The latest market report published by Credence Research, Inc. “Global Electric Vehicle Range Extender Market: Growth, Future Prospects, and Competitive Analysis, 2015 – 2027”. The global market has acquired a market size of around USD 1,096.39 Million in 2020 and expected to reach a healthy CAGR of over 9.6% during the period from 2021 to 2027 to reach around USD 1,900.32 Million in 2027.
Browse the full report at https://www.credenceresearch.com/report/electric-vehicle-range-extender-market
A range extender for electric vehicles, also known as an auxiliary power unit (APU), is a piece of equipment that provides additional energy for functions and operations other than forward motion. Range extenders for electric vehicles are popular in heavy commercial and industrial vehicles. Unlike traditional cars, which are powered by diesel engines, EV range extenders are powered by battery packs. A single-phase or three-phase control system may be used to power an EV range extender.
Key Trends in Global Market
Growing Demand for Increased Driving Range in Electric Vehicles
The surge in electric vehicle sales and production has compelled automakers to build vehicle range extenders. As electric vehicles’ batteries have a small power storage space that is discharged according to the vehicle’s use. Furthermore, the lack of adequate vehicle charging facilities adds to the acceptance of electric vehicles.
Furthermore, the lack of adequate vehicle charging infrastructure bolsters the introduction of these systems for EV in order to have a pleasant driving encounter and lessen the demand for battery charging after some time. As a result, an surge in demand for electric vehicle range extensions is a crucial factor that is anticipated to propel the EV market forward.
Impact of COVID 19 on Global Market
Global market is also affected badly by pandemic. However, surging fuel prices day-by-day and governments all over the world have initiated various schemes and initiatives, to encourage a buyer for choosing electric vehicles instead of conventional vehicles. Countries, like Germany, India, Korea, Norway, France, Netherlands, etc., are other such nations that have numerous incentives for publics keen to purchase an electric vehicle.
Global Market by Component Type Insights
Battery Pack, Power Converter, Electric Motor and Generator are the key component types across the global market. In 2020, Battery Pack accounted for the largest share of global market. This is due to the stronger and more effective battery packs available in EV range extenders, which allow for more efficient vehicle operation. The power converter segment, on the other hand, is expected to develop at the fastest pace, with a healthy CAGR during 2022 to 2027.
Global by Vehicle Type Insights
Passenger Cars and Commercial vehicle are the key component types of the global market. In 2020, Passenger cars accounted for the largest share of global market due to the presence of various OEM and automakers.
Global Market by Regional Insights
Asia-Pacific is anticipated to capture a major share of more than 31.2% in the global market, followed by North America and Europe. As majority of automotive industry players companies in the Asia-Pacific, especially in China, India, Japan and Korea have been continuously expanding their production capacities to capture the growing demand in the region during the forecast period.
Global Market Competitive Landscape
Most prominent players in the global market include MAHLE, Rheinmetal, Magna International, Plug Power, Ballard Power System, Delta Motorsport, Ceres Power, Nissan and General Motors. The report covers very detailed profiles of these key players.
Global Electric Vehicle Range Extender Market by Component Type, 2015 – 2027
· Battery Pack
· Power Converter
· Electric Motor
Global Electric Vehicle Range Extender Market by Vehicle Type, 2015 – 2027
· Passenger cars
· Commercial vehicles
Global Electric Vehicle Range Extender Market by Region, 2015 – 2027
· North America
· Asia Pacific
· Latin America
· Middle East and Africa
Global Electric Vehicle Range Extender Market: Key Players
· Magna International
· Plug Power
· Ballard Power System
· Delta Motorsport
· Ceres Power
· General Motors