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Electric Vehicle Range Extender Market worth $52.86 billion by 2030, growing at a CAGR of 11.55% - Exclusive Report by 360iResearch
Electric Vehicle Range Extender Market | 360iResearch
The Global Electric Vehicle Range Extender Market to grow from USD 24.59 billion in 2023 to USD 52.86 billion by 2030, at a CAGR of 11.55%.
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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.
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.
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 Battery Pack is projected to witness significant market share during forecast period.
Based on Vehicle Type, market is studied across Commercial Vehicles and Passenger Vehicles. The Commercial 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 36.34% in 2023, followed by Asia-Pacific.
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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..
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
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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About 360iResearch
360iResearch is a market research and business consulting company headquartered in India, with clients and focus markets spanning the globe.
We are a dynamic, nimble company that believes in carving ambitious, purposeful goals and achieving them with the backing of our greatest asset - our people.
Quick on our feet, we have our ear to the ground when it comes to market intelligence and volatility. Our market intelligence is diligent, real-time and tailored to your needs, and arms you with all the insight that empowers strategic decision-making.
Our clientele encompasses about 80% of the Fortune Global 500, and leading consulting and research companies and academic institutions that rely on our expertise in compiling data in niche markets. Our meta-insights are intelligent, impactful and infinite, and translate into actionable data that support your quest for enhanced profitability, tapping into niche markets, and exploring new revenue opportunities.
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