Growing demand for electric vehicles and anxiety for better range of electric vehicles coupled with increasing government support and technological developments to fuel global electric vehicle range extender market through 2023

According to TechSci Research report, “Global Electric Vehicle Range Extender Market By Vehicle Type, By Component Type, By Type, By Region, Competition Forecast & Opportunities, 2016 – 2023”, electric vehicle range extender market, globally, is projected to reach $ 586 million by the end of 2023. Growing demand for electric vehicles, increasing support by governments in terms of several initiatives to promote the use of electric vehicles and concerns related to electric vehicle battery range are the key factors expected to drive demand for electric vehicle range extender across the globe. Moreover, increasing research & development efforts and growing inclination of consumers towards electric vehicles would positively influence global electric vehicle range extender market during the forecast period.

Browse 9 market data Tables and 141 Figures spread through 186 Pages and an in-depth TOC on "Global Electric Vehicle Range Extender Market"

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In 2017, electric passenger car range extender segment dominated the market with a 100% share. On account of support by governments for the faster adoption of electric vehicles, the market is anticipated to get more favorable environment for the development of electric vehicle range extender. Asia-Pacific dominated the global market in 2017 and is anticipated to maintain its market dominance in the coming years, owing to huge electric vehicle sales in the region. Based on type, the market has been segmented into fuel cell range extender, ICE range extender and others. ICE range extender segment accounts for the largest market share, backed by its lower cost than a fuel cell range extender.     

Major players operating in global electric vehicle range extender market are Magna International Inc., MAHLE Group and Rheinmetall Group. Their continued research & development efforts to manufacture technologically advanced and affordable electric vehicle range extender is further anticipated to intensify the market over the course of next five years. Increasing investments and continuous product developments by automotive companies in the electric vehicle range extender field is also expected to fuel the market.

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“Demand for electric vehicle range extender grew over the past few years, owing to rising demand for electric vehicles across the world. Governments in different countries are providing incentives and discounts on the purchase of electric vehicles, owing to various environmental benefits associated with this segment. The range anxiety for electric vehicle owners is driving the demand for electric vehicle range extender. Moreover, with many ongoing research & development projects, the demand for electric vehicle range extender is expected to grow at a robust pace, globally, during forecast period.”, said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.

“Global Electric Vehicle Range Extender Market By Vehicle Type, By Component Type, By Type, By Region, Competition Forecast & Opportunities, 2016 – 2023” has analyzed the potential of electric vehicle range extender market across the globe, and provides statistics and information on market size, shares and trends. The report will suffice in providing the intending clients with cutting-edge market intelligence and help them in taking sound investment decisions. Besides, the report also identifies and analyses emerging trends along with essential drivers and key challenges faced by the industry.

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