The Global Electric Vehicle Range Extender market size was estimated at US$ 920.46 million in 2021 and is expected to surpass around US$ 1,880.5 million by 2030, poised to grow at a CAGR of 8.7% over the forecast period from 2022 to 2030.
The Electric Vehicle Range Extender Market report, offers a comprehensive overview of the crucial aspects driving the market growth such as market drivers, restraints, prospects, opportunities, restraints, current trends, and technological and industry advancements. The detailed study of the industries, industry sector developments and improvements, and new product launches summarized in the Electric Vehicle Range Extender Market report will greatly assist new major commercial market players to enter the market.
The Electric Vehicle Range Extender Market report makes a careful assessment of the market and provides a professional analysis of the market taking into account the current situation of the market and its trajectory taking into account future forecasts. The Electric Vehicle Range Extender Market report study further highlights market driving factors, market overview, industry size, and market share.
As the Electric Vehicle Range Extender Market report provides effective market strategies, key players can gain huge profits by making the right investment in the market. The Electric Vehicle Range Extender Market report depicts the ever-changing needs of consumers, sellers, and buyers in different regions, making it easy to target specific products and achieve significant returns in the global market.
Market Dynamics:
Drivers:
One of the key factors driving the growth of the global electric vehicle range extender market is the increase in electric vehicle sales and electric vehicle demand in the global market. Growing environmental concerns have increased the adoption of electric vehicles in both developed and developing countries. In addition, the governments of these regions are providing incentives and subsidies for the adoption of electric vehicles in the market. These factors are driving the growth of the global electric vehicle range extenders market over the forecast period.
In addition, the demand for hybrid and plug-in hybrid electric vehicles is growing at a rapid pace. Hybrid vehicles use more than one energy and power source. A plug-in hybrid vehicle requires a battery to operate. These batteries are rechargeable batteries that require good charging infrastructure and charging devices. For this purpose, electric vehicle range extenders are used on a large scale. Moreover, internal combustion engine (ICE) range extenders are being used in hybrid and plug-in hybrid electric vehicles.
Restraints:
Meanwhile, decreasing cost of lithium ion batteries is creating a challenge for the growth of the global electric vehicle range extender market during the forecast period. Lithium-ion batteries are mainly deployed in electric vehicle range extenders. Therefore, falling lithium-ion battery prices are limiting the growth of the global electric vehicle range extender market.
Key players:
-
Plug Power
-
And Others
Market Segmentation:
By Geography
-
North America
-
U.S.
-
Canada
-
-
Europe
-
U.K.
-
Germany
-
France
-
-
Asia-Pacific
-
China
-
India
-
Japan
-
South Korea
-
Malaysia
-
Philippines
-
-
Latin America
-
Brazil
-
Rest of Latin America
-
-
Middle East & Africa (MEA)
-
GCC
-
North Africa
-
South Africa
-
Rest of the Middle East & Africa
-
Regional Analysis:
North America dominated the electric vehicle range extender market with a revenue share of XX% in 2021. The United States dominated the market for electric vehicle range extenders in North America. Factors such as technological advancements, surge in demand for batteries, and increasing adoption of electric vehicles are driving the growth of the electric vehicle range extenders market in the region. Additionally, increasing government initiatives to develop the electric vehicle market are creating demand for electric vehicle range extenders in North America.
On the other hand, Europe is expected to develop at the fastest rate of XX% during the forecast period. The UK dominates the market for electric vehicle range extenders in Europe. The growth of the market for electric vehicle range extenders in the European region is primarily driven by the increasing sales of electric and hybrid vehicles in the market. Additionally, the presence of key market players is fueling the electric vehicle range extender market growth in the region.
|
Report Coverage |
Details |
|
Page number |
120 |
|
Base year |
2021 |
|
Forecast period |
2021-2030 |
|
Growth momentum & CAGR |
Accelerate at a CAGR of 8.7%. |
|
Market growth 2022-2030 |
US$ 1,880.5 million |
|
Market structure |
Fragmented |
|
Competitive landscape |
Leading companies, competitive strategies, consumer |
|
Companies profiled |
|
|
Customization purview |
If our report has not included the data that you are |
User
Tab Content
Introduction
Our market research is an extensive, iterative process that takes into account a combination of primary and secondary research tools with the aim of minimizing deviation and producing the most precise estimate and prediction. For the future course of action, this approach meticulously outlines the actual changes and industry trends. It gives incredibly valuable data that is drawn from the insights and opinions of analysts and professionals. Our papers include in-depth research and analysis based on several factual inputs obtained from expert interviews, accurate data, and local information.
Market Size Estimation
The overall size of the market has been estimated and validated using both top-down and bottom-up methods. The sizes of other market subsegments have also been thoroughly estimated using these methodologies.
In the top-down technique, the market is divided into segments based on the percentage share of each segment. This method assisted in determining the size of each segment's market. The market size of each segment and its sub-segments was then divided into regional market sizes. This Approach helps mainly with the new Product Launch. It uses Multi-variate Regression Model coupled with Vendor based primary research inputs to forecast to the Market Size.
In the Bottom-Up approach, comprehensive study of key players has to be done wherein we add the market size of the major key players to understand the national market size which helps to determine the regional market size and eventually the complete market size. Companies annual report along with data from paid and unpaid resources like reports from government agencies and organizations like world bank provide the data for this approach.
Avail 25% Discount
Report Benefits
-
Free Customization Available
-
30% discount on your next purchase
-
Dedicated account manager
-
Query resolution within 24 hours
-
Permission to print the report