Global Electric Vehicle Range Extender Market to Surpass $ 585 Million by 2023
Growing
demand for electric vehicles and anxiety for better range of electric vehicles
coupled with increasing government support and technological developments to
fuel global electric vehicle range extender market through 2023
According to TechSci Research report, “Global
Electric Vehicle Range Extender Market By Vehicle Type, By Component Type, By Type, By
Region, Competition Forecast & Opportunities, 2016 – 2023”, electric vehicle range extender market,
globally, is projected to reach $ 586 million by the end of 2023. Growing
demand for electric vehicles, increasing support by governments in terms of
several initiatives to promote the use of electric vehicles and concerns
related to electric vehicle battery range are the key factors expected to drive
demand for electric vehicle range extender across the globe. Moreover,
increasing research & development efforts and growing inclination of
consumers towards electric vehicles would positively influence global electric vehicle
range extender market during the forecast period.
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Electric Vehicle Range Extender Market"
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In 2017, electric passenger car range extender segment
dominated the market with a 100% share. On account of support by governments for
the faster adoption of electric vehicles, the market is anticipated to get more
favorable environment for the development of electric vehicle range extender. Asia-Pacific
dominated the global market in 2017 and is anticipated to maintain its market
dominance in the coming years, owing to huge electric vehicle sales in the
region. Based on type,
the market has been segmented into fuel cell range extender, ICE range extender
and others. ICE range extender segment accounts for the largest market share,
backed by its lower cost than a fuel cell range extender.
Major
players operating in global electric vehicle range extender market are Magna
International Inc., MAHLE Group and Rheinmetall Group. Their continued research
& development efforts to manufacture technologically advanced and
affordable electric vehicle range extender is further anticipated to intensify
the market over the course of next five years. Increasing investments and
continuous product developments by automotive companies in the electric vehicle
range extender field is also expected to fuel the market.
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“Demand for electric vehicle range extender grew
over the past few years, owing to rising demand for electric vehicles across
the world. Governments in different countries are providing incentives and
discounts on the purchase of electric vehicles, owing to various environmental
benefits associated with this segment. The range anxiety for electric vehicle
owners is driving the demand for electric vehicle range extender. Moreover, with
many ongoing research & development projects, the demand for electric vehicle
range extender is expected to grow at a robust pace, globally, during forecast
period.”, said Mr. Karan Chechi, Research Director with TechSci Research, a
research based global management consulting firm.
“Global Electric
Vehicle Range Extender Market By Vehicle Type, By Component Type, By Type, By
Region, Competition Forecast & Opportunities, 2016 – 2023” has analyzed the potential of electric vehicle range
extender market across the globe, and provides statistics and information on
market size, shares and trends. The report will suffice in providing the
intending clients with cutting-edge market intelligence and help them in taking
sound investment decisions. Besides, the report also identifies and analyses
emerging trends along with essential drivers and key challenges faced by the
industry.
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