PartagerAccording to a study by North American firm Precedence Research*, this global market, valued at $61.68 billion in 2022, will reach $125.37 billion by 2032, with a compound annual growth rate (CAGR) of 7.40% between 2023 and 2032.
The conversion of thermal vehicles to electric offers an ecological and economical alternative, allowing owners of traditional vehicles to reduce their costs while reducing their carbon footprint. The retrofit also has significant potential for the decarbonization of the vehicle fleet.
According to a study by the NGO Transport & Environment (T&E), the conversion of 50 million vehicles in Europe by 2050 would save 300 million tonnes of CO₂ equivalent. To achieve this goal, the European retrofit industry would need to convert 720,000 vehicles per year in 2030 and 2.7 million per year in 2040.
The retrofit REVolution is therefore underway. With both economic and ecological advantages, this practice will play a key role in the energy transition of the automotive sector, by offering a second life to thermal vehicles while reducing greenhouse gas emissions.
*find the study here: https://www.precedenceresearch.com/press-release/automotive-retrofit-electric-vehicle-powertrain-market
