of Automotive Retrofit Electric Vehicle is the range of the vehicle
and charging stations. Many OEMS are building charging stations, so the
consumer has access of efficient charging along their way. Consumers are
concerned about the charging time, and range as they are worried about in-between
stoppage of the vehicle and more charging time taken to charge up the vehicle.