This Global Electric Vehicle Range Extender Market Report offers a comprehensive analysis of global market along with market trends, drivers, and restraints of the electric vehicle range extender market.
This report includes a detailed competitive scenario and product portfolio of the key vendors. To understand the competitive landscape in the market, an analysis of Porter’s Five Forces model for the market has also been included.
The study encompasses a market attractiveness analysis, wherein all the segments are benchmarked based on their market size, growth rate, and general attractiveness.
The global electric vehicle range extender market is segmented on the basis of product, component, vehicle type, and region. Based on product, the market is segmented into fuel cell range extender, ICE range extender, and others.
The component segment of the electric vehicle range extender market is majorly divided into electric motor, battery pack, power converter, and generator. By vehicle type, the market includes passenger and commercial vehicles.
All the segments have been analyzed based on present and future trends and the market is estimated from 2022 to 2028.
The regional segmentation includes the current and forecast demand for North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.
Each region has been further segmented into major countries, such as the U.S., Canada, Mexico, UK, France, Germany, China, India, Japan, South Korea, Brazil, Argentina, and GCC Countries.
Some key players of the global electric vehicle range extender market are MAHLE Group, General Motors Company, Rheinmetall Automotive AG, BMW Group, Emoss Mobile Systems BV, Magna International Inc., Plug Power Inc., AVL LIST GmbH, Nissan Motors Corporation, and Volvo Car Corporation.
According to the report, the global electric vehicle range extender market was 274,504 units in 2018 and is expected to reach approximately 554,287 units by 2025, at a CAGR of 10.54% between 2019 and 2025.
The electric vehicle range extender is an auxiliary source of power unit invented for electric vehicles, to improve the vehicles’ range in case of exhausted battery capacities after covering a certain distance.
Electric vehicles range extenders are segmented into thermodynamic or electrochemical sources.
Fuel cells are electrochemical sources of energy that are used as range extenders in electric vehicles. They use hydrogen to produce electricity, which significantly reduces vehicular emissions. An electric generator is an example of a thermodynamic source of energy that has an engine as the main mover.
The major factors driving the global electric vehicle range extender market are the rising air pollution levels, growing government interference in the promotion of electric vehicles, and increasing demand for the long-range capability of electric vehicles.
The rising scarcity of the resources has resulted in the growing adoption of electric vehicles in various countries globally.
The stringent rules implemented by the government has forced the automobile manufacturers to produce low-emission vehicles or take initiative in manufacturing electric vehicles to promote the sales of electric vehicles.
Furthermore, the demand for electric vehicle range extender is increasing rapidly, owing to its various benefits, such as compact and lightweight design, better fuel economy, all-electric (silent) mode of operation, available onboard power, flexibility, and engine downsizing.
However, the increasing vehicle batteries cost may hinder the growth of the global electric vehicle range extender market.
Alternatively, the rising demand for fuel cell range extenders is expected to create lucrative opportunities for the global electric vehicle range extender market in the upcoming years.
Based on product, the market is segmented into fuel cell range extender, ICE range extender, and others.
The ICE range extender segment is expected to witness notable growth and acquire the highest market share in terms of revenue in the future, owing to its low-cost benefits and rising product demand.
The component segment of the electric vehicle range extender market is majorly divided into electric motor, battery pack, power converter, and generator.
The battery pack component segment is expected to hold the largest market share in terms of revenue in the future, owing to the rising focus of the manufacturers on the development of new battery technologies,
which, in turn, will increase the demand for the battery pack in the market. By vehicle type, the market includes passenger and commercial vehicles.
Based on the region, North America held the largest market share in 2018 followed by Europe.
The continuous rise in the adoption of electric vehicles and hybrid vehicles is the key factor responsible for the growth of electric vehicle range extender market.
The U.S. is the key country in the North American electric vehicle range extender market.
The Asia Pacific is estimated to be the fastest growing region in the global electric vehicle range extender market over the forecast time period. Latin America and the Middle East and Africa are expected to show considerable market growth in the future, owing to the large-scale adoption of electric vehicle range extenders.