WASHINGTON, June 08, 2022 (GLOBE NEWSWIRE) -- Vantage Market Research’s recent analysis of the Global Electric Vehicle Range Extender Market finds that Growing demand for increased driving range in electric vehicles and Engine downsizing, are factors that influence the growth of Electric Vehicle Range Extender Market. Additionally, higher demand for fuel cell range extenders along with growing development in new range extender types across the globe are further propelling the market growth.
The Global Market revenue stood at a value USD 1,182.9 Million in the year 2021.
The Global Electric Vehicle Range Extender Market size is forecasted to reach USD 1,962.1 Million by the year 2028 and is expected to grow exhibiting a Compound Annual Growth Rate (CAGR) of 8.8% during the forecast period; states Vantage Market Research, in a report, titled “Electric Vehicle Range Extender Market Size, Share & Trends Analysis Report by Type (ICE Range Extender, Fuel Cell Range Extender, Others), by Vehicle Type (Passenger Cars, Commercial Vehicles), by Component (Battery Pack, Generator, Power Converter, Electric Motor), by Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)”.
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Market Dynamics:
Drivers:
Surge in Demand for Electric Vehicles
The Global Electric Vehicle Range Extender Market report provides a holistic evaluation of the market. Increased demand for electric vehicles and engine reductions are expected to boost the global electric car market. The increase in the production and sale of electric vehicles has forced manufacturers to develop car range extender solutions. This is because the battery installed in electric vehicles has a reduced energy saving capacity based on vehicle use. In addition, the lack of proper car charging infrastructure makes it difficult to implement such systems in electric vehicles to provide better driving experience and eliminate the need to charge the battery after a set time. As a result, the increase in demand for the extension of the driving range of electric vehicles is a major factor that may further the growth of the electric car market in the forecast period.
Benefits Associated with Engine Downsizing
Engine downsizing is the process of using a smaller but more powerful engine in a car than a larger engine designed to accomplish the same task. The reduction of engines allows car manufacturers to produce more efficient vehicles that emit less air due to the lower engine weight. A number of car manufacturers have made significant progress in reducing the engine, which has strengthened this concept. Volkswagen Group, for example, replaced its 1.6 and 2.0-liter engine with 1.4 TSI fuel. This has led to a 5% reduction in fuel consumption over older engines, allowing the manufacturer to upgrade the product to a much higher standard. Hence, the benefits of engine downsizing are likely to boost the market for electric vehicles range extender during the forecast period.
Key Insights & Findings from the Report:
- According to our primary respondents’ research, the Electric Vehicle Range Extender market is predicted to grow at a CAGR of roughly 8.8% during the forecast period.
- The Electric Vehicle Range Extender market was estimated to be worth roughly USD 1,182.9 Million in 2021 and is expected to reach USD 1,962.1 Million by 2028; based on primary research.
- On the basis of region, Asia Pacific is projected to dominate the worldwide Electric Vehicle Range Extender market.
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Segmentation of the Global Electric Vehicle Range Extender Market:
- Type
- ICE Range Extender
- Fuel Cell Range Extender
- Others
- Vehicle Type
- Passenger Cars
- Commercial Vehicles
- Component
- Battery Pack
- Generator
- Power Converter
- Electric Motor
- Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
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COVID-19 Impact Analysis:
The COVID-19 outbreak has affected various industries worldwide. Governments across the world implemented strict lockdown measures and social distancing norms in order to restrict the swift spread of the pandemic. Manufacturing facilities around the world were shut down during the initial stages of the pandemic. Moreover, the economic crisis after the pandemic might lead to a significant delay in the commercial roll-out of the electronics industry. Small and medium-scale companies are the backbone of technology providers and are witnessing a steep drop in revenue since the emergence of the pandemic in 2020. Hence, market players faced numerous challenges as disruptions in the supply chain were observed. However, things will improve in the second half of 2022 as more supplies will come online. The impact of COVID-19 on the market demand is considered while estimating the current and forecast market size and growth trends of the market for all the regions and countries based on the following data points:
- Impact Assessment of COVID-19 Pandemic
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
- Quarterly Market Revenue Forecast by Asia Pacific 2020 & 2021
- Key Strategies Undertaken by Companies to Tackle COVID-19
- Long Term Dynamics
- Short Term Dynamics
The Report on Electric Vehicle Range Extender Market Highlights:
- Assessment of the market
- Premium Insights
- Competitive Landscape
- COVID Impact Analysis
- Historic Data, Estimates and Forecast
- Company Profiles
- Global and Regional Dynamics
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Regional Analysis:
Asia Pacific Holds Maximum Market Share
Asia Pacific is expected to dominate the growth of Electric Vehicle Range Extender Market in 2021. Due to the growing demand for commercial fuel-efficient commercial vessels. In addition, the growing popularity of EVs is expected to further boost market growth in the region during the forecast period. In addition, the presence of EV companies in the region is estimated to enhance market growth. India and China are major car manufacturing companies with manufacturing facilities in the country and are the largest suppliers of EVs worldwide. In addition, the migration of people to high-rise and smart cities is expected to further the growth of the EV sector, furthering the development of the market for electric vehicles.
List of Prominent Players in the Electric Vehicle Range Extender Market:
- Magna International
- Ballard Power Systems
- FEV
- Delta Motorsport
- Ceres Power
- Nissan
- General Motors
- BMW
Browse market data Tables and Figures spread through 150 Pages and in-depth TOC on "Electric Vehicle Range Extender Market Size, Share & Trends Analysis Report by Type (ICE Range Extender, Fuel Cell Range Extender, Others), by Vehicle Type (Passenger Cars, Commercial Vehicles), by Component (Battery Pack, Generator, Power Converter, Electric Motor), by Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)" View detailed Research Report here - https://www.vantagemarketresearch.com/press-release/electric-vehicle-range-extender-market-516532
Recent Developments:
February 2021 - SPAC invest USD 570 million in Hyzon Motors to assist fuel cell technology, with the partnership focusing on product innovation as investors chasing electric vehicle enterprises bet on hydrogen power in the EV range extender market.
March 2019 - MAHLE’s acquisition of the German transmission specialist ZG-Zahnräder und Getriebe GmbH provides additional transmission expertise to MAHLE Powertrain, one of Europe’s largest independent specialists in high-efficiency propulsion technology. This acquisition focuses on improving the integrated effect of the global powertrain, optimizing the rebalancing of performance, performance, packaging, and NVH.
Key questions answered in the report:
- Which regional market will show the highest and rapid growth?
- Which are the top five players of the Electric Vehicle Range Extender Market?
- How will the Electric Vehicle Range Extender Market change in the upcoming six years?
- Which application and product will take a lion’s share of the Electric Vehicle Range Extender Market?
- What is the Electric Vehicle Range Extender market drivers and restrictions?
- What will be the CAGR and size of the Electric Vehicle Range Extender Market throughout the forecast period?
This market titled “Electric Vehicle Range Extender Market” will cover exclusive information in terms of Regional Analysis, Forecast, and Quantitative Data – Units, Key Market Trends, and various others as mentioned below:
| Parameter | Details |
| Market Size Provided for Years | 2016-2028 |
| Base Year | 2021 |
| Historic Years | 2016-2020 |
| Forecast Years | 2022-2028 |
| Segments Covered | • Type • ICE Range Extender • Fuel Cell Range Extender • Others • Vehicle Type • Passenger Cars • Commercial Vehicles • Component • Battery Pack • Generator • Power Converter • Electric Motor • Region • North America • Europe • Asia Pacific • Latin America • Middle East & Africa |
| Region & Counties Covered | • North America • U.S. • Canada • Mexico • Europe • U.K • France • Germany • Italy • Spain • Rest Of Europe • Asia Pacific • China • Japan • India • South Korea • South East Asia • Rest Of Asia Pacific • Latin America • Brazil • Argentina • Rest Of Latin America • Middle East & Africa • GCC Countries • South Africa • Rest Of Middle East & Africa |
| Companies Covered | • Magna International • Ballard Power Systems • FEV • Delta Motorsport • Ceres Power • Nissan • General Motors • BMW |
| Report Coverage | Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, technology landscape, patent analysis, market attractiveness analysis by segments and North America, company market share analysis, and COVID-19 impact analysis |
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