Electric (EV) Vehicle Market

Electric Vehicle Market

Electric Vehicle (EV) market has multiplied over the past decade, driven by an increase in demand for fuel-efficient, high-performance, and low-emission vehicles along with stringent government rules and regulations to reduce transportation’s impact on climate change.

EV Market Trends

  • Global automakers are planning to spend more than half a trillion dollars on electric vehicles and batteries through 2030. 
  • The global EV market is projected to grow to $2.5 Trillion by 2027
  • The International Energy Agency (IEA) projects the total number of EV’s on the road to be over 143 Million by 2030.

Trillion Market size by 2027


Billion to be invested by 2027


EV’s on the road by 2030

Despite the enormous growth there are still some challenges to EV adoption: Lack of fast-charging infrastructure High cost “Range Anxiety” is the driver’s fear of having enough charge to cover a long distance.

Consumer Problem

The problem is Range Anxiety. Most electric car owners have between 80 to 200 miles of range in their cars until the battery must be recharged. Gas-saving driving habits, called hypermiling, can help you achieve up to 40 percent more miles per gallon (mpg) than your car’s official fuel economy estimate. Hypermiling best practices:

  • Avoid driving your vehicle for a short distance
  • Plan the routes
  • Don’t brake often
  • Drive at a slow speed
  • Turn off the engine every time you stop the car
  • If you have a parking facility near your destination, carry a bike
  • Minimize air conditioning
  • Minimize use of the entertainment system

Consumer Solution

Produced and tested by RCO Engineering

Many companies are working to address Range Anxiety with a Range Extender, a small auxiliary unit (typically a small internal combustion engine or fuel cell) that charges an EV’s battery. The GRE offers advantages over other range extenders currently in the market. It will double the range of any EV; it doesn’t rely on fossil fuels as it’s energy source, but rather the vehicle’s motion making it a clean technology; and it is manufactured from readily available materials, so it doesn’t require critical materials where access and availability are a concern.

Say goodbye to HYPERMILING!


Improved range


On single charge

EV Range Extender Market

An EV range extender is an auxiliary power unit equipped in EVs that extends the vehicle’s range by driving an electric generator that charges the vehicle’s battery. Range Extenders generally fall into several categories:

  • Internal Combustion Engine (ICE) Range Extender

  • Fuel Cell Range Extender

  • Micro Gas Turbine Range Extender

  • All Others