Seoul, Republic of Korea [September 26, 2023]– The Global Green Growth Institute (GGGI) has published a comprehensive technical report, shedding light on the potential of Electric Vehicle (EV) retrofitting as a viable option for GGGI Members. The report suggests EV retrofitting as an efficient alternative to the purchase of new EVs in pursuit of sustainable transportation. It offers key recommendations to propel the adoption of EV retrofitting.
As the world shifts its focus towards decarbonization, EVs have emerged as a leading solution. The global retrofit vehicle market was valued at an estimated USD 65.94 billion in 2023. However, despite its potential, many national governments have yet to explicitly include retrofitted vehicles in their electrification strategies. To address this issue, the GGGI Technical Report presents three long-term strategic recommendations. The recommendations stem from an in-depth analysis of enabling measures and case studies, demonstrating the potential impact of strategic policy shifts.
First, the report emphasizes the necessity for standardized technical guidelines that regulate and oversee the EV retrofitting process as the availability of EV retrofitting kits to the public increases. The adoption of a clear regulation will ensure safety and reliability for consumers and drive the expansion of the market.
Second, to accelerate the uptake of EV retrofitting, the report suggests extending the same incentives enjoyed by new EVs to retrofitted vehicles. This approach encourages public awareness and acceptance of the practice while democratizing vehicle electrification.
Finally, the report recommends investing in technicians, manufacturers, start-ups, and companies through national R&D programs for new EV conversion kits development and capacity-building. Moreover, it emphasizes the importance of awareness campaigns aimed at acquainting customers with the technology and the various advantages and incentives associated with EV retrofitting.
“The report shows the conversion market has high potential. The benefits not highlighted are that as developed countries start to adopt EVs and discourage internal combustion engines (ICE), a wave of secondhand cars may be exported to developing countries. Sustainable transport strategies in those countries should consider a conversion strategy, presenting green job opportunities and advancing environmental goals.” Dr. Frank Rijsberman, Director-General of GGGI mentioned.
By prioritizing EV retrofitting as an essential component of national electrification strategies, countries can seize the opportunity to usher in a new era of sustainable transportation. The GGGI Technical Report serves as a roadmap for policymakers, industry stakeholders, and consumers to collectively drive the evolution of the global green transportation landscape.
The full report can be downloaded at here or via the QR code blow.
