The global electric vehicle range extender market reached a value of US$ 1.21 Billion in 2021. Looking forward, IMARC Group expects the market to reach a value of US$ 2.29 Billion by 2027, exhibiting a CAGR of 10.60% during 2022-2027. Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic on different end use sectors. These insights are included in the report as a major market contributor.
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:
IMARC Group provides an analysis of the key trends in each sub-segment of the global electric vehicle range extender market, along with forecasts at the global, regional and country level from 2022-2027. Our report has categorized the market based on type, component and vehicle type.
Breakup by Type:
Fuel Cell Range Extender
ICE Range Extender
Breakup by Component:
Breakup by Vehicle Type:
Breakup by Region:
Middle East and Africa
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?