The global EV range extender market demand is estimated to
reach 494,083 units by 2025 at a 10.2% CAGR during the forecast period,
according to a new report by Grand View Research, Inc. An electric vehicle (EV)
range extender is an external system that helps increase vehicle range to
support long-distance travel. Robust growth in adoption of fully electric
passenger and commercial vehicles to reduce CO2 emissions,
coupled with extendable range and high-performance capabilities, are expected
to propel market growth.
The automotive industry is considered to be
the largest consumer of oil in the world, contributing to high pollution levels
globally. Governments across various countries have imposed stringent
regulations on automobile manufacturers to produce low/zero emission vehicles
to help reduce carbon footprint.
Besides this, governments of developing
countries such as China and India are providing subsidies to promote the
adoption of electric vehicles. For instance, in August 2018, the Indian
government announced to offer a subsidy of around 20% on purchase of new
electric vehicles. However, low mileage range of EVs can be a major concern for
consumers as it limits the distance traveled. To overcome this, key
manufacturers such as BMW Group, General Motors, Volvo Car Corp., and Mahle
Group have launched EV range extender solutions that help increase battery
capacity to support long distance traveling. This has had a positive impact on
market growth.
In an attempt to increase their market share
and improve overall profitability, key automobile manufacturers are focused on
integrating range extenders into their new EV models. For instance, BMW Group
launched the BMW i3 EV integrated with a range extender solution, which enables
consumers to drive longer distances. In 2016, Nissan Motors Co. Ltd. launched
LEAF, an e-powered hybrid vehicle, in several APAC countries.
Key market players are also investing
significant funds in R&D activities to develop innovative range extender
products to extend driving range and improve battery efficiency, along with
reducing overall battery price. However, increasing focus of OEMs to
incorporate range extender technology in upcoming EV models, coupled with
increasing trade conflicts between China and U.S., may hinder market growth
over the forecast period.
Browse full research report on Electric
Vehicle (EV) Range Extender Market:
https://www.grandviewresearch.com/industry-analysis/electric-vehicle-ev-range-extender-market
Further key
findings from the study suggest that:
- North America accounted for the largest market
share in 2017. The regional market will witness growth with some large
market players such as General Motors Co. and Magna International Inc.
offering ICE and fuel cell range extenders
- European governments are actively offering
several rebates and subsidies to boost adoption of EVs. However, there is
a lack of charging infrastructure as against rising EV sales, which is
expected to propel demand for EV range extenders
- Governments across the globe are continuously
investing in enhancing public transport infrastructure, thereby driving
adoption of electric commercial vehicles. Deployment cost of range
extenders is lower than the cost involved in setting up a charging
infrastructure
- Key market players are collaborating with EV
manufacturers to develop new innovative technologies that will offer
alternative range extender solutions as well as incorporate range
extenders in new vehicle models.
Browse request sample of this report by
Grand View Research:
https://www.grandviewresearch.com/industry-analysis/electric-vehicle-ev-range-extender-market/request/rs1
Grand
View Research has segmented the global EV range extender market on the basis of
product, vehicle, component, and region:
EV Range
Extender Product Outlook (Volume, Units, 2015 - 2025)
- ICE range extender
- Fuel cell range
extender
- Others
EV Range
Extender Vehicle Outlook (Volume, Units, 2015 - 2025)
- Passenger vehicles
- Commercial vehicles
EV Range
Extender Component Outlook (Volume, Units, 2015 - 2025)
- Battery pack
- Generator
- Power converter
- Electric motor
EV Range
Extender Regional Outlook (Volume, Units, 2015 - 2025)
- North America
- U.S.
- Canada
- Europe
- U.K.
- Germany
- France
- Norway
- Netherlands
- Italy
- Asia Pacific
- China
- Japan
- South Korea
About Grand View Research
Grand View Research, Inc. is a U.S. based market
research and consulting company, registered in the State of California and
headquartered in San Francisco. The company provides syndicated research
reports, customized research reports, and consulting services. To help clients
make informed business decisions, we offer market intelligence studies ensuring
relevant and fact-based research across a range of industries, from technology
to chemicals, materials and healthcare.
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