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2020
Electric Vehicle (ev) Range Extender Market

Electric Vehicle (EV) Range Extender Market

by Type (Fuel Cell Range Extender, ICE Range Extender, and Others), Component (Battery Pack, Power Converter, Generator, and Electric Motor), and Vehicle Type (Passenger Car and Commercial Vehicle): Global Opportunity Analysis and Industry Forecast, 2019-2026

Report Code: A06026
Pages: 212
Feb 2020 | 8745 Views
Author(s) : Abhay S , Sonia M
Tables: 96
Charts: 70
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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. 

Electric Vehicle (EV) 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.

Electric Vehicle (EV) Range Extender Market
By Type

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Fuel cell range extender is projected as the most lucrative segments

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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.

Electric Vehicle (EV) Range Extender Market
By Component

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Power Converter is projected as the most lucrative segments

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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.

Electric Vehicle (EV) Range Extender Market
By Vehicle Type

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Commercial Vehicle is projected as the most lucrative segments

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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.

Electric Vehicle (EV) Range Extender Market
By Region

2026
Asia-pacific 
North America
Europe
LAMEA

North America would exhibit the highest CAGR of 10.6% during 2019-2026.

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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

Aspects Details
By Type
  • Fuel Cell Range Extender
  • ICE Range Extender
  • Others
By COMPONENT
  • Battery Pack
  • Power Converter
  • Generator
  • Electric Motor
By VEHICLE TYPE
  • PASSENGER VEHICLE
  • COMMERCIAL VEHICLE
By Region
  • NORTH AMERICA  (US, CANADA, MEXICO)
  • EUROPE  (GERMANY, FRANCE, UK, ITALY, REST OF EUROPE)
  • ASIA-PACIFIC  (CHINA, JAPAN, INDIA, SOUTH KOREA, REST OF ASIA-PACIFIC)
  • LAMEA  (LATIN AMERICA, MIDDLE EAST, AFRICA)
Key Market Players AVL, Ballard Power Systems Inc, MAGNA INTERNATIONAL INC., PLUG POWER INC, Nissan Motor Corporation, BMW Group, Rheinmetall AG, MAHLE GmbH, CERES Power, Delta motorsport
 

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Range extenders have a wider application in electric vehicles, as they are the major components, which are responsible to increase the travelling range of electric vehicles without charging them on a frequent basis. This increased demand has led the manufacturers to develop range extender systems for electric vehicles that increase the travelling range of electric vehicles. Furthermore, numerous developments have been carried out by companies across the globe that supplement the growth of the electric vehicle range extender market across the globe. For instance, Plug Power Inc. introduced its first ProGen fuel cell-powered electric delivery van to FedEx, which is equipped with range extender system designed especially for commercial vehicles. Furthermore, CERES Power developed steel cell technology, which can generate power from conventional fuels such as natural gas and from sustainable fuels, including biogas, ethanol, or hydrogen, and act as a range extenders of electric vehicles. Such developments carried across the globe by numerous players supplement the growth of electric vehicle range extender market.

Factors such as increase in demand for driving range extension of electric vehicles and rise in need for engine downsizing are the key factors that augment the growth of the global market. However, increase in 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 market across the globe. On the contrary, increase in demand for fuel cell range extenders and development of new types of range extenders are expected to offer remunerative opportunities for expansion of the global electric vehicle range extender market.

Asia-Pacific is the highest revenue contributor, followed by Europe, North America, and LAMEA. However, North America is expected to maintain the lead during the forecast period.

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FREQUENTLY ASKED QUESTIONS?

A. The new competitive developments in electric vehice range extender market includes numerous developments carried out by top electric vehicle manufacturers to increase the travelling range of electric vehicles which eventually leads to the growth of the market.

A. ICE based electric vehicle range extenders holds a major market share of approx. 47% in 2018 in the global electric vehicle range extender.

A. The sample for electric vehicle range extender market report can be obtained on demand from the website. Also, the 24*7 chat support and direct call services are provided to procure the sample report.

A. The potential customers of electric vehicle range extender market are the electric vehicle manufacturers who are intended to develop better and advanced electric vehicles which support long range travelling with least charging.

A. The leading players in EV range extender market are Delta motorsport, BMW Group, Nissan Motor Corporation and other who hold a major market share in the electric vehicle range extender market thus offering different products to customers across the globe.

A. The company profiles of the top market players of EV range extender market can be obtained from the company profile section mentioned in the report. This section includes analysis of top ten player’s operating in the industry as well as their last three-year revenue, segmental revenue, product offerings, key strategies adopted, and geographical revenue generated.

A. Based on the analysis carried out, Asia-Pacific is the highestr revenue contributor in the global EV range extender market and is expected to maintain the lead in the global market.

A. The service providers in the global EV range extender industry are the different range extender manufacturers who are developing effective range extenders which is propelling the growth of the global market.

A. The key growth strategies of EV range extender industry players includes product launch and developments followed by the expansions carried out to support the global EV range extender market.

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