The Global Electric Vehicle Range Extender Market to grow from USD 22.11 billion in 2022 to USD 52.86 billion by 2030, at a CAGR of 11.51%.

PUNE, MAHARASHTRA, INDIA, November 15, 2023 /EINPresswire.com/ -- The "Electric Vehicle Range Extender Market by Extender Type (Fuel Cell Range Extender, ICE Range Extender), Component (Battery Pack, Electric Motor, Generator), Vehicle Type - Global Forecast 2023-2030" report has been added to 360iResearch.com's offering.

The Global Electric Vehicle Range Extender Market to grow from USD 22.11 billion in 2022 to USD 52.86 billion by 2030, at a CAGR of 11.51%.

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An electric vehicle range extender (EVRE) is essentially a system that improves the overall range of electric vehicles (EVs). The primary function of these systems is to supplement the vehicle's main electric power source, thereby allowing the vehicle to travel greater distances without needing a recharge. Increasing adoption of electric vehicles worldwide, progressive government policies promoting EVs, advancements in battery technologies, and rising consumer demand for longer driving ranges have accelerated the adoption of EVRE. However, high initial costs associated with range extender components and their complex installation may deter some consumers from adopting them. Ongoing research and development activities focused on enhancing energy density and charging capabilities while reducing costs are expected to provide potential opportunities in this market. Advancements in fuel cell systems could provide efficient and environmentally friendly alternatives to gasoline or diesel range extenders, particularly for heavy-duty applications such as trucks and buses.

Vehicle Type: Rising applications of electric vehicle range extenders in commercial vehicles
Commercial vehicles, with multiple long-route services throughout the day, require reliable range extenders to establish an effective EV ecosystem. Passenger vehicles, on the other hand, prioritize a balance between comfort, fuel efficiency, and cost-effectiveness. Commercial vehicles continue to focus on durability and sustained performance, and quick charging. Meanwhile, passenger vehicles are more focused on comfort, cost-effectiveness, and mileage efficiency. Innovative introductions in both vehicle types underline the critical need for advanced range extenders as the industry transitions towards electrification.

Component: Proliferating deployment of electric motors in automobiles
The battery pack is a primary energy source in an electric vehicle and is widely preferred by individuals seeking longer drive time and sustainability. Battery technology is constantly improving, with current trends showing enhancements in energy density, recharge time, and lifecycle. Electric motor is responsible to convert electrical energy into mechanical energy, propelling the vehicle forward. Consumers with a need for higher speed and efficiency often give preference to vehicles with powerful electric motors. The generator serves the crucial role of converting mechanical energy back into electrical energy. Those requiring a reliable energy backup system, especially for long-distance travel, often prefer vehicles featuring an efficient generator. The power converter manages the electricity distribution between the motor and the battery, which is vital in optimizing vehicle performance. Vehicles with advanced converters are often preferred by those seeking enhanced energy utilization.

Extender Type: Significant penetration of fuel cell range extender
The fuel cell range extender converts hydrogen gas into electricity, offering an emission-free solution to range anxiety. It essentially provides a clean and efficient way to increase the driving range of electric automobiles without resorting to fossil fuels. The internal combustion engine (ICE) range extender utilizes traditional gasoline to generate electricity, replenishing the battery on longer drives. It holds an edge in terms of widespread accessibility to gas stations and comparatively lower initial ownership costs. Fuel Cell Range Extenders are preferred owing to their environmental benefits. ICE Range Extenders cater better to those preferring a safer bet with ample refueling options and lower upfront costs.

Regional Insights:
The Americas represents a significant market for electric vehicles, with countries such as the United States and Canada leading in terms of EV adoption. The U.S. Department of Energy has set ambitious targets to achieve EV market penetration by promoting various initiatives such as tax incentives for buyers and investment in charging infrastructure. Consequently, the demand for electric vehicle range extenders (EVRE) has also grown to meet consumer expectations around driving range capabilities. Major market players have invested in developing their own range of extender technologies to support their expanding portfolio of plug-in hybrid and all-electric vehicles. Asia observes a rising EV proliferation due to its rapid industrialization and emphasis on renewable energy sources. Governments in the region are offering generous subsidies for EV adoption, while market players are continuously investing in research and development efforts towards enhancing battery technology and exploring advanced EVRE systems. Europe's commitment to reducing greenhouse gas emissions has resulted in widespread support for electric vehicle adoption at both national and regional levels. European automakers have embraced this transition by investing significantly in research and development of EV technologies, including range extenders.

FPNV Positioning Matrix:

The FPNV Positioning Matrix is essential for assessing the Electric Vehicle Range Extender Market. It provides a comprehensive evaluation of vendors by examining key metrics within Business Strategy and Product Satisfaction, allowing users to make informed decisions based on their specific needs. This advanced analysis then organizes these vendors into four distinct quadrants, which represent varying levels of success: Forefront (F), Pathfinder (P), Niche (N), or Vital(V).

Market Share Analysis:

The Market Share Analysis offers an insightful look at the current state of vendors in the Electric Vehicle Range Extender Market. By comparing vendor contributions to overall revenue, customer base, and other key metrics, we can give companies a greater understanding of their performance and what they are up against when competing for market share. The analysis also sheds light on just how competitive any given sector is about accumulation, fragmentation dominance, and amalgamation traits over the base year period studied.

Key Company Profiles:

The report delves into recent significant developments in the Electric Vehicle Range Extender Market, highlighting leading vendors and their innovative profiles. These include AVL group, Ballard Power Systems Inc., BMW Group, BorgWarner Inc., Ceres Power Holdings plc, Daimler AG, Danfoss Power Solutions, Ford Motor Company, H2SYS, Hyfindr GmbH, IDTechEx Ltd, Lectron EV., Magna International Inc., MAHLE GmbH, Nissan Motor Corporation, NOW GmbH, Plug Power Inc, SAE International., Samsara Inc., Senior plc, Siemens AG, Springer Nature Switzerland AG,, Valeo SA, Volvo Car Corporation, and Wrightspeed Inc..

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Market Segmentation & Coverage:

This research report categorizes the Electric Vehicle Range Extender Market in order to forecast the revenues and analyze trends in each of following sub-markets:

Based on Extender Type, market is studied across Fuel Cell Range Extender and ICE Range Extender. The ICE Range Extender is projected to witness significant market share during forecast period.

Based on Component, market is studied across Battery Pack, Electric Motor, Generator, and Power Converter. The Generator is projected to witness significant market share during forecast period.

Based on Vehicle Type, market is studied across Commercial Vehicles and Passenger Vehicles. The Passenger Vehicles is projected to witness significant market share during forecast period.

Based on Region, market is studied across Americas, Asia-Pacific, and Europe, Middle East & Africa. The Americas is further studied across Argentina, Brazil, Canada, Mexico, and United States. The United States is further studied across California, Florida, Illinois, New York, Ohio, Pennsylvania, and Texas. The Asia-Pacific is further studied across Australia, China, India, Indonesia, Japan, Malaysia, Philippines, Singapore, South Korea, Taiwan, Thailand, and Vietnam. The Europe, Middle East & Africa is further studied across Denmark, Egypt, Finland, France, Germany, Israel, Italy, Netherlands, Nigeria, Norway, Poland, Qatar, Russia, Saudi Arabia, South Africa, Spain, Sweden, Switzerland, Turkey, United Arab Emirates, and United Kingdom. The Europe, Middle East & Africa commanded largest market share of 37.93% in 2022, followed by Asia-Pacific.

Key Topics Covered:

1. Preface
2. Research Methodology
3. Executive Summary
4. Market Overview
5. Market Insights
6. Electric Vehicle Range Extender Market, by Extender Type
7. Electric Vehicle Range Extender Market, by Component
8. Electric Vehicle Range Extender Market, by Vehicle Type
9. Americas Electric Vehicle Range Extender Market
10. Asia-Pacific Electric Vehicle Range Extender Market
11. Europe, Middle East & Africa Electric Vehicle Range Extender Market
12. Competitive Landscape
13. Competitive Portfolio
14. Appendix

The report provides insights on the following pointers:
1. Market Penetration: Provides comprehensive information on the market offered by the key players
2. Market Development: Provides in-depth information about lucrative emerging markets and analyzes penetration across mature segments of the markets
3. Market Diversification: Provides detailed information about new product launches, untapped geographies, recent developments, and investments
4. Competitive Assessment & Intelligence: Provides an exhaustive assessment of market shares, strategies, products, certification, regulatory approvals, patent landscape, and manufacturing capabilities of the leading players
5. Product Development & Innovation: Provides intelligent insights on future technologies, R&D activities, and breakthrough product developments

The report answers questions such as:
1. What is the market size and forecast of the Electric Vehicle Range Extender Market?
2. Which are the products/segments/applications/areas to invest in over the forecast period in the Electric Vehicle Range Extender Market?
3. What is the competitive strategic window for opportunities in the Electric Vehicle Range Extender Market?
4. What are the technology trends and regulatory frameworks in the Electric Vehicle Range Extender Market?
5. What is the market share of the leading vendors in the Electric Vehicle Range Extender Market?
6. What modes and strategic moves are considered suitable for entering the Electric Vehicle Range Extender Market?

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Mr. Ketan Rohom
360iResearch
+ 1 530-264-8485
ketan@360iresearch.com

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