The global electric vehicle (ev) range extender market size reached US$ 1.4 Billion in 2022. Looking forward, the publisher expects the market to reach US$ 2.5 Billion by 2028, exhibiting a growth rate (CAGR) of 10.2% during 2023-2028.
Battery electric vehicles (BEVs) generally have low range characteristics, which hinder their market penetration worldwide. As a result, there is a rise in the need for electric vehicle range extenders that can generate additional power to charge the battery. These extenders are auxiliary power units (AUP) consisting of an onboard fuel converter that produces electrical energy from a liquid fuel like gasoline. They also allow original equipment manufacturers (OEMs) to lower the capital costs of BEVs by downsizing the battery. Some of the commonly available electric vehicle range extenders are internal combustion engines (ICEs), fuel cells, and other engine types.
Battery electric vehicles (BEVs) generally have low range characteristics, which hinder their market penetration worldwide. As a result, there is a rise in the need for electric vehicle range extenders that can generate additional power to charge the battery. These extenders are auxiliary power units (AUP) consisting of an onboard fuel converter that produces electrical energy from a liquid fuel like gasoline. They also allow original equipment manufacturers (OEMs) to lower the capital costs of BEVs by downsizing the battery. Some of the commonly available electric vehicle range extenders are internal combustion engines (ICEs), fuel cells, and other engine types.
Electric Vehicle Range Extender Market Trends:
Shifting consumer inclination toward hybrid electric vehicles (HEVs) on account of rapid urbanization, improving income levels, and the limited average range of electric vehicles (EVs) represent one of the key factors bolstering the market growth. Apart from this, as electric vehicle range extenders can be powered using environmental-friendly fuels, such as biodiesel or solar power, which eliminate the consumption of fossil fuels, the growing environmental awareness among the masses is contributing to the market growth. Besides this, key market players are focusing on introducing clean electric vehicle range extenders that offer electric propulsion with zero local carbon dioxide (CO2) emissions. These new ranger extenders include micro gas turbines and solid oxide fuel cells (SOFCs), which are compact and cost-effective, provide high power density, and can be paired with an EV platform. This, in confluence with the rising demand for a considerable alternative to conventional vehicles as they significantly contribute to noise and atmospheric pollution, is anticipated to provide a positive outlook to the market.Key Market Segmentation:
The publisher provides an analysis of the key trends in each sub-segment of the global electric vehicle range extender market report, along with forecasts at the global, regional and country level from 2023-2028. The report has categorized the market based on type, component and vehicle type.Breakup by Type:
- Fuel Cell Range Extender
- ICE Range Extender
- Others
Breakup by Component:
- Battery Pack
- Power Converter
- Generator
- Electric Motor
Breakup by Vehicle Type:
- Passenger Vehicle
- Commercial Vehicle
Breakup by Region:
- North America
- United States
- Canada
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Australia
- Indonesia
- Others
- Europe
- Germany
- France
- United Kingdom
- Italy
- Spain
- Russia
- Others
- Latin America
- Brazil
- Mexico
- Others
- Middle East and Africa
Competitive Landscape:
The competitive landscape of the industry has also been examined along with the profiles of the key players being AB Volvo, AVL, Ballard Power Systems Inc., Bayerische Motoren Werke AG, Ceres Power, Emoss Mobile Systems B.V. (Precision Camshafts Limited), General Motors Company, Magna International Inc., MAHLE GmbH, Nissan Motor Co. Ltd. (Groupe Renault) and Rheinmetall AG.Key Questions Answered in This Report:
- How has the global electric vehicle range extender market performed so far and how will it perform in the coming years?
- What has been the impact of COVID-19 on the global electric vehicle range extender market?
- What are the key regional markets?
- What is the breakup of the market based on the type?
- What is the breakup of the market based on the component?
- What is the breakup of the market based on the vehicle type?
- What are the various stages in the value chain of the industry?
- What are the key driving factors and challenges in the industry?
- What is the structure of the global electric vehicle range extender market and who are the key players?
- What is the degree of competition in the industry?
Table of Contents
1 Preface3 Executive Summary11 Value Chain Analysis13 Price Analysis
2 Scope and Methodology
4 Introduction
5 Global Electric Vehicle Range Extender Market
6 Market Breakup by Type
7 Market Breakup by Component
8 Market Breakup by Vehicle Type
9 Market Breakup by Region
10 SWOT Analysis
12 Porters Five Forces Analysis
14 Competitive Landscape
Companies Mentioned
- AB Volvo
- AVL
- Ballard Power Systems Inc.
- Bayerische Motoren Werke AG
- Ceres Power
- Emoss Mobile Systems B.V. (Precision Camshafts Limited)
- General Motors Company
- Magna International Inc.
- MAHLE GmbH
- Nissan Motor Co. Ltd. (Groupe Renault)
- Rheinmetall AG.
Methodology
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Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 139 |
| Published | September 2023 |
| Forecast Period | 2022 - 2028 |
| Estimated Market Value ( USD | $ 1.4 Billion |
| Forecasted Market Value ( USD | $ 2.5 Billion |
| Compound Annual Growth Rate | 10.1% |
| Regions Covered | Global |
| No. of Companies Mentioned | 11 |
