Electric Vehicle Range Extender Market by Product (Fuel Cell Range Extender, Ice Range Extender, and Others), by Component (Electric Motor, Battery Pack, Power Converter, and Generator), and by Vehicle Type (Passenger and Commercial): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2018–2025

Global electric vehicle range extender market 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.

10-Apr-2019 | Number of pages: 168 | Report Code: ZMR-4013 | Report Format : | Status : Published

Analysis

The electric vehicle range extender is a secondary power unit developed for electric vehicles that consist of a variety of components, such as generators, power converters, battery packs, and electric motors. These components enable range extension for electric vehicles. This type of arrangement is also known as a series hybrid drivetrain. The primary purpose of a range extender is to increase the range of electric vehicles. Less driving range is one of the main reasons for slowing down the commercial success of electric vehicles and the introduction of range extender helps in improving the driving range of electric vehicles when the battery is exhausted. Electric vehicles with range extenders are also called extended-range electric vehicles (EREV), range-extended battery-electric vehicle (BEVx), and range-extended electric vehicles (REEV).

The growing number of electric vehicles and hybrid vehicles are driving the global electric vehicle range extender market. Furthermore, the increasing demand for driving range extension of electric vehicles and various government initiatives for eco-friendly fuel source has resulted in the growth of the electric vehicles market in many countries. These are the main factors significantly driving the growth of the global electric vehicle range extender market. Over the last few years, government interference in the electric vehicle market has played a major role in the rising popularity of electric vehicles globally. Various governments are focused on providing rebates, incentives (financial and non-financial), and different subsidies to increase the sales of electric vehicles. 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.

Global Electric Vehicle Range Extender Market

The global electric vehicle range extender market is classified on the basis of product, component, and vehicle type. 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. 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.

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.


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