Electric Vehicle Range Extender Market

Global Electric Vehicle Range Extender Market

Electric Vehicle Range Extender Market- By Type, Vehicle Type, Component, and Region.

Market Synopsis:

The Global Electric Vehicle Range Extender Market is valued at USD 1282.47 Million in the year 2022 and is projected to reach a value of USD 2463.12 Million by the year 2030. The Global Market is anticipated to grow exhibiting a Compound Annual Growth Rate (CAGR) of 8.50% over the forecast period.

Electric vehicles require electricity to propel them, which is provided by batteries installed in the vehicles. These batteries have a limited moving range after which they must be charged in order to continue moving. To avoid this situation, electric vehicle range extenders are used, which provide additional energy to electric vehicles for operation and other purposes. Electric Vehicle Range Extenders have a broader application in commercial vehicles because they improve the vehicle's efficiency and performance.

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The Electric Vehicle Range Extender is powered by battery packs and can operate on either a single phase or a three-phase system. To enable range extension in electric vehicles, an Electric Vehicle Range Extender includes a variety of components such as a generator, battery packs, converters, and electric motors. The introduction of electric vehicles around the world has increased the demand for range extenders, resulting in the growth of the Electric Vehicle Range Extender Market. To increase the distance covered by an electric vehicle, a better and more efficient range extender is required. Companies have achieved several advancements in the development of enhanced and efficient electric vehicle range extenders, assisting the global growth of the Electric Vehicle Range Extender Market.

Factors such as increased demand for Electric Vehicle Range Extender and engine downsizing are aiding the growth of the Electric Vehicle Range Extender Market. However, developments for extending the driving range of BEVs and increased OEM focus on lowering battery prices are expected to stymie the global growth of the Electric Vehicle Range Extender Market. On the contrary, market growth will be aided by increased demand for fuel cell range extenders and the development of new types of range extenders. Since lower capacity batteries installed in electric vehicles result in a limited range of travel, electric vehicle manufacturers have moved toward increasing the capacity of the batteries designed for electric vehicles. This can be accomplished by using better and more efficient anode and cathode plates in batteries, as well as a more efficient electrolyte solution. During the forecast period, this is expected to hamper the Electric Vehicle Range Extender Market.

Market Segmentation:

The Electric Vehicle Range Extender Market is segmented on the basis of Type, Vehicle type and Component. On the basis of Type, the market is segmented into ICE Range Extender, Fuel Cell Range Extender and Others. On the basis of Vehicle type, the market is segmented into Passenger Cars and Commercial Vehicles. On the basis of Component, the market is segmented into Battery Pack, Generator, Power Converter and Electric Motor.

Based on Type:

On the basis of Type, the market is segmented into ICE Range Extender, Fuel Cell Range Extender and Others. The ICE range extender now has the biggest market share, which is predicted to continue to increase steadily. However, due to environmental concerns and rising adoption of the Fuel cell technology, the Fuel cell range extender market is expected to continue to rise throughout the forecast period.

Based on Product:

On the basis of Vehicle type, the market is segmented into Passenger Cars and Commercial Vehicles. The passenger vehicle segment generates the most income. To obtain a competitive advantage in the Electric Vehicle Range Extender industry, prominent market participants are incorporating Electric Vehicle Range Extender technology into passenger automobiles. Furthermore, the government is working hard to expand the use of electric car range extenders in passenger vehicles. In 2021, the commercial vehicle segment of the Electric Vehicle Range Extender Market will grow at the quickest rate. Electric vehicle range extenders for commercial vehicles are being accepted and adopted on a big scale in emerging and established nations such as the United Kingdom and the United States. As a result, the segment's expansion in the worldwide Electric Vehicle Range Extender Market is being driven by this factor.

Asia Pacific Region to Stand Firm on its Leading Position in the Electric Vehicle Range Extender Market

Asia Pacific is projected to acquire the largest market share with a market share of 37.10%. Due to the rising influence of EVs in the region, Asia Pacific is predicted to have a higher Compound Annual Growth Rate (CAGR) during the forecast period. China and India are the most important markets in Asia Pacific, as all major automakers have manufacturing facilities there and are major exporters of electric vehicles worldwide. High urbanization and smart cities are predicted to move the EV sector forward, boosting the market development of electric car range extenders. Growing sales of electric vehicles and demand for electric vehicles in the global market are two main reasons driving the growth of the Global Electric Vehicle Range Extender Market. Electric car use has surged in both developed and developing countries as environmental concerns have grown. Furthermore, the governments of these regions are giving incentives and subsidies to encourage the market adoption of electric vehicles.