North America Automotive Retrofit Electric Vehicle Market, By Country, Competition, Forecast & Opportunities, 2020-2030F

The North America Automotive Retrofit Electric Vehicle Market was valued at USD 331.04 Million in 2024, and is expected to reach USD 816.60 Million by 2030, rising at a CAGR of 16.24%. Rising fuel prices, aging vehicle fleets, and stringent emission regulations are encouraging consumers and fleet operators to explore electric vehicle (EV) retrofit options across North America. Retrofitting solutions allow for the conversion of internal combustion engine (ICE) vehicles into electric drivetrains without the need for purchasing new EVs. According to the U.S. Environmental Protection Agency (EPA), the transportation sector accounted for about 29% of greenhouse gas emissions in 2022, prompting state-level regulatory frameworks to support conversion programs for reducing environmental impact.

Government support in the form of subsidies and regulatory permissions is enabling a smoother path for retrofit providers. For instance, California’s Hybrid and Zero-Emission Truck and Bus Voucher Incentive Project (HVIP) encourages the adoption of retrofitted vehicles for commercial use. According to the U.S. Department of Energy, about 25 million light-duty trucks and vans are currently in operation, creating a sizable potential market for retrofitting. Partnerships between retrofitting solution providers and powertrain manufacturers are also contributing to technological innovation and cost efficiencies.

There is growing consumer interest in sustainability and vintage vehicle restoration, creating a niche market for electric retrofits. However, challenges such as high upfront costs, lack of universal certification standards, and limited access to approved retrofit kits hinder market expansion. According to the Society of Automotive Engineers (SAE), the absence of uniform safety and performance benchmarks has slowed retrofitting approvals in several states. Industry stakeholders are seeking more clarity on vehicle warranties, compliance with emission-free zone regulations, and insurance compatibility, making these key areas of concern.

Market Drivers

Regulatory Pressure on Emissions

Tightening emissions regulations are compelling fleet operators and private vehicle owners to explore retrofitting solutions. Converting existing combustion vehicles into electric models helps avoid penalties linked to carbon emissions while extending vehicle lifespans. According to the U.S. Environmental Protection Agency, transportation was responsible for about 29% of total greenhouse gas emissions in 2022. Regulations targeting zero-emission zones and fleet decarbonization are placing direct pressure on operators. Retrofitting offers an immediate way to comply without the high capital outlay for entirely new electric vehicles, fueling interest across private and commercial sectors in the North America Automotive Retrofit Electric Vehicle Market.

Key Market Challenges

High Upfront Conversion Costs

Despite lower lifetime costs, retrofitting requires significant upfront investment. Kits, specialized labor, and certification processes can push costs well above USD 20,000 for certain vehicles, per estimates from the U.S. Department of Energy. Such costs can deter individual owners and small fleet operators in the North America Automotive Retrofit Electric Vehicle Market. Financing options remain limited, and payback periods depend on annual mileage and fuel savings. Without broader financial support or scalable manufacturing of retrofit kits, this remains a central challenge limiting widespread adoption despite growing interest in sustainable transportation.

Key Market Trends

Vintage Vehicle Electrification

Converting classic cars into electric vehicles is becoming a popular niche in the North America Automotive Retrofit Electric Vehicle Market. Enthusiasts are preserving vintage aesthetics while enjoying modern electric drivetrains. The U.S. Department of Energy notes that classic car owners increasingly value sustainability and emissions-free operation. These projects attract higher disposable income clients and often command premium pricing. Workshops specializing in electric conversions for iconic models like muscle cars and vintage trucks are gaining traction. This trend not only preserves automotive heritage but also signals a growing appetite for custom electric experiences beyond purely functional conversions.

Key Market Players

• Bison EV Retrofits Inc.
• BorgWarner Inc.
• CAN EV (CanEV)
• Electric GT
• FlashDrive Motors
• Green Motors Inc.
• Hitachi Astemo Ltd.
• Mando Corporation
• Stellantis N.V.
• Zerolabs, Inc.

Report Scope:

In this report, the North America Automotive Retrofit Electric Vehicle Market has been segmented into the following categories, in addition to the industry trends which have also been detailed below:

North America Automotive Retrofit Electric Vehicle Market, By Vehicle:

• Two-Wheeler
• Passenger Car
• Commercial Vehicle

North America Automotive Retrofit Electric Vehicle Market, By Type:

• Battery Electric Vehicle
• Plug-in Hybrid Vehicle
• Hybrid Electric Vehicle

North America Automotive Retrofit Electric Vehicle Market, By End User:

• Inclusive Conversion Kit
• Assembled Parts

North America Automotive Retrofit Electric Vehicle Market, By Motor:

• Mid Drive Motor
• Wheel Hub Motor

North America Automotive Retrofit Electric Vehicle Market, By Country:

• United States
• Canada
• Mexico

Competitive Landscape

Company Profiles: Detailed analysis of the major companies present in the North America Automotive Retrofit Electric Vehicle Market.

Available Customizations:

North America Automotive Retrofit Electric Vehicle Market report with the given market data, TechSci Research, offers customizations according to the company’s specific needs. The following customization options are available for the report.

Company Information

• Detailed analysis and profiling of additional market players (up to five).