Rising Demand For Electric Vehicles To Promote The Electric Vehicle Range Extender Market Growth

Electric Vehicle Range Extender Market Size, Share, Trends, Growth, Analysis, Research

Global Electric Vehicle Range Extender Market: Key Highlights

  • According to the new market research report “Electric Vehicle Range Extender Market by Type (Internal Combustion Engines (ICE), Fuel-cells, and Others), by Components (Battery packs, Generator, Electric Motor, and Power Generator), by Vehicle Type (Passenger Cars, Light-Duty Vehicles, and Heavy-Duty Vehicles), by Sales Channel (Original Equipment Manufacturers and Aftermarket), by Region (Asia Pacific, Europe, Middle East & Africa, South America, North America) – Global Forecast (2019 to 2027)”, the global electric vehicle range extender market is estimated to reach 560,000 units by 2027 at a CAGR of around 10.8% during the review period.
  • Rising demand for electric vehicles is a key factor driving the demand for electric vehicle range extender market.
  • However, the high cost of battery remains a major restraining factor for the growth of the electric vehicle range extender market.

Electric Vehicle Range Extender Market

Global Electric Vehicle Range Extender Market: Key Market Dynamics

  • To solve range anxiety concerns, automotive manufacturers have implemented using a range extender solution to increase the long-range driving capability of electric vehicles.
  • With a supportive government for zero-emissions, automotive manufacturers are focusing on the production and sales of electric vehicles. Electric vehicles are rapidly growing due to the environmental regulations imposed. Thus, the growing demand for electric vehicles is expected to boost the electric vehicle range extender market growth.
  • The development of new products related to range extenders is anticipated to boost the

electric vehicle range extender market in the future.

  • Adding design complexity to powertrain and weight in the vehicle is likely to act as a challenge for market growth.

Global Electric Vehicle Range Extender Market: Regional Overview

  • Asia-Pacific

The growth in the Asia-Pacific region is mainly attributed to the increasing sales and production of electric vehicles and the rise in population. The rising adoption of electric vehicles increases the market growth for the electric vehicle range extender. This region has witnessed high usage of electric range extenders due to the presence of countries such as Japan, South Korea, and China for mainly adoption of electric vehicles.

  • Europe

In Europe, the rising demand for driving range extension of electric vehicles and supportive government incentives to purchase electric vehicles has boosted the electric vehicle range extender market growth. The growing focus on electric vehicle sales by automotive manufacturers present in countries such as Norway, Germany, UK, and France is further promoting the growth for automotive development.

Global Electric Vehicle Range Extender Market: Key Players Overview

  • BMW AG:

BMW AG is a German-based company that manufactures automobiles and motorcycles. The company produces convertible sports cars to luxury vehicles with large displacement engines. In May 2018, BMW announced its plans to launch BMW i3S in India which is a range-extender version. The 33.2 Kwh lithium-ion battery has a driving range of 200 KM when the battery is fully charged.

  • Nissan Motor Corporation:

Nissan Motor Corporation is a Japan-based company that manufactures and designs automobiles and its related parts. The company offers electric and sports cars, trucks, vans, trucks, minivans, commercial vehicles as well as their accessories.

In April 2018, Nissan announced plans to launch 8 electrified vehicles in Japan by 2022. These battery-powered models expansion will consist of three electric vehicles and e-Power range-extender hybrids provided by Nissan Motor Corporation.

 

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Published : 2020-02-05