Electric Vehicle (EV) Range Extender Market

Electric Vehicle (EV) Range Extender Market Statistics - 2026

The global electric vehicle (EV) range extender market was valued at $839.8 million in 2018, and is projected to reach $1,679.9 million by 2026, registering a CAGR of 9.0%. Asia-Pacific was the highest revenue contributor, accounting for $406.6 million in 2018, and is estimated to reach $756.8 million by 2026, with a CAGR of 8.1%. North America is estimated to reach $342.7 million by 2026, at a significant CAGR of 10.6%. Asia-Pacific and Europe collectively accounted for around 72.4% share in 2018, with the former constituting around 48.4% share. North America and Europe are expected to witness considerable CAGRs of 10.6% and 9.6%, respectively, during the forecast period. The cumulative share of these two segments was 42.2% in 2018, and is anticipated to reach 45.4% by 2026.                                    

Electric vehicles require electricity to propel, which is obtained from batteries equipped in the vehicles. These batteries have a fixed moving range after which they need to be charged for their further movement. To prevent this situation, electric vehicle range extenders are used that provide additional energy to electric vehicles for functioning and to carry out other operations. Electric vehicle range extenders have a wider application in commercial vehicles, as they increase the efficiency and performance of the vehicle. The electric vehicle range extender uses battery packs as a power source and can deliver power through a single phase or through a three-phase system. Electric vehicle range extender includes variety of components such as generator, battery packs, converters, and electric motors to enable range extension in electric vehicles. With the introduction of electric vehicles across the globe, the demand for range extender has increased, thereby leading to the growth of electric vehicle range extender market. 

A better and efficient range extender for electric vehicles is required to increase the distance covering range of the electric vehicle. Several developments have been carried out by companies for improved and efficient electric vehicle range extender, which have supplemented the electric vehicle range extender market growth across the globe. 

Factors such as increase in demand for driving range extension of electric vehicles and engine downsizing are supplementing the growth of the EV range extender market. However, developments for the extension of driving range of BEVs and enhanced focus of OEMs toward reducing the price of battery are expected to hinder the growth of the EV range extender market across the globe. On the contrary, surge in demand for fuel cell range extender and development of new types of range extenders are expected to supplement the growth of the market.

The global electric vehicle range extender market is segmented into type, component, vehicle type, and region. Depending on component, the market is categorized into fuel cell range extender, ice range extender, and others. On the basis of component, it is segregated into battery pack, power converter, generator, and electric motor. By vehicle type, it is bifurcated into passenger car and commercial vehicle. North America, Europe, Asia-Pacific and LAMEA are the key regions across which the electric vehicle range extender market report has been studied.

The key players operating in the global EV range extender market include AVL, Ballard Power Systems, BMW, Ceres Power, Delta Motorsport, Magna International, MAHLE, Nissan Motor Corporation, Plug Power Inc., and Rheinmetall, which account for a major market share.

Increasing Demand for Driving Range Extension for Electric Vehicles

Surge in production and sales of electric vehicles has enforced manufacturers to develop range extension systems for vehicles. This is attributed to the fact that the battery installed in electric vehicles have a limited power storage capacity, which is discharged as per the usage of the vehicle. In addition, the unavailability of proper vehicle charging infrastructure supplements the adoption of such systems for electric vehicles to provide a comfortable driving experience and to reduce the need for battery charging after a certain time period. Therefore, increase in demand for driving range extension for electric vehicles is a key factor, which is expected to drive the growth of the electric vehicle range extender market during the forecast period.

Engine Downsizing

Engine downsizing is the process of using a smaller yet powerful engine in the vehicle instead of a dedicated big engine which is also designed to perform the same task. Engine downsizing helps the vehicle manufacturers to provide efficient vehicles with less emission due to less weight of the engine. Various automobile manufacturers have carried out developments related to engine downsizing which has boosted the concept. For instance, The Volkswagen Group replaced their 1.6 and 2.0 liter gasoline engines with the 1.4 TSI unit. This resulted in 5% lower fuel consumption than the older engines which helped the manufacturer to enhance the product to a much larger extent. Thus, similar other developments carried out across the globe related to engine downsizing boosts the electric vehicle range extender market leading to positive growth during the forecast period.

Increasing Development Towards Extending Driving Range of BEVs

Lower capacity of batteries installed in electric vehicle leads to a limited range travelling of the vehicle and hence the electric vehicle manufacturers have moved towards extending the capacity of the battery which are designed for electric vehicles. This can be done by the usage of better and efficient anode and cathode plates in batteries as well as a better electrolyte solution which are efficient while operating. This is expected to hamper the electric vehicle range extender market during the forecast period.

Increasing Demand for Fuel Cell Range Extender

Numerous fuel cell based electric vehicles are being introduced by top vehicle manufacturers such as Audi, BMW and others which has supplemented the growth of electric vehicles across the globe. Also, fuel cell based vehicles are efficient in terms of propulsion as compared to basic battery operated vehicles. Thus with continuous developments carried out towards the range extension for electric vehicles, the demand for fuel cell range extender is increasing which supplements the electric vehicle range extender market growth.

Key Benefits for Stakeholders:

• This study presents the analytical depiction of the global electric vehicle range extender market analysis along with the current trends and future estimations to depict imminent investment pockets.
• The overall electric vehicle range extender market opportunity is determined by understanding profitable trends to gain a stronger foothold.
• The report presents information related to the key drivers, restraints, and opportunities of the global electric vehicle range extender market with a detailed impact analysis.
• The current electric vehicle range extender market is quantitatively analyzed from 2018 to 2026 to benchmark the financial competency.
• Porter’s five forces analysis illustrates the potency of the buyers and suppliers in the industry.

 Electric Vehicle (EV) Range Extender Market Report Highlights