Electric Vehicle Range Extender Market By Component Type (Battery Pack, Generator, Power Converter, Electric Motor) by Vehicle Type (Passenger cars, Commercial vehicles): Growth, Future Prospects & Competitive Analysis, 2015 - 2027

The global Electric Vehicle Range Extender Market is anticipated to have a market value of USD 1,900.32 million in 2027 from USD 1,096.39 million in 2020. It is predicted to reach a CAGR of over 9.6% during the forecast period.

As a result of the lower capacity of batteries mounted in electric vehicles, the vehicle's range of travel is reduced. As a result, electric vehicle manufacturers have moved to increase the capacity of batteries built for electric vehicles. This can be accomplished by using stronger and more effective anode and cathode plates in batteries and a more efficient electrolyte solution. However, this is expected to hamper the electric vehicle range extender market during the forecast era. Therefore, credence Research is offering holistic information and absolute accuracy in the report titled "Global Electric Vehicle Range Extender Market."

Key Market Drivers and Restraints

Factors that greatly impact the market growth of industrial electric vehicles will be covered here. Also, covers factors that may challenge or act as an opportunity for the market will be discussed to recognize revenue generation.

Growing Demand for Fuel Cell Range Extender

Top car manufacturers such as BMW, Audi, and others have launched a slew of fuel cell-based electric vehicles, bolstering the global adoption of electric vehicles. Furthermore, as opposed to traditional battery-powered cars, fuel cell vehicles are more powerful in terms of propulsion. As a result of ongoing advances aimed at extending the range of electric vehicles, demand for fuel cell range extenders is rising, supplementing the growth of the electric vehicle range extender industry.

Asia-Pacific to Dominate the global market

On the geographic front, the global market comprises six regions with all key economies pertaining to it. Credence Research provides in-depth insight into prominent regions of the global market. Asia-Pacific dominated with over 45.1% share in 2020.

The Battery Pack leads Global Market in terms of Component Type.

Based on component type, the market is segmented into Battery packs, generators, Power converters, and Electric motors. In 2020, Battery Packs will dominate the market. An electric vehicle range extender, for the uninitiated, is an APU (auxiliary power unit) that provides additional energy to the vehicle's battery. It makes use of battery packs as a power source and can distribute power through a three-phase or single-phase vehicle system. This causes the high adoption of battery packs.

Passenger Cars continue to dominate the global market in terms of Vehicle Type.

Passenger Cars and Commercial Vehicles are the two major Vehicle Types in this market. Passenger cars have dominated the industry. However, the use of commercial and fully electric passenger vehicles to reduce CO2 emissions, as well as superior performance and expandable range, is expected to drive industry development.