Electric Vehicle Range Extender Market is Expected to Grow with a CAGR 8.8% from 2022 to 2028

Electric Vehicle Range Extender
  • Electric Vehicle Range Extender Market

As stated in our extensive report; providing insights Key Drivers, Key Restraints, Segments (i.e.,Type, Vehicle Type, Component, and Region); the Global Electric Vehicle Range Extender Market accounted for USD 1,182.9 Million in the year 2021.

“Key Factors Likely to Drive Growth of Electric Vehicle Range Extender market”

Growing sales of electric vehicles and demand for electric vehicles in the worldwide market are key reasons for managing the increase of the worldwide electric vehicle range extender market. As a result of developing environmental concerns, the adoption of electric cars has increased in each advanced and growing country. Furthermore, the governments of these regions are provided incentives and subsidies to encourage the market adoption of electrical vehicles. The arise in the electrical vehicle market in developing and advanced regions are providing a good outlook for the worldwide electric vehicle range extender market increase and development.

Growing Requirement for Electric Vehicle Range Extended:

The demand for electric vehicles is developing at a fast pace globally. This has shown in the developing significance of an electric vehicle range extender in the international market. In addition, the favorable charging infrastructure is the developing demand for electric vehicle range extenders. As an outcome, this factor is boosting the increase of the worldwide electric vehicle range extender market over the projected period.

Developing government advantage: The government is making regular efforts to increase the growth of electric vehicles globally. They are also supplying tax benefits, incentives, and subsidies for the setup of production plants of electric vehicles all over the globe. Thus, developing government initiatives there are growing possibilities for the increase of the electric vehicle range extender market over the forecast period.

Asia Pacificholds the largest market share due to the technical improvements, increased demand for batteries, and increased usage of electric vehicles.

Asia Pacificis expected to grow at the fastest Compound Annual Growth Rate (CAGR) during the forecast period due to the increase in sales of electric and hybrid vehicles in the market are driving the expansion of the electric vehicle range extender market.

Some of the key players in the GlobalElectric Vehicle Range Extender Marketinclude-Magna International, Ballard Power Systems, FEV, Delta Motorsport, Ceres Power, Nissan, General Motors, BMW and others.