Electric Vehicle Range Extender Market worth $479,027 units by 2025

From: MarketsandMarkets
Published: Tue Sep 11 2018

The Electric Vehicle Range Extender Market is estimated to be 218,129 units in 2018 and is projected to reach 479,027 units by 2025, at a CAGR of 11.89%. The market is principally driven by the increasing demand for driving range extension of the electric vehicles and government incentives on the purchase of a range extender electric vehicle. A range extender increases the driving range of an electric vehicle. For instance, a typical BMW i3 BEV offers a driving range of 130 km, but BMW i3 REx offers an additional driving range of 156 km.

Browse 39 market data Tables and 37 Figures spread through 111 Pages and in-depth TOC on "Electric Vehicle Range Extender Market"

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ICE range extender is the fastest growing segment of electric vehicle range extender market, by type

The cost of an ICE range extender is lower than a fuel cell range extender. Due to its low-cost advantage, the market for ICE range extender is expected to grow in the near future. Additionally, OEMs such as Nissan (Japan) and Suzuki (Japan) plan to launch electric vehicles equipped with an ICE range extender in developing economies such as India. These factors will help to drive the ICE range extender market.

Passenger car segment to acquire the largest share of electric vehicle range extender market, by vehicle type

The passenger car segment is estimated to hold the largest share of the electric vehicle range extender market, by vehicle type. Government initiatives and incentives on the purchase of a range extender electric car are expected to boost the market for electric vehicle range extender in the passenger car segment. Governments in developed and developing economies are offering several incentives such as environmental bonus on the passenger car range extender electric vehicles due to their low-emission benefits. For instance, the French government has announced a bonus of approximately USD 8,946 on the purchase price of pure electric and range extender electric cars. The bonus scheme came into effect on January 4, 2016.

Asia Pacific: The largest market for the electric vehicle range extender market

The Asia Pacific region is estimated to hold the largest share, by volume, of the electric vehicle range extender market in 2018. The demand for an electric vehicle range extender in this region is triggered by the growing footprint of OEMs in China and Japan for offering range extender electric vehicles. In addition, the Asia Pacific region is also the leading producer of automobiles in the world.

The report analyzes all major tier I suppliers in the electric vehicle range extender market. Magna International (Canada), MAHLE (Germany), Rheinmetall (Germany), Plug Power (US), and AVL (Austria) are some of the leading suppliers in the electric vehicle range extender market.

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