Electric Classic Car Market Size - By Car (Closed, Convertible), By Application (Tourist Attraction, Large Amusement Parks, Closed Communities, Campuses), By End Users (Personal, Commercial), Growth Prospects, Regional Outlook & Forecast, 2024 - 2032

Electric Classic Car Market Size

Electric Classic Car Market size was valued at USD 205.4 million in 2023 and is estimated to register a CAGR of over 10% between 2024 and 2032. Heritage and nostalgia play pivotal roles in driving the adoption of electric classic cars, seamlessly blending automotive history with sustainable technology. Enthusiasts are drawn to the charm and aesthetics of vintage automobiles, and the conversion to electric powertrains allows for a harmonious fusion of cherished heritage and modern environmental consciousness. Preserving the timeless appeal of classic cars while embracing cleaner energy sources creates a unique and compelling narrative that resonates with both tradition and innovation.
 

Against this backdrop, in February 2023, Lunaz Design, a British company located at the Silverstone facility in the UK, successfully converted a rare 1961 Bentley S2 Continental into a fully electric vehicle, marking one of the most exclusive electrification projects globally. With only a few of these models remaining, this Bentley S2 Continental now stands as the rarest classic car to undergo electric propulsion conversion. The project showcases Lunaz Design's proprietary modular electric powertrain, utilizing high-grade Tier 1 OEM battery cells and motors, establishing it as the gold standard for prestigious marque electrification initiatives.
 

Environmental concerns and sustainability could positively impact the growth dynamics of the electric classic cars market in the long run. Increasing awareness of environmental issues and a growing emphasis on sustainability has led to a shift toward electric vehicles (EVs) in general. To that end, new companies are actively foraying into this field to make the most of available growth opportunities.
 

For instance, based in Ontario, the green tech startup Arc Motor Company is making waves as it endeavors to transform classic cars into electric vehicles (EVs) by repurposing discarded Tesla batteries. Their goal is to seamlessly merge the timeless appeal of vintage automobiles with the environmental advantages of electric power. With an initial focus on the iconic 1974 Ford Bronco, Arc Motor Company seeks to offer enthusiasts an electrifying alternative for their cherished classic vehicles, marking a significant step toward a sustainable and emissions-free automotive future.
 

Vintage cars converted to electric power may face constraints related to range and charging infrastructure. Older models typically have limited space for battery storage, resulting in a restricted driving range compared to modern electric vehicles. Additionally, the availability of charging infrastructure for electric classic cars may be limited, making long-distance travel and practical daily use challenging for owners.
 

Electric Classic Car Market Trends

Increased availability of conversion kits could be an emerging trend in the electric classic car industry. Companies may start offering kits that include pre-configured electric drivetrains, batteries, and associated components designed to fit various classic car models. This approach could make the conversion process more accessible and affordable for classic car enthusiasts, fostering broader adoption of electric power in vintage vehicles.
 

Quoting an instance, in May 2023, Electrogenic introduced a drop-in kit tailored for classic Mini enthusiasts seeking an electric conversion. Priced at £15k (plus VAT and installation costs), the 60bhp/100 lb-ft system promises cost-effective electrification, preserving the original car's nimble and responsive character. The kit, fully assembled within a replacement front subframe, includes pre-mounted 20kWh batteries. With an anticipated 80-mile range, Electrogenic plans to offer an extended range option. Installation involves bolting in the assembly wiring the throttle and dashboard and may cost around £20k in total, providing an attractive alternative to full resto-mod projects.
 

Electric Classic Car Market Analysis

Based on car, the closed segment held over 57% of the market share in 2023, propelled by a convergence of factors. First and foremost, environmental consciousness and the global shift toward sustainable practices drive enthusiasts to embrace closed electric classic cars, reducing the ecological footprint associated with traditional combustion engines.
 

Additionally, advancements in electric vehicle technology, such as improved batteries and drivetrains, enhance the performance and range of closed electric classics, making them more practical for everyday use. The preservation of classic aesthetics, coupled with the allure of modern electric capabilities, attracts a new generation of car enthusiasts seeking a harmonious blend of timeless design and eco-friendly innovation.
 

Based on the application, the tourist attraction segment accounted for 37% of the electric classic car market share in 2023. The demand for electric classic cars in tourist attraction applications is bolstered by a blend of nostalgic charm and sustainable tourism practices. Visitors are drawn to the unique experience of exploring historic sites or scenic landscapes in classic cars with modern electric propulsion, combining the allure of vintage aesthetics with eco-friendly travel.
 

The reduced noise and emissions of electric classic cars enhance the overall visitor experience, aligning with the growing preference for sustainable tourism options. These vehicles provide a captivating and environmentally conscious way for tourists to immerse themselves in local culture and heritage while minimizing their environmental impact.
 

North America electric classic car market recorded around 37% of the revenue share in 2023. Stringent emissions regulations drive the region's interest in eco-friendly alternatives, making electric conversions an attractive option for classic car enthusiasts. The continent's robust charging infrastructure and growing network of electric vehicle support contribute to the feasibility of electric classic cars for daily use.
 

Moreover, the region's penchant for technological innovation and environmental consciousness fuels the adoption of these electrified classics, reflecting a broader cultural shift towards sustainable mobility. The combination of regulatory support, infrastructure development, and a receptive market positions North America as a thriving hub for electric classic car enthusiasts.
 

Electric Classic Car Market Share

Marshell Green Power, Guangzhou Langqing Electric Car Co., Ltd and Speedways Electric hold a significant market share of over 15% in the electric classic car industry. Companies in the electric classic car industry employ various strategies to fortify their positions in this burgeoning market. One prominent approach involves technological innovation, where firms invest in research and development to enhance electric drivetrains, batteries, and overall performance, ensuring a seamless integration of modern electric components with classic aesthetics. Collaboration and partnerships also play a pivotal role, with companies forming alliances with established automakers, technology firms, or even battery suppliers to leverage expertise and resources.
 

Moreover, a focus on sustainability and environmental consciousness is a key strategy, aligning with the broader societal shift towards eco-friendly transportation. Offering diverse conversion options for popular classic car models allows companies to cater to a broader market, addressing the unique preferences of classic car enthusiasts. Finally, strategic marketing emphasizing the unique blend of nostalgia and cutting-edge technology helps companies create a distinctive brand image, fostering customer loyalty and attracting new enthusiasts to the electric classic car experience.
 

Electric Classic Car Market Companies

Major companies operating in the electric classic car industry are:

• CD Automotive Design
• Electric Classic Cars
• Electrogenic
• Everrati
• Ford Motor Company
• Ghost Garage
• Guangzhou Langqing Electric Car Co., Ltd
• London Electric Cars
• Lunaz Design
• Marshell Green Power
• Sebring Works
• Speedways Electric
• Suzhou Lexsong Co., Ltd.
• Zelectric Motors LLC
• Zero Labs Automotive
   

Electric Classic Car Industry News

• In May 2023, Everrati, the electric vehicle conversion specialist, unveiled a new all-electric iteration of the revered Porsche 911 model, drawing inspiration from the classic Porsche 911 ST. While not a direct replica of existing ST models, this conversion encapsulates the spirit of the limited-run racing vehicle, offering enhanced performance in an emission-free package. The company's focus on transforming iconic models into zero-emission vehicles reflects a commitment to sustainability and the evolution of classic automotive design in the electric era.
   
• In February 2023, Lunaz, the classic car electrification specialist situated in Silverstone, revealed what it claims to be "the most uncommon classic car ever to undergo a full electric conversion." The company's initiatives encompass a comprehensive restoration to concours standards, commencing with a meticulous 3D scan for the creation of Computer Aided Design (CAD) models, forming the foundation for the restoration process. Rigorous testing is then carried out to accurately assess weight distribution, ensuring that the integration of the battery and electric motor minimally alters the original driving dynamics of the vehicle. This meticulous approach underscores Lunaz's commitment to preserving the authenticity of classic cars while seamlessly incorporating advanced electric power systems.
   

The electric classic car market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue (USD Million) and shipments (Units) from 2018 to 2032, for the following segments:

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Market, By Car

• Convertible
• Closed

Market, By Application

• Tourist attraction
• Large Amusement Parks
• Closed Communities
• Campuses

Market, By End Users

• Personal
• Commercial

The above information has been provided for the following regions and countries:

• North America
  • U.S.
  • Canada
• Europe
  • UK
  • Germany
  • France
  • Italy
  • Spain
  • Russia
  • Rest of Europe
• Asia Pacific
  • China
  • India
  • Japan
  • South Korea
  • Australia
  • Southeast Asia
  • Rest of Asia Pacific 
• Latin America
  • Brazil
  • Mexico
  • Argentina
  • Rest of Latin America 
• MEA
  • UAE
  • Saudi Arabia
  • South Africa
  • Rest of MEA