Electric Vehicle Range Extender Market to Reach Valuation of USD 1,962.1 Million by 2028 - Increasing Demand for Electric Vehicle Driving Range Extenders to Drive the Market Growth
From the period of 2022 to 2028, the Global Electric Vehicle Range Extender Market is expected to reach USD 1,962.1 Million in terms of revenue, growing at a Compound Annual Growth Rate (CAGR) of 8.8%.
The Global Electric Vehicle Range Extender Market is growing due to rising sales of electric vehicles and increased demand for electric vehicles in the global market. Electric car use has expanded in both developed and developing countries as a result of growing environmental concerns. In addition, the governments of these regions are providing incentives and subsidies to boost the adoption of electric vehicles on the market. This aspect will boost the Global Electric Vehicle Range Extender Market over the forecast period. The growing popularity of electric vehicles in developing and developed countries bodes well for the worldwide Electric Vehicle Range Extender Market's growth and development.
Electric vehicle demand is rapidly increasing around the world. As a result, electric car range extenders are becoming increasingly important in the global market. Furthermore, the convenient charging infrastructure is driving up demand for electric vehicle range extenders. As a result, over the forecast period, this factor is expected to drive the worldwide Electric Vehicle Range Extender Market. The government is making constant efforts to increase the global sales of electric automobiles. They are also giving tax breaks, incentives, and subsidies for the construction of electric vehicle manufacturing factories all around the world. As a result of increased government initiatives, the Electric Vehicle Range Extender Market is expected to grow over the forecast period.
Electric vehicle demand is rapidly increasing around the world. As a result, electric car range extenders are becoming increasingly important in the global market. Furthermore, the convenient charging infrastructure is driving up demand for electric vehicle range extenders. As a result, over the forecast period, this factor is expected to drive the worldwide Electric Vehicle Range Extender Market. The government is making constant efforts to increase the global sales of electric automobiles. They are also giving tax breaks, incentives, and subsidies for the construction of electric vehicle manufacturing factories all around the world. As a result of increased government initiatives, the Electric Vehicle Range Extender Market is expected to grow over the forecast period. The market for electric car range extenders is hampered by the high cost of electric vehicles.
Key Highlights from the Report
- The market is divided into two types of vehicles: passenger vehicles and commercial vehicles. The passenger car segment is expected to develop at the fastest rate. Governments in countries including China, the United States, and Germany are offering incentives to buy range extender electric automobiles. Several countries are also backing the technology of zero-emission cell range extenders. During the projected period, government incentives are expected to fuel the coach range extender market.
- On the basis of Component, the market is segmented into Battery Pack, Generator, Power Converter and Electric Motor. In 2021, the battery pack segment had the most market share. Long periods of time are spent with the battery pack. The battery packs are typically utilized for 5 years. Battery packs are particularly efficient in nature for electric vehicles when compared to other components. In 2021, the electric motor segment of the Electric Vehicle Range Extender Market will be the fastest expanding. The global market for electric motors for electric car range extenders is being driven by technological advancements and innovative technology. The fuel cell range extender includes an electric motor. As a result, the surge in demand for fuel cell vehicles is driving up demand for electric motors.
- Asia Pacific is the fastest regional segment in terms of growth. During the forecast period, Asia-Pacific is expected to hold a significant market share. Because of the growing number of OEMs, particularly in China and Japan, and the rising demand for range extenders, players will have lucrative opportunities as they focus on providing range extenders for EVs. This growth can be attributed to the widespread adoption of hybrid and pure EVs, as well as a regional lack of charging infrastructure. Furthermore, government incentives for the purchase of EV extenders and EVs are expected to fuel market growth in this region. The Chinese government is focusing on increasing the requirements for car driving range and power efficiency in order to qualify for subsidies.
Increasing Demand for Electric Vehicle Driving Range Extenders
The increased production and sales of electric vehicles have compelled manufacturers to develop vehicle range extension systems. This is due to the fact that the battery installed in electric vehicles has a limited power storage capacity that is discharged based on the vehicle's usage. Furthermore, the lack of proper vehicle charging infrastructure complicates the adoption of such systems for electric vehicles in order to provide a comfortable driving experience and reduce the need for battery charging after a certain time period. As a result, an increase in demand for electric vehicle driving range extension is a key factor that is expected to drive the growth of the Electric Vehicle Range Extender Market during the forecast period.
Rising Interest in Fuel Cell Range Extenders
The introduction of numerous fuel cell-based electric vehicles by leading vehicle manufacturers has aided the global growth of electric vehicles. Furthermore, fuel cell-powered vehicles are more efficient in terms of propulsion than basic battery-powered vehicles. Thus, as progress is made toward extending the range of electric vehicles, the demand for fuel cell range extenders rises, supplementing the growth of the Electric Vehicle Range Extender Market.
North America is also expected to grow at a faster rate during the forecast period due to market innovations. Due to the lack of charging options for EVs, there is a market demand for range extenders due to their long-range reliability. Improved power supplies, increased use of emerging technologies such as batteries and towable generators, and government efforts to support zero-emission vehicles will all contribute to the region's overall market development. Factors such as increased demand for electric vehicle driving range extension and engine downsizing will aid in the growth of the EV range extender market. Furthermore, the increasing adoption of new technologies such as towable generators and batteries is expected to drive up demand for range extenders over the forecast period.
The Electric Vehicle Range Extender is segmented as follows:
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Pages and in-depth TOC on "Electric Vehicle Range Extender Market Size, Share & Trends Analysis Report by Type (ICE Range Extender, Fuel Cell Range Extender, Others), by Vehicle Type (Passenger Cars, Commercial Vehicles), by Component (Battery Pack, Generator, Power Converter, Electric Motor), by Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)"
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Southeast Asia
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East and Africa
- GCC Countries
- South Africa
- Rest of MEA
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