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% from 2018 to 2025. Government initiatives to implement strict emission norms and growing demand for driving range extension of the electric vehicle are the key factors driving the market growth.
The governments of several countries such as the US, China, France, and the UK are providing incentives, tax rebates, and a bonus on the purchase of a range extender electric vehicle. For instance, the Chinese government is providing incentives for the purchase of range extender electric vehicles. It has updated the new energy vehicles (NEVs) subsidy program for range extender electric vehicles. In April 2017, under the NEV subsidy program, General Motors (US) announced that it would offer USD 5,233 on the purchase of range extender PHEV Buick Velite 5.
Target Audience
- Automobile manufacturers
- Distributors and suppliers of electric vehicle range extender
- Industry associations and automotive experts
- Electric vehicle range extender manufacturers
- Automotive component manufacturers
- Electric vehicle manufacturers
- Tier 1, Tier 2, and Tier 3 suppliers
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The ICE range extender is projected to be the largest and fastest growing market segment, by type. OEMs such as BYD (China), JAC Motors (China), BMW (Germany), and General Motors (US) manufacture an ICE range extender electric vehicle. Additionally, OEMs such as Suzuki (Japan) and Nissan (Japan) plan to introduce an ICE range extender electric vehicle in India and other Asian countries. Thus, the market for ICE range extender is estimated to grow due to expanding footprint of OEMs in ICE range extender market in developing and developed economies. Also, the cost of an ICE range extender is low as compared to a fuel cell range extender. The low-cost advantage would further drive the market of ICE range extender.
Passenger car is the fastest growing segment in the electric vehicle range extender market by vehicle type. High demand for personal mobility, increasing per capita income, and improved lifestyle are the key factors driving the sales of passenger cars. Various OEMs such as Mazda (Japan), Toyota (Japan), Delta Motorsport (UK), Volvo (Sweden), and Mercedes (Germany) are planning to launch an electric vehicle range extender car in the coming years.
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