The global EV Range Extender Market demand is estimated to
reach 494,083 units by 2025 at a 10.2% CAGR during the forecast period,
according to a new report by Grand View Research, Inc. An electric vehicle (EV)
range extender is an external system that helps increase vehicle range to
support long-distance travel. Robust growth in adoption of fully electric
passenger and commercial vehicles to reduce CO2 emissions,
coupled with extendable range and high-performance capabilities, are expected
to propel market growth.
Further key findings from the study suggest that:
The automotive industry is considered to be the
largest consumer of oil in the world, contributing to high pollution levels
globally. Governments across various countries have imposed stringent
regulations on automobile manufacturers to produce low/zero emission vehicles
to help reduce carbon footprint.
Besides this, governments of developing countries
such as China and India are providing subsidies to promote the adoption of
electric vehicles. For instance, in August 2018, the Indian government
announced to offer a subsidy of around 20% on purchase of new electric
vehicles. However, low mileage range of EVs can be a major concern for consumers
as it limits the distance traveled. To overcome this, key manufacturers such as
BMW Group, General Motors, Volvo Car Corp., and Mahle Group have launched EV
range extender solutions that help increase battery capacity to support long
distance traveling. This has had a positive impact on market growth.
In an attempt to increase their market share and
improve overall profitability, key automobile manufacturers are focused on
integrating range extenders into their new EV models. For instance, BMW Group
launched the BMW i3 EV integrated with a range extender solution, which enables
consumers to drive longer distances. In 2016, Nissan Motors Co. Ltd. launched
LEAF, an e-powered hybrid vehicle, in several APAC countries.
Key market players are also investing significant
funds in R&D activities to develop innovative range extender products to
extend driving range and improve battery efficiency, along with reducing
overall battery price. However, increasing focus of OEMs to incorporate range
extender technology in upcoming EV models, coupled with increasing trade
conflicts between China and U.S., may hinder market growth over the forecast
period.
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https://www.grandviewresearch.com/industry-analysis/electric-vehicle-ev-range-extender-market
https://www.grandviewresearch.com/industry-analysis/electric-vehicle-ev-range-extender-market
Further key findings from the study suggest that:
- North America accounted for the largest
market share in 2017. The regional market will witness growth with some
large market players such as General Motors Co. and Magna International
Inc. offering ICE and fuel cell range extenders
- European governments are actively
offering several rebates and subsidies to boost adoption of EVs. However,
there is a lack of charging infrastructure as against rising EV sales,
which is expected to propel demand for EV range extenders
- Governments across the globe are
continuously investing in enhancing public transport infrastructure,
thereby driving adoption of electric commercial vehicles. Deployment cost
of range extenders is lower than the cost involved in setting up a
charging infrastructure
- Key market players are collaborating with
EV manufacturers to develop new innovative technologies that will offer
alternative range extender solutions as well as incorporate range
extenders in new vehicle models.
About Grand View Research
Grand
View Research, Inc. is a U.S. based market research and consulting company, registered
in the State of California and headquartered in San Francisco. The company
provides syndicated research reports, customized research reports, and
consulting services. To help clients make informed business decisions, we offer
market intelligence studies ensuring relevant and fact-based research across a
range of industries, from technology to chemicals, materials and healthcare.
Contact:
Sherry James
Corporate Sales Specialist, USA
Grand View Research, Inc
Phone: 1-415- 349-0058
Toll Free: 1-888- 202-9519
Email: sales@grandviewresearch.com
For More Information: https://www.grandviewresearch.com
Sherry James
Corporate Sales Specialist, USA
Grand View Research, Inc
Phone: 1-415- 349-0058
Toll Free: 1-888- 202-9519
Email: sales@grandviewresearch.com
For More Information: https://www.grandviewresearch.com
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