Global Electric Vehicle Range Extender Market to Reach 479.3 Thousand Units by the Year 2027
Amid the COVID-19 crisis, the global market for Electric Vehicle Range Extender estimated at 237.6 Thousand Units in the year 2020, is projected to reach a revised size of 479.3 Thousand Units by 2027, growing at a CAGR of 10.5% over the analysis period 2020-2027.ICE Range Extender, one of the segments analyzed in the report, is projected to grow at a 11.1% CAGR to reach 389.4 Thousand Units by the end of the analysis period.After an early analysis of the business implications of the pandemic and its induced economic crisis, growth in the Fuel Cell Range Extender segment is readjusted to a revised 8.7% CAGR for the next 7-year period. This segment currently accounts for a 17.6% share of the global Electric Vehicle Range Extender market.
The U.S. Accounts for Over 27% of Global Market Size in 2020, While China is Forecast to Grow at a 14% CAGR for the Period of 2020-2027
The Electric Vehicle Range Extender market in the U.S. is estimated at 64.2 Thousand Units in the year 2020. The country currently accounts for a 27.01% share in the global market. China, the world second largest economy, is forecast to reach an estimated market size of 103.2 Thousand Units in the year 2027 trailing a CAGR of 14% through 2027. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 7.2% and 9.1% respectively over the 2020-2027 period. Within Europe, Germany is forecast to grow at approximately 8.3% CAGR while Rest of European market (as defined in the study) will reach 103.2 Thousand Units by the year 2027.
Other Types Segment Corners a 3.8% Share in 2020
In the global Other Types segment, USA, Canada, Japan, China and Europe will drive the 6.5% CAGR estimated for this segment. These regional markets accounting for a combined market size of 6.9 Thousand Units in the year 2020 will reach a projected size of 10.7 Thousand Units by the close of the analysis period. China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach 69.3 Thousand Units by the year 2027, while Latin America will expand at a 8.3% CAGR through the analysis period. We bring years of research experience to this 6th edition of our report. The 279-page report presents concise insights into how the pandemic has impacted production and the buy side for 2020 and 2021. A short-term phased recovery by key geography is also addressed.
- Competitors identified in this market include, among others,
- Advanced Innovative Engineering Ltd.
- Arcola Energy Ltd.
- Ashwoods Electric Motors Limited
- AVL List GmbH
- Ballard Power Systems, Inc.
- Bjorksten Bit 7 (bb7)
- BMW AG
- Ceres Power Holdings PLC
- Delta Motorsport Ltd.
- EP Tender
- Fagor Ederlan Group
- FEV Group
- General Motors Company
- Horizon Fuel Cell Technologies Pte Ltd.
- Magna International, Inc.
- MAHLE Aftermarket, Inc.
- Mazda Motor Corporation
- Nikola Motor Company
- Nissan Motor Co., Ltd.
- OBRIST Powertrain GmbH
- Plug Power Inc.
- Rheinmetall AG