“Increasing demand for driving range extension of the electric vehicles is set to drive electric vehicle range extender market”
The electric vehicle range extender market is estimated to be 218,129 units in 2018 and is projected to reach 479,027 units by 2025, at a CAGR of 11.89% during the forecast period. The market is principally driven by the increasing demand for driving range extension of electric vehicles. The growing demand for reducing the problem of range anxiety is expected to drive the growth of the electric vehicle range extender market. On the other hand, the increasing focus of OEMs towards extending the driving range of battery electric vehicles (BEVs) can hinder the growth of electric vehicle range extender market. OEMs such as Nissan (Japan), Mahindra (India), Volkswagen (Germany), General Motors (US), Tesla (US), and others are focusing towards increasing the driving range of an electric vehicle (EV) by fitting more efficient batteries in EVs. According to the US Department of Energy and Transportation, the median driving range of an electric vehicle increased from 73 miles (117 km) in 2011 to 114 miles (183 km) in 2017 in the US.
“ICE range extender to hold the largest share of the electric vehicle range extender market, by type”
ICE range extender is estimated to be the largest market, in terms of volume. Most of the manufacturers are currently offering ICE range extender electric vehicles. For instance, BMW offers BMW i3 REx, which delivers an additional driving range of approximately 156 Km. General Motors offers a Chevrolet Volt range extender. Likewise, JAC offers JAC iREV PHEV range extended vehicle, and Nissan offers Note e-Power range extender. The cost of an ICE range extender is lower than other range extenders. The low-cost advantage is expected to drive the ICE range extender market in the near future.
“Battery Pack: The largest market in the electric vehicle range extender market”
The battery pack, which is a major component of the range extender, is estimated to be the largest market, in terms of value. The price of the battery pack is higher than any other component in the range extender. Battery manufacturers are now focusing towards economies of scale for reducing the battery price. Various government associations have set a cost target for an electric vehicle battery. For instance, the US Department of Energy has set battery cost targets of USD 300 per kWh in 2015 and USD 125 per kWh by 2022. Reduced battery price will help to drive the electric vehicle range extender market.
“Europe: The fastest growing region in the electric vehicle range extender market”
The European market is projected to grow at the highest 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.
The study contains insights of various industry experts, ranging from component suppliers to Tier 1 companies and OEMs.
The break-up of the primaries is as follows:
- By Company Type– Tier 1- 45%, Tier 2- 35% Tier 3 - 20%
- By Designation? C level - 35%, D level - 25%, Others - 40%
- By Region? North America - 40%, Europe - 35%, Asia Pacific - 25%
Major players profiled in the report are:
• Magna International (Canada)
• MAHLE (Germany)
• Rheinmetall (Germany)
• Plug Power (US)
• AVL (Austria)
The report segments the electric vehicle range extender market and forecasts its size, by volume and value, on the basis of region (Asia Pacific, Europe, and North America), type, vehicle, and component.
The report also provides a comprehensive review of market drivers, restraints, opportunities, and challenges in the electric vehicle range extender market. The report also covers qualitative aspects in addition to the quantitative aspects of these markets.
Key Benefits of Buying the Report:
The report will help the market leaders/new entrants in this market by providing them the closest approximations of the revenue numbers for the overall electric vehicle range extender market and its subsegments. This report will help stakeholders to understand the competitor landscape better and gain insights to position their businesses better and make suitable go-to-market strategies. The report also helps stakeholders to understand the pulse of the market and provides them information on key market drivers, restraints, challenges, and opportunities.