Electric Vehicle Range Extender Market Size, Competitive Landscape and Market Forecast - 2029

SKU: DMICT501 | Last Updated On: Jul 02 2022 | Available Formats

> Global Electric Vehicle Range Extender Market is expected to grow at a CAGR during the forecasting period (2022-2029).

Global Electric Vehicle Range Extender Market is segmented By Product Type (ICE Range Extender, Fuel Cell Range Extender, and Others), By Component (Battery Pack, Generator, Power Converter, and Electric Motor), By Vehicle Type (Passenger Vehicles, Commercial Vehicles), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) – Size, Share Outlook, and Opportunity Analysis, 2022-2029

 

Market Overview

The global Electric Vehicle (EV) Range Extender Market is expected to reach YY Units by 2029, at a CAGR  during the forecast period. Factors such as growing demand for electric vehicles and engine downsizing are expected to fuel growth in the global market. The report covers all the major trends and drivers playing a vital role in the growth of the global EV range extender market. The market has been segmented based on region, product type, component type, and vehicle type.

A range-extender vehicle is a battery electric vehicle that includes an auxiliary power unit (APU) known as a 'range extender'. The range extender drives an electric generator that charges a battery that supplies the vehicle's electric motor with electricity. This arrangement is known as a series hybrid drivetrain. The most commonly used range extenders are internal combustion engines, but fuel cells or other engine types can be used. An electric vehicle (EV) range extender is an external system that helps increase vehicle range to support long-distance travel. Increasing the adoption of electric vehicles to reduce CO2 emissions, coupled with government initiatives for EVs across the globe, is expected to boost the global EV range extender market during the forecast period.

Market Dynamics

The global Electric Vehicle (EV) Range Extender market growth is mainly driven by the rising adoption of EVs for the daily commute and favorable government policies. According to International Energy Agency (IEA), in 2017, more than one million EVs were sold globally, with countries like Norway, China, and the US dominating the global EVs market in terms of market share. In the same year, globally, more than three million EVs were in stock. Therefore, it is expected to drive the demand for EV range extenders over the forecast period.

Moreover, increasing demand for driving range extension of electric vehicles is further pushing the market growth. However, high costs of batteries, limited mileage range, and lack of charging infrastructure can hinder market growth.

Market Segmentation 

By Product Type, the global Electric Vehicle (EV) Range Extender Market is segmented into Fuel Cell Range Extender, Internal Combustion Engine (ICE) Range Extender, and Others. In 2018, the ICE range extender accounted for the largest in the global market and is expected to witness a higher CAGR over the forecast period. The ICE range extender segment is the most chosen and preferred type of electric vehicle range extender. This is due to the lower cost, which makes the range extenders economical. Various automotive companies in the market are currently offering ICE range extender electric vehicles. For instance, BMW offers the BMW i3 REx, which delivers an additional driving range of approximately 156 Km.

By Component Type, the global Electric Vehicle (EV) Range Extender Market is segmented into Battery Pack, Generator, Power Converter, and Electric Motor. In 2018, the battery pack dominated the global market due to its high price as compared to other components. Battery manufacturers are now focusing on economies of scale for reducing the battery price. Besides, favorable government policies such as the US Department of Energy have set battery cost targets of USD 300 per kWh in 2015 and USD 125 per kWh by 2022, which will help to drive the EV range extender market.

Geographical Analysis

By geography, the global Electric Vehicle (EV) Range Extender Market is segmented into North America, Asia-Pacific (APAC), Europe, South America, and the Middle East and Africa (MEA).

In 2018, APAC held the largest market share in the global Electric Vehicle (EV) Range Extender Market. Increasingly stringent regulations on carbon emissions coupled, government incentives on the purchase of an electric vehicle, and rising fuel prices further will boost the demand for an electric vehicle range extender. For instance, In July 2019, According to the Government of India, under the National Electric Mobility Mission Plan (NEMMP), the Indian government has a target to achieve six to seven million sales of hybrid and electric vehicles by 2020. The NEMMP 2020 is a national mission document providing the vision and a roadmap for faster adoption of electric vehicles and their manufacturing in the country.

However, Europe is expected to witness a higher CAGR during the forecast period. Increasing demand for driving range extension of electric vehicles and government incentives for the purchase of electric vehicle range extenders would drive the European electric vehicle range extender market.

Competitive Analysis

Global Electric Vehicle (EV) Range Extender Market is fragmented with the presence of global and regional players in the market. Creating consumer awareness by aggressive marketing strategies and greater visibility of products across channels are other steps taken by market participants to generate demand. 
In addition, manufacturing companies can focus on improving the quality of Electric Vehicle (EV) Range Extender products by improving the infrastructure coupled with increased R&D expenditure for product development thus creating potential opportunities in Electric Vehicle (EV) Range Extender market. For instance, in June 2018, Magna International Inc. formed a partnership agreement with Beijing Electric Vehicle Co. Ltd. (BJEV) to open an EV manufacturing plant and R&D center in China.
Some major players in the market are Magna International, MAHLE, Rheinmetall, Plug Power, and Ballard Power Systems. Other prominent players in the market are Anstalt für Verbrennungskraftmaschinen (AVL), Mobile Systems BV, BMW Group, Volvo Car Corporation, and General Motors.

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