Range Extended Electric Vehicle Market

The study involved four main tasks to assess the current and future scope of the range extended electric vehicle (REEV) market. First, extensive secondary research was conducted to gather data on the market, related sectors, and broader industries. Next, primary research with industry experts across the value chain confirmed and validated these findings and assumptions. The total market size was estimated using a bottom-up approach. Then, a market breakdown and data triangulation method were applied to determine the size of specific segments and subsegments within the market.

Secondary Research

The secondary sources included the company's annual reports and presentations, industry association publications, directories, technical handbooks, World Economic Outlook, technical articles, and databases, which were used to gather information for an in-depth study of the OEMs market for hybrid products. The sources used for market sizing estimation also included the automotive sales database, corporate filings (such as annual reports, investor presentations, and financial statements), and passenger vehicle associations. Secondary data was collected and analyzed to determine the overall market size, which was further validated through primary research. Primary sources—experts from related industries, OEMs, and component suppliers—were interviewed to obtain and verify key information and to assess prospects and market estimates. Historical sales data was collected and analyzed, with industry trends considered to develop the forecast, which was also validated through primary research.

Primary Research

In the primary research process, various primary sources from both the supply and demand sides were interviewed to gather qualitative and quantitative information about the market. The supply-side sources included industry experts such as CXOs, vice presidents, directors from business development, marketing, and product development/innovation teams, along with other key executives from various companies. Additionally, system integrators, industry associations, independent consultants, industry veterans, and influential opinion leaders were also interviewed.

Primary interviews have been conducted to gather insights, such as sizing estimates of the hybrid market and forecasts, future technology trends, and upcoming innovations in the hybrid automotive market. Data triangulation was performed using information obtained from secondary research and model mapping. Stakeholders from both demand and supply sides have been interviewed to understand their perspectives on the points above.

Note: Other designations include sales, marketing, and product managers.
Source: Secondary Research, Primary Interviews, and MarketsandMarkets Analysis

To know about the assumptions considered for the study, download the pdf brochure

Market Size Estimation

As mentioned below, a detailed market estimation approach was followed to estimate and validate the value of the range extended electric vehicle market and other dependent submarkets.

• The bottom-up approach was used to estimate and validate the range extended electric vehicle market size. The range-extended EV market size, by country, was derived by mapping the historical sales of range-extended EVs at the country level. These data points were largely fetched from country-level associations, vehicle sales databases, and OEM data experts. The total volume of each country/region is then summed up to reveal the total volume of the global range-extended electric vehicle market. The data was validated through primary interviews with industry experts. The penetration of different segments was derived from secondary research and primary interviews.
• The gathered market data was consolidated, enhanced with detailed inputs, analyzed, and presented in this report.

Range Extended Electric Vehicle Market : Top-Down and Bottom-Up Approach