Whitepaper – EV Retrofitment Market
Date of Release- November 2024
Growing concerns over climate change, such as floods, heatwaves, and pollution, have increased awareness of renewable energy and sustainable lifestyles. Road emissions, a major contributor to pollution, have driven the popularity of electric vehicles (EVs) as a solution for reducing emissions. This has spurred EV adoption among individuals and organizations, supported by strong government policies. However, the high upfront cost of EVs remains a barrier. Retrofitment offers a cost-effective alternative by converting internal combustion engine (ICE) vehicles into EVs, making electric mobility more affordable.
The global EV retrofitment market, valued at USD 65.94 billion in 2023, is expected to reach USD 125.37 billion by 2032, driven by innovation and rising demand. Retrofitting provides a practical way to convert petrol and diesel vehicles into eco-friendly electric ones. In India, policies like those in Delhi are accelerating adoption, requiring older vehicles to transition to electric. This supports climate goals, advances technology, and builds capacity in the EV sector. Retrofitting offers an economical alternative to new EVs, with quick returns and low ownership costs across vehicle segments.
State-level policies aligned with EV incentives and robust monitoring mechanisms are crucial for the widespread adoption and standardization of retrofitting. Advancing the retrofitting sector also requires substantial investment in research and development along with focused public awareness initiatives.mobility.
This white paper explores India’s EV retrofitment market and examines the costs, market dynamics, feasibility, and potential challenges associated with this transition.
The E-Retrofitting whitepaper covers the following content:
- Introduction
- Retrofitting Process
- EV retrofitting: Commercial Vs. Personal
- TCO Analysis Across EV Segments
- Factors influencing viability of EV retrofitting
- Key Players in EV Retro fitment segment
- Investments and partnerships
- Players Who Have Exited the EV Retrofitment Space
- Regulatory landscape for retrofitted EVs in India
- Navigating the challenges in Retro fitment process
- Conclusion