Electric Vehicle (EV) Range Extender Market Size to Register 9% CAGR During 2020-2027
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Mar 11, 2021 (Market Insight Reports) — Selbyville, Delaware, As per the research report titled ‘Global Electric Vehicle (EV) Range Extender Market Size study, by Type, by Component, by Vehicle Type (Passenger Car, Commercial Vehicle) and Regional Forecasts 2020-2027’ available with Market Study Report LLC.
Global Electric Vehicle (EV) Range Extender Market Size to reach USD 1823 million by 2027. Global electric vehicle (EV) range extender market reflected a valuation of USD 915 million in the year 2019 and is projected to exhibit a 9% CAGR during 2020-2027.
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Factors such as rising adoption of electronic systems as well as vehicle electrification, and growing volume of sales & production of commercial as well as passenger automotive are bolstering the global electric vehicle range extender industry growth.
For the uninitiated, an electric vehicles range extender is an APU (auxiliary power unit) that is used to provide additional energy to vehicle’s battery. It utilizes battery packs as a power source and is capable of distributing power throughout a three-phase or a single-phase vehicle system.
Technological advancements in the automotive sector, favorable government initiatives towards impelling the adoption of electric vehicles, and advantageous attributes of the product such as improved vehicle performance and efficiency are positively swaying the global electric vehicle range extender market dynamics. However, growing popularity of battery electric vehicles coupled with increasing efforts of OEMs towards reducing battery prices are expected to hamper the industry expansion throughout the review timeframe.
Regionally, Asia-Pacific dominates the global electric vehicle range extender market in terms of revenue share and is estimated to register the highest CAGR over 2020-2027. Factors such as increasing production of electric vehicles with innovative features, rising disposable income, favorable government initiatives towards the adoption of electric vehicles, and consumer preference for comfort, convenience, and safety are propelling the expansion of the regional market.
The companies that outline the global electric vehicle range extender industry trends are Rheinmetall AG, Plug Power Inc., Nissan Motor Company Ltd., MAHLE GmbH, Magna International Inc., Delta Motorsport, Ceres Power, Bayerische Motoren Werke AG (BMW), Ballard Power Systems Inc., and Anstalt fur Verbrennungskraftmaschinen List (AVL) among others.
Based on type, the market is bifurcated into ICE range extender, fuel cell range extender, and others. With regards to component, electric vehicle range extender industry is divided into electric motor, generator, power convertor, and battery pack. Moving on to vehicle type, the market comprises of commercial vehicle, and passenger car.
For More Details on Electric Vehicle (EV) Range Extender Market Report at:https://www.marketstudyreport.com/reports/global-electric-vehicle-ev-range-extender-market-size-research?utm_source=Marketwatch.com/&utm_medium=SP
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The MarketWatch News Department was not involved in the creation of this content.