Electric Vehicle Range Extender Market Size to Hit US$ 1,876.5 Mn by 2030

Tokyo, April 12, 2022 (GLOBE NEWSWIRE) -- The global electric vehicle range extender market size was estimated at US$ 917.46 million in 2021. 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. As a result of growing environmental concerns, the adoption of electric vehicles has increased in both developed and developing countries.

Furthermore, the governments of these regions are giving incentives and subsidies to encourage the market adoption of electric vehicles. Over the projected period, this factor will drive the worldwide electric vehicle range extender market. The rise of the electric vehicle market in growing and developed regions is offering a good outlook for the global electric vehicle range extender market's growth and development.

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Regional Snapshot

North America is the largest segment for electric vehicle range extender market in terms of region.The U.S. is dominating the electric vehicle range extender market in the North America region. The electric vehicle range extender market in this region is rising due to reasons such as technical improvements, increased demand for batteries, and increased usage of electric vehicles. Furthermore, in the North American region, the expanding government initiatives for the development of the electric car market are creating demand for electric vehicle range extenders.

Europe region is the fastest growing region in the electric vehicle range extender market.The U.K and Germany hold the highest market share in the Europe electric vehicle range extender market.The increased sales of electric and hybrid vehicles in the market are driving the expansion of the electric vehicle range extender market in Europe. Furthermore, the presence of significant market competitors in the region is encouraging the growth of the electric vehicle range extender market.

Scope of the Electric Vehicle Range Extender Market

Report Highlights

• The ICE range extender and fuel cell range extender are the different products of electric vehicle range extender. Due to its low cost, the ICE range extender segment is growing. The increased deployment of hybrid electric vehicles in the global market has resulted in a growing demand for ICE range extenders.
  
  
• On the basis of vehicle, passenger vehicles segment holds the largest market share in the global electric vehicle range extender market. To obtain competitive edge in the electric vehicle range extender market, prominent market players are incorporating electric vehicle range extender technology into passenger automobiles.
  
  
• On the component, battery pack segment holds the largest market share in the global electric vehicle range extender market. The battery pack is utilized for an extended period of time. The battery packs are typically utilized for about 5 years. The battery packs are particularly efficient in nature for electric vehicles when compared to other components.
  
  

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Recent Developments

• MAHLE Powertrain, which is one of the Europe’s major independent specialists in high efficiency propulsion technology, acquired the German transmission specialist ZG-Zahnrader and Getriebe GmbH in March 2019. This acquisition is focused on optimizing the rebalancing of performance by improving the overall effect of the powertrain.
• Blue World Technologies declared the start of work on the world’s largest methanol fuel cell facility in Denmark in September 2019. The methanol fuel cell is a range extender that provides long range, easy refilling with liquid fuel and an effort to reduce environmental impact.

Market Dynamics

Drivers

Growing demand for electric vehicle range extender

The demand for electric vehicle is growing at a rapid pace globally. This has resulted into the growing importance for electric vehicle range extender in the global market. In addition, the favorable charging infrastructure is resulting into the growing demand for electric vehicle range extender. As a result, this factor is boosting the growth of the global electric vehicle range extender market over the projected period.

Restraints

High cost of electric vehicles

The electric vehicle is quite expensive as compared to traditional vehicles or fuel-based vehicles. The advanced features and technologies integrated with electric vehicles add up to the final cost of the product. Not everyone can afford electric vehicles. Thus, the high cost of electric vehicles is hindering the growth of the electric vehicle range extender market.

Opportunities

Growing government initiatives

The government are taking constant efforts for the growth in the sales of electric vehicles globally. They are also providing tax benefits, incentives, and subsidies for the installation of manufacturing plants of electric vehicles all around the globe. Thus, growing government initiatives is creating opportunities for the growth of the electric vehicle range extender market over the forecast period.

Related Reports

• Electric Vehicle Charging Infrastructure Market Research Report 2021 – 2027
• Electric Vehicle Market Research Report 2022 – 2030
• Electric Vehicle Charging Station Market Research Report 2022 - 2030
  
  

Challenges

Lack of awareness regarding electric vehicle

The developing and underdeveloped regions are not aware about the electric vehicles. Till now people are using traditional or gasoline-based vehicles. This is due to lack of proper resources in these regions. This is directly impacting the growth of the electric vehicle range extender market. Thus, lack of awareness regarding electric vehicles is a major challenge for the expansion of the global electric vehicle range extender market.

Segments Covered in the Report

By Product

• ICE Range Extender
• Fuel Cell Range Extender
• Others
  
  

By Vehicle

• Passenger vehicles
• Commercial vehicles

By Component

• Battery pack
• Automotive
• Power Converter
• Electric Motor

By Geography

• North America
• Europe
• Asia-Pacific
• Latin America
• Middle East & Africa (MEA)
  
  

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