Electric Vehicle Range Extender Market Size
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 9.00 % |
| Fastest Growing Market | North America |
| Largest Market | Asia Pacific |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Electric Vehicle Range Extender Market Analysis
The Electric Vehicle Range Extender Market was valued at USD 1 billion in 2020 and is expected to reach USD 3 billion in 2026 by registering a CAGR of around 9% during the forecast period (2021 - 2026).
The Impact of the COVID-19 pandemic on the EV range extender market is inevitable due to shut down of manufacturing units and lock downs. However, market is expected to regain its momentum owing to the swiftly escalating year-on-year adoption rate of electric vehicles across the world.
Factors such as rise in demand for driving range extension of the electric vehicles and engine downsizing to augment the growth of the EV range extender market. Moreover, developments for the extension of driving range of BEVs and enhanced focus of OEMs toward reducing the price of the battery are expected to hinder the growth of the market across the globe. Moreover, growing adoption of new technologies such as towable generators and batteries expected to increase demand for range extenders over the forecast period.
Asia Pacific expected to hold significant share in the market and North America to exhibit fastest growth during the forecast period. This growth can be attributed to significant adoption of hybrid and pure EVs, along with a lack of charging infrastructure across the region. Europe also to witness positive growth owing to rising sales of EV in key countries such as the U.K., Germany, Norway, and France.
Electric Vehicle Range Extender Market Trends
This section covers the major market trends shaping the Electric Vehicle Range Extender Market according to our research experts:
Fuel Cell Range Extender to Witness Faster Growth Rate During Forecast Period
Fuel cell range extenders are expected to capture a significant share in the market during the forecast period, owing to the several on-going developments towards fuel cell range extender market. Rise in demand for fuel cell range extender along with development of innovative range extenders create new opportunities in the industry. For instance,
- In February 2019, Power Cell Sweden AB had received an order for two MS-30 fuel cell systems from a global automotive tier 1 supplier for delivery in 2019. The system built around PowerCell's fuel cell stack S2 and with an effect of 30 kW. These systems will be installed as range extenders, REX, in the vehicles for tests in China.
- In September 2019, Blue World Technologies announced that it has started construction of its world's largest methanol fuel cell factory at the Port of Aalborg, Denmark. The methanol fuel cell acts a range extender delivering long range, fast refueling with a liquid fuel as well as addressing environmental pollution. The factory anticipates its annual production capacity of 750 kW, which is equivalent to 50,000 fuel cell units.
Thus, rising demand for fuel cell range extenders to be supported by development of new type of range extenders supplementing the growth of overall market.
Asia-Pacific to Hold Significant Share in the Market During Forecast Period
Asia-Pacific anticipated to hold significant market share during forecast period. Owing to increasing number of OEMs, majorly in China and Japan, and surging demand for range extenders to offer lucrative opportunities to players as they are focusing on providing EVs with range extenders. In addition, government incentives on the purchase of EV extenders and EVs likely to fuel the growth of the market in this region. For instance,
- In August 2020, China announced that authorities will exempt New vehicles from purchase tax till December 2022 to support the new energy vehicle (NEV) industry - electric vehicles, plug-in hybrid vehicles, and fuel cell vehicles. The government is focusing on raising the requirements for the driving range and power efficiency of cars to qualify for the subsidies.
Besides, this North America also expected to grow at fasterpace over the forecast period owing to growing innovations in market. Lack of charging facilites for EVs to provoke demand for range extenders in market due to its long range reliability. Improved power supplies, increasing use of emerging technologies such as batteries and towable generators and government efforts to support zero emission cars to contribute for overall development of market in region.
Electric Vehicle Range Extender Industry Overview
The Electric Vehicle range extender market is moderately consolidated one due to the presence of major players in the market holding majorty market shares. Moreover, several companies are focusing on organic growth strategies such as product launches, mergers and acquisitions to strengthen their presence in the market. For instance,
- In March 2019, MAHLE's acquisition of the German transmission specialist ZG-Zahnr盲der und Getriebe GmbH adds significant extra transmission expertise to MAHLE Powertrain, one of the leading independent specialists in high-efficiency propulsion systems in Europe. This acquisition focuses on enhancing integrated development of entire powertrain, optimizing balance of performance, efficiency, packaging and NVH.
Some of the major players in the market include Mahle International GmbH, Rheinmetall Automotive, Ceres Power Holdings plc, Ballard Power Systems Inc and among others.
Electric Vehicle Range Extender Market Leaders
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MAHLE International GmbH
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Rheinmetall Automotive
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Ceres Power Holdings plc
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Ballard Power Systems Inc
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AVL Group
*Disclaimer: Major Players sorted in no particular order
Electric Vehicle Range Extender Market News
- In January 2020, Ceres Power Holdings plc a world-leading developer of low cost, next generation solid oxide fuel cell (SOFC) technology, announced that Robert Bosch GmbH has increased its equity shareholding in Ceres from c.4% to c.18% through a combination of new and existing Ceres shares.
- In February 2021, Hyzon Motors to get USD 570 million from SPAC backing fuel cell technology and this colloboration focuses on new product development as Investors chasing electric vehicle companies bank on hydrogen power in EV range extender market.
Electric Vehicle Range Extender Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Drivers
4.2 Market Challenges
4.3 Industry Attractiveness - Porter's Five Force Analysis
4.3.1 Threat of New Entrants
4.3.2 Bargaining Power of Buyers/Consumers
4.3.3 Bargaining Power of Suppliers
4.3.4 Threat of Substitute Products
4.3.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION
5.1 Type
5.1.1 ICE Range Extender
5.1.2 Fuel Cell Range Extender
5.1.3 Others
5.2 Component
5.2.1 Battery Pack
5.2.2 Electric Motor
5.2.3 Generator
5.2.4 Power Converter
5.3 Geography
5.3.1 North America
5.3.1.1 United States
5.3.1.2 Canada
5.3.1.3 Rest of North America
5.3.2 Europe
5.3.2.1 Germany
5.3.2.2 United Kingdom
5.3.2.3 France
5.3.2.4 Rest of Europe
5.3.3 Asia-Pacific
5.3.3.1 China
5.3.3.2 Japan
5.3.3.3 India
5.3.3.4 South Korea
5.3.3.5 Rest of Asia-Pacific
5.3.4 Rest of the World
5.3.4.1 South America
5.3.4.2 Middle-East and Africa
6. COMPETITIVE LANDSCAPE
6.1 Vendor Market Share
6.2 Company Profiles*
6.2.1 MAHLE International GmbH
6.2.2 Rheinmetall Automotive
6.2.3 Ceres Power Holdings plc
6.2.4 Ballard Power Systems Inc
6.2.5 AVL Group
6.2.6 Magna International Inc.
6.2.7 Emoss Mobile Systems
6.2.8 Horizon Fuel Cell Technologies
6.2.9 Plug Power
7. MARKET OPPORTUNITIES AND FUTURE TRENDS**
Electric Vehicle Range Extender Industry Segmentation
Electric vehicle range extender is an auxiliary power source unit equipped in EVs, to improve the vehicle's range during exhaustion of battery capacity after covering certain distance. The report covers latest technologies, trends and developments in the market. The Scope of the report covers segmentation based on type, component, vehicle type and geography.
By Type, the market is segmented into ICE Range Extender, Fuel Cell Range Extender and Others. By Component type, the market is segmented into Battery Pack, Electric Motor, Generator and Power Converter.
By Vehicle Type, the market is segmented into Passenger Car and Commercial Vehicle and By Geography, the market is segmented into North America, Europe, Asia-Pacific, and Rest of the world. For each segment market sizing and forecast has been done on basis of value (USD million).
| Type | |
| ICE Range Extender | |
| Fuel Cell Range Extender | |
| Others |
| Component | |
| Battery Pack | |
| Electric Motor | |
| Generator | |
| Power Converter |
| Geography | |||||||
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Electric Vehicle Range Extender Market Research FAQs
What is the current Electric Vehicle Range Extender Market size?
The Electric Vehicle Range Extender Market is projected to register a CAGR of 9% during the forecast period (2024-2029)
Who are the key players in Electric Vehicle Range Extender Market?
MAHLE International GmbH, Rheinmetall Automotive, Ceres Power Holdings plc, Ballard Power Systems Inc and AVL Group are the major companies operating in the Electric Vehicle Range Extender Market.
Which is the fastest growing region in Electric Vehicle Range Extender Market?
North America is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Electric Vehicle Range Extender Market?
In 2024, the Asia Pacific accounts for the largest market share in Electric Vehicle Range Extender Market.
What years does this Electric Vehicle Range Extender Market cover?
The report covers the Electric Vehicle Range Extender Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Electric Vehicle Range Extender Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
EV Range Extender Industry Report
Statistics for the 2024 EV Range Extender market share, size and revenue growth rate, created by 糖心vlog传媒鈩� Industry Reports. EV Range Extender analysis includes a market forecast outlook 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
