Automotive Retrofit Electric Vehicle (EV) Powertrain Market Size, Share, Growth Analysis, By Vehicle Type(Two Wheelers, Passenger Vehicle, Commercial Vehicle), By Component Type(Electric motor, Inverter, Converter, Power distribution module), By Region - Industry Forecast 2025-2032


Report ID: SQMIG25A2066 | Region: Global | Published Date: July, 2024
Pages: 157 |Tables: 65 |Figures: 75

Automotive Retrofit Electric Vehicle (EV) Powertrain Market Insights

Automotive Retrofit Electric Vehicle (EV) Powertrain Market size was valued at USD 0 Billion in 2023 and is poised to grow from USD 0 Billion in 2024 to USD 0 Billion by 2032, growing at a CAGR of 7.1% during the forecast period (2025-2032).

The continues depletion of global oil reserves as a result of significant CO2 emissions, as well as global warming concerns, have contributed to the rapid rise in oil prices. Energy conservation and environmental protection are global issues. As a result, the green energy trend dominates the industrial design and development of cars. So, automotive businesses are now focusing on developing e-powertrains that consume less energy and emit less carbon. It acts as the vehicle's power source, replacing the requirements of the internal combustion engine. An electric drivetrain is a small, lightweight device that produces instant torque and very little vibration. The power distribution module (PDM), transmission, inverter, converter, gearbox, and electric motor are some of the important parts of an electric vehicle's powertrain. These things combine to provide a high-quality, smooth and responsive drive.

The automotive retrofit electric vehicle powertrain market is driven by factors such as rising fuel prices, tightening emission norms, and growing demand for affordable solutions to switch to electric portability. In addition, government incentives for electric vehicles to reduce air pollution levels and the ban on the sale of new IC motor vehicles and the use of IC motor vehicles older than 15 years are also contributed into the growth of the global market. The vehicle's gasoline-fuelled motor and any associated components, such as axles, electric motors, batteries, and numerous microelectronic, such as converter and regulator is replaced as part of an electric vehicle retrofit. Retrofitted cars also offer open matrices and chargers so they can be charged at home. Electric car retrofitting is seen by many vehicle owners as a practical option to get electric vehicles without spending money on brand-new vehicles. In addition, retrofitting is increasingly seen as a way to extend the useful life and comfort of an old vehicle after it has served its purpose.

The growing need for the electrification of vehicles in the automotive industry and increasing sales of electric vehicles are also contributing to the demand for automotive powertrains. The sector is also projected to grow at a faster pace due to the increasing need for automatic transmissions and engine downsizing to improve fuel efficiency. However, the lack of adequate EV charging infrastructure may limit the market expansion.

US Automotive Retrofit Electric Vehicle (EV) Powertrain Market is poised to grow at a sustainable CAGR for the next forecast year.

Market snapshot - 2023-2030

Global Market Size

USD 58.89 billion

Largest Segment

Passenger Vehicle

Fastest Growth

Passenger Vehicle

Growth Rate

7.1% CAGR

Global automotive retrofit electric vehicle powertrain Market ($ Bn)
Country Share for Asia Pacific Region (%)

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Automotive Retrofit Electric Vehicle (EV) Powertrain Market Segmental Analysis

Global Automotive Retrofit Electric Vehicle (EV) Powertrain Market is segmented on the basis of vehicle type, component type and region. On the basis of vehicle type, global automotive retrofit electric vehicle powertrain market is segmented into two wheelers, passenger vehicle and commercial vehicle. On the basis of component type, global automotive retrofit electric vehicle powertrain market is segmented into electric motor, inverter, converter, power distribution module, and transmission. On the basis of region, global automotive retrofit electric vehicle powertrain market is divided into North America, Europe, Asia Pacific and MEA.

Automotive Retrofit Electric Vehicle (EV) Powertrain Market Analysis by Vehicle Type

On the basis of vehicle type, global automotive retrofit electric vehicle powertrain market is segmented into two wheelers, passenger vehicle and commercial vehicle. The passenger vehicle segment is expected to dominate the market during the forecast period. Due to increasing consumer demand for cars for daily mobility and rapid adoption of electric vehicles, especially in developing countries, the market for electric powertrains is growing rapidly. The expansion of the EV powertrain market in this segment is expected to be fuelled by the development of vehicle-to-grid services, better grid solutions, and greater acceptance of electric buses by transit authorities, particularly in China and India.

Automotive Retrofit Electric Vehicle (EV) Powertrain Market Analysis by Component Type

On the basis of component type, global automotive retrofit electric vehicle powertrain market is segmented into electric motor, inverter, converter, power distribution module, and transmission. The transmission segment has the largest market share for this technology. Most electric cars have a single-speed transmission. But further research and development have been done to examine the commercial viability of multiple-speed transmissions like the Porsche Taycan. Major manufacturers of EV transmissions are building multispeed sailing operations and load-shifting capabilities for electric cars. These factors are expected to support market expansion.

The power distribution module (PDM) segment is expected to grow at the fastest rate during the forecast period. Increasing use of electrical functions in EVs and cost savings associated with PDM drive market expansion.

In this market, the electric motor segment is expected to experience sustained expansion. Improved motor design is required to meet the increasing demands of thermal barriers, thereby reducing the cost of additional materials for electric motors. In turn, this promotes market expansion for e-powertrain motors.

As manufacturers develop new product lines for hasty integration into commercial vehicles, the converter category is projected to experience steady expansion in this market. In this market, the inverter segment is expected to grow gradually as manufacturers work to build cars with integrated units, which include converter and inverter functionality.

Global automotive retrofit electric vehicle powertrain Market By Type

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Automotive Retrofit Electric Vehicle (EV) Powertrain Market Regional Insights

Asia Pacific is expected to witness significant growth during the forecast period. Several legal initiatives such as EV sales quotas, fuel economy targets, and benefits for EVs in the assignment of license plates in countries such as China are the primary reasons for significant market penetration. The adoption of stringent emission norms like BS-VI in China and India is boosting the industry in this region. Partnerships among leading companies to build charging infrastructure are also fueling the growth of this market. For example, BP, the world's largest oil company, and Chinese company Didi Chuxing have partnered to build EV charging stations in China. Chinese lithium reserves are encouraging additional investment in the battery segment. Thanks to the government's supportive policies, Tesla also introduced the Model 3 in South Korea at a significantly lower price. These factors are expected to account for the largest market share in APAC.

Europe is expected to grow at a significant CAGR during the forecast period. The main driving force in this sector is the regulations governing carbon emissions for newly registered vehicles, which every vehicle manufacturer must comply with. Additionally, both e-mobility acceptance and opposition to internal combustion engine-powered transportation are growing. These factors are fueling the growth of the market in this region.

It is estimated that North America will continue to grow during the forecast period. However, some regions, especially the coastal ones, are expected to have a large market share for electric vehicle powertrains, thereby fueling the growth of this industry. The typical US consumer chooses larger cars and longer drives.

Global automotive retrofit electric vehicle powertrain Market By Region
  • Largest
  • Fastest

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Automotive Retrofit Electric Vehicle (EV) Powertrain Market Dynamics

Automotive Retrofit Electric Vehicle Powertrain Market Driver

  • Reducing the cost of EV batteries to support demand for cost-effective EVs

Due to technological advancements and the mass production of large-scale EV batteries, the cost of EV batteries has been decreasing over the past ten years. Since the EV battery is one of the most expensive parts of a car, this has caused the prices of EVs to drop. In 2010 the cost of a typical EV battery was around USD 1,100 per kWh. However, by 2020, the price had dropped to around USD 137 per kWh, and by 2021, it had fallen to USD 120. In China's electric vehicle business, these batteries can be purchased for as little as $100 per kilowatt. This is due to the decreasing cost of making these batteries, reduced cost of cathode material, higher production, etc. EV battery prices are expected to drop to approximately USD 60 per kWh by 2030, leading to significant cost reductions. This makes them cheaper than conventional ICE vehicles.

Automotive Retrofit Electric Vehicle Powertrain Market Restraint

  • Insufficient EV charging facilities

Some EV charging stations can be found in various nations around the world. As a result, fewer public EV charging stations are available, reducing the use of electric vehicles. Barring a few states, most nations have not been able to install the required number of EV charging stations, despite the fact that various nations are in the process of doing so. With a well-developed EV charging network across the world, the demand for EVs is expected to increase. Most nations have yet to build such charging infrastructure. The Netherlands has the highest density of EV chargers per 100 Km. Netherlands is the most charging stations at 19-20 per 100 Km. China is second with about 3-4 stations per 100 km. The UK has around 3 charging points per 100 km, but countries like Germany, UAE, Japan, Singapore, South Korea, Sweden, France, US, are rapidly expanding charging stations with plans to phase out sales of ICE vehicles by 2030 and Russia has accelerated the shift to EVs by building a large number of charging stations.

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Automotive Retrofit Electric Vehicle (EV) Powertrain Market Competitive Landscape

Global automotive retrofit electric vehicle powertrain market is highly competitive with the presence of local as well as global companies. The major players are adopting several growth strategies such as product launches, acquisitions, and collaborations, which are contributing to the growth of global automotive retrofit electric vehicle powertrain market.

For example, In July 2021, German car maker Mercedes Benz announced that it would buy YASA, a provider of next-generation electric propulsion technology. The business offers automobile sector solutions for electric and hybrid powertrains. Yasa Mercedes Benz will continue to operate as a wholly owned subsidiary.

In July 2021, LG Electronics and Magna International formed a joint venture to develop electric vehicles (EVs). A transaction agreement has been formally signed by both businesses. The new business will be based in Incheon, South Korea, and will go by the name LG Magna E-Powertrain. It will initially provide employment to 1000 people.

Automotive Retrofit Electric Vehicle Powertrain Market Top Player's Company Profiles

  • EV West
  • Electric GT
  • Zero EV
  • Revolution Electric Vehicles
  • EV Source
  • HSR Motors
  • BorgWarner
  • AVID Technology
  • UQM Technologies Inc.
  • Magna International Inc.
  • Meritor, Inc.
  • TM4
  • Bosch Limited
  • Continental AG
  • Cummins Inc.
  • Danfoss A/S
  • Denso Corporation
  • GKN Automotive Limited
  • Hitachi Automotive Systems, Ltd.
  • Johnson Electric Holdings Limited

Automotive Retrofit Electric Vehicle Powertrain Market Recent Developments

  • In July 2021, Hyliion, a supplier of electric power trains, and FEV, a specialist in powertrain and automotive development for software and hardware, signed a long-term agreement. For Class-8 tractor-trailer applications, the alliance is expected to assist in the architecture, manufacturing, integration, and product validation of its Electric Range Extender (ERE).
  • In June 2021, Xos Inc., a manufacturer of electric Class 5 to Class 8 commercial vehicles, launched a new powertrain business. The new division will provide design and implementation information for other OEMs in the off-road, commercial and industrial sectors with Xos powertrain technology. Through its growing OEM segment, the company said it will continue to build commercial vehicles based on its own X-Pack and X platforms in close collaboration with its new and loyal customers.
  • On 3 August 2021, Anand Group and Mando Corporation announced a new JV, Anand Mando E Mobility, focused on manufacturing and marketing of components and systems for electric 2 and 3 wheelers.
  • On January 26, 2022, Continental AG announced that it had signed an agreement with Voltario to develop a fully automated charging robot for electric vehicles.

Automotive Retrofit Electric Vehicle (EV) Powertrain Key Market Trends

  • The government began to promote the development and sales of the market for electric vehicles and related charging infrastructure. For example, the US government invested USD 5 billion in 2017 in the electric vehicle industry to promote electric vehicle infrastructure such as charging stations. Norway and Germany are investing heavily in promoting sales of the electric vehicle market. Thus, due to strong incentives and subsidies in Europe, there is a high growth rate in the sale of electric vehicles. Most of these countries also offer incentives for setting up electric vehicle charging stations. Europe should be the first region to consider switching entirely too electric vehicles. Most countries in the region have announced their intention to stop sales of ICE vehicles in the coming decades.

Automotive Retrofit Electric Vehicle (EV) Powertrain Market SkyQuest Analysis

SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our business information services team that collects, collates, co-relates, and analyses the data collected by means of primary exploratory research backed by the robust secondary desk research.

According to our global automotive retrofit electric vehicle powertrain market analysis, by region, Asia Pacific is expected to witness significant growth during the forecast period. Several legal initiatives such as EV sales quotas, fuel economy targets, and benefits for EVs in the assignment of license plates in countries such as China are the primary reasons for significant market penetration. By vehicle type, the passenger vehicle segment is expected to dominate the market during the forecast period. However, the lack of adequate EV charging infrastructure may limit the market expansion.

Report Metric Details
Market size value in 2021 USD 58.89 billion
Market size value in 2030 USD 116.2 billion
Growth Rate 7.1%
Base year 2023
Forecast period 2023-2030
Forecast Unit (Value) USD Billion
Segments covered
  • Vehicle Type
    • Two Wheelers, Passenger Vehicle, Commercial Vehicle
  • Component Type
    • Electric motor, Inverter, Converter, Power distribution module, Transmission
Regions covered North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)
Companies covered
  • EV West
  • Electric GT
  • Zero EV
  • Revolution Electric Vehicles
  • EV Source
  • HSR Motors
  • BorgWarner
  • AVID Technology
  • UQM Technologies Inc.
  • Magna International Inc.
  • Meritor, Inc.
  • TM4
  • Bosch Limited
  • Continental AG
  • Cummins Inc.
  • Danfoss A/S
  • Denso Corporation
  • GKN Automotive Limited
  • Hitachi Automotive Systems, Ltd.
  • Johnson Electric Holdings Limited
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Table Of Content

Executive Summary

Market overview

  • Exhibit: Executive Summary – Chart on Market Overview
  • Exhibit: Executive Summary – Data Table on Market Overview
  • Exhibit: Executive Summary – Chart on Automotive Retrofit Electric Vehicle (EV) Powertrain Market Characteristics
  • Exhibit: Executive Summary – Chart on Market by Geography
  • Exhibit: Executive Summary – Chart on Market Segmentation
  • Exhibit: Executive Summary – Chart on Incremental Growth
  • Exhibit: Executive Summary – Data Table on Incremental Growth
  • Exhibit: Executive Summary – Chart on Vendor Market Positioning

Parent Market Analysis

Market overview

Market size

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • SWOT Analysis

KEY MARKET INSIGHTS

  • Technology Analysis
    • (Exhibit: Data Table: Name of technology and details)
  • Pricing Analysis
    • (Exhibit: Data Table: Name of technology and pricing details)
  • Supply Chain Analysis
    • (Exhibit: Detailed Supply Chain Presentation)
  • Value Chain Analysis
    • (Exhibit: Detailed Value Chain Presentation)
  • Ecosystem Of the Market
    • Exhibit: Parent Market Ecosystem Market Analysis
    • Exhibit: Market Characteristics of Parent Market
  • IP Analysis
    • (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
  • Trade Analysis
    • (Exhibit: Data Table: Import and Export data details)
  • Startup Analysis
    • (Exhibit: Data Table: Emerging startups details)
  • Raw Material Analysis
    • (Exhibit: Data Table: Mapping of key raw materials)
  • Innovation Matrix
    • (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
  • Pipeline product Analysis
    • (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
  • Macroeconomic Indicators

COVID IMPACT

  • Introduction
  • Impact On Economy—scenario Assessment
    • Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
  • Revised Market Size
    • Exhibit: Data Table on Automotive Retrofit Electric Vehicle (EV) Powertrain Market size and forecast 2021-2027 ($ million)
  • Impact Of COVID On Key Segments
    • Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
  • COVID Strategies By Company
    • Exhibit: Analysis on key strategies adopted by companies

MARKET DYNAMICS & OUTLOOK

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • Regulatory Landscape
    • Exhibit: Data Table on regulation from different region
  • SWOT Analysis
  • Porters Analysis
    • Competitive rivalry
      • Exhibit: Competitive rivalry Impact of key factors, 2021
    • Threat of substitute products
      • Exhibit: Threat of Substitute Products Impact of key factors, 2021
    • Bargaining power of buyers
      • Exhibit: buyers bargaining power Impact of key factors, 2021
    • Threat of new entrants
      • Exhibit: Threat of new entrants Impact of key factors, 2021
    • Bargaining power of suppliers
      • Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
  • Skyquest special insights on future disruptions
    • Political Impact
    • Economic impact
    • Social Impact
    • Technical Impact
    • Environmental Impact
    • Legal Impact

Market Size by Region

  • Chart on Market share by geography 2021-2027 (%)
  • Data Table on Market share by geography 2021-2027(%)
  • North America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • USA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Canada
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Europe
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Germany
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Spain
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • France
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • UK
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Europe
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Asia Pacific
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • China
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • India
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Japan
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Korea
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Asia Pacific
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Latin America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Brazil
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of South America
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Middle East & Africa (MEA)
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • GCC Countries
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Africa
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of MEA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)

KEY COMPANY PROFILES

  • Competitive Landscape
    • Total number of companies covered
      • Exhibit: companies covered in the report, 2021
    • Top companies market positioning
      • Exhibit: company positioning matrix, 2021
    • Top companies market Share
      • Exhibit: Pie chart analysis on company market share, 2021(%)

Methodology

For the Automotive Retrofit Electric Vehicle (EV) Powertrain Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:

1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.

2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Automotive Retrofit Electric Vehicle (EV) Powertrain Market.

3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.

4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.

Analyst Support

Customization Options

With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Automotive Retrofit Electric Vehicle (EV) Powertrain Market:

Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.

Regional Analysis: Further analysis of the Automotive Retrofit Electric Vehicle (EV) Powertrain Market for additional countries.

Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.

Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.

Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.

Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.

Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.

Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.

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FAQs

Global Automotive Retrofit Electric Vehicle (EV) Powertrain Market size was valued at USD 58.89 billion in 2021 and is poised to grow from USD 60.23 billion in 2022 to USD 116.2 billion by 2030, growing at a CAGR of 7.1% in the forecast period (2023-2030).

Global automotive retrofit electric vehicle powertrain market is highly competitive with the presence of local as well as global companies. The major players are adopting several growth strategies such as product launches, acquisitions, and collaborations, which are contributing to the growth of global automotive retrofit electric vehicle powertrain market. 'EV West', 'Electric GT', 'Zero EV', 'Revolution Electric Vehicles', 'EV Source', 'HSR Motors', 'BorgWarner', 'AVID Technology', 'UQM Technologies Inc.', 'Magna International Inc.', 'Meritor, Inc.', 'TM4', 'Bosch Limited', 'Continental AG', 'Cummins Inc.', 'Danfoss A/S', 'Denso Corporation', 'GKN Automotive Limited', 'Hitachi Automotive Systems, Ltd.', 'Johnson Electric Holdings Limited'

Reducing the cost of EV batteries to support demand for cost-effective EVs

The government began to promote the development and sales of the market for electric vehicles and related charging infrastructure. For example, the US government invested USD 5 billion in 2017 in the electric vehicle industry to promote electric vehicle infrastructure such as charging stations. Norway and Germany are investing heavily in promoting sales of the electric vehicle market. Thus, due to strong incentives and subsidies in Europe, there is a high growth rate in the sale of electric vehicles. Most of these countries also offer incentives for setting up electric vehicle charging stations. Europe should be the first region to consider switching entirely too electric vehicles. Most countries in the region have announced their intention to stop sales of ICE vehicles in the coming decades.

Asia Pacific is expected to witness significant growth during the forecast period. Several legal initiatives such as EV sales quotas, fuel economy targets, and benefits for EVs in the assignment of license plates in countries such as China are the primary reasons for significant market penetration. The adoption of stringent emission norms like BS-VI in China and India is boosting the industry in this region. Partnerships among leading companies to build charging infrastructure are also fueling the growth of this market. For example, BP, the world's largest oil company, and Chinese company Didi Chuxing have partnered to build EV charging stations in China. Chinese lithium reserves are encouraging additional investment in the battery segment. Thanks to the government's supportive policies, Tesla also introduced the Model 3 in South Korea at a significantly lower price. These factors are expected to account for the largest market share in APAC.

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