The global electric vehicle (EV) range extender market size is projected to reach around USD 2.5 billion by 2030 and registering a growth at a CAGR of 9.2% from 2022 to 2030.
The global electric vehicle range extender market growing demand for increased driving range in electric vehicles and Engine downsizing, are factors that influence the growth of Electric Vehicle Range Extender Market. Additionally, higher demand for fuel cell range extenders along with growing development in new range extender types across the globe are further propelling the market growth. 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.
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 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.
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Trends and Opportunities
Increased demand for electric vehicle range extender and engine downsizing is expected to boost the global electric vehicle range extender market. The increased production and sales of electric vehicles have compelled manufacturers to create vehicle range extender solutions. This is due to the fact that the battery deployed in electric vehicles has a finite power storage capacity that is depleted based on the vehicle's usage. Moreover, the lack of suitable vehicle charging infrastructure complicates the implementation of such systems for electric vehicles in order to give a pleasant driving experience and eliminate the need for battery charge after a set period. As a result, a rise in demand for electric vehicle driving range extension is a major factor that is likely to fuel the growth of the electric vehicle range extender market over the forecast period.
Engine downsizing is the process of using a smaller but more powerful engine in a vehicle rather than a specific large engine built to accomplish the same duty. Engine downsizing allows vehicle manufacturers to produce more efficient vehicles with lower emissions due to the engine's less weight. Numerous automobile manufacturers have made advancements in engine reduction, which has bolstered the concept. The Volkswagen Group, for example, substituted their 1.6 and 2.0-liter gasoline engines with the 1.4 TSI unit. This resulted in a 5% reduction in fuel consumption over the older engines, allowing the manufacturer to improve the product to a much greater level. As a result, analogous additional improvements in the global engine downsizing market are likely to boost the electric vehicle range extender market during the forecast period.
Furthermore, major vehicle manufacturers such as BMW, Audi, and others have introduced various fuel cell-based electric vehicles, which has aided the global growth of electric vehicles. Additionally, compared to basic battery-powered vehicles, fuel cell-powered vehicles are more efficient in propulsion.
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Surge in Demand for Electric Vehicles
The Global Electric Vehicle Range Extender Market report provides a holistic evaluation of the market. Increased demand for electric vehicles and engine reductions are expected to boost the global electric car market. The increase in the production and sale of electric vehicles has forced manufacturers to develop car range extender solutions. This is because the battery installed in electric vehicles has a reduced energy saving capacity based on vehicle use. In addition, the lack of proper car charging infrastructure makes it difficult to implement such systems in electric vehicles to provide better driving experience and eliminate the need to charge the battery after a set time. As a result, the increase in demand for the extension of the driving range of electric vehicles is a major factor that may further the growth of the electric car market in the forecast period.
Benefits Associated with Engine Downsizing
Engine downsizing is the process of using a smaller but more powerful engine in a car than a larger engine designed to accomplish the same task. The reduction of engines allows car manufacturers to produce more efficient vehicles that emit less air due to the lower engine weight. A number of car manufacturers have made significant progress in reducing the engine, which has strengthened this concept. Volkswagen Group, for example, replaced its 1.6 and 2.0-liter engine with 1.4 TSI fuel. This has led to a 5% reduction in fuel consumption over older engines, allowing the manufacturer to upgrade the product to a much higher standard. Hence, the benefits of engine downsizing are likely to boost the market for electric vehicles range extender during the forecast period.
Asia Pacific Holds Maximum Market Share
Asia Pacific is expected to dominate the growth of Electric Vehicle Range Extender Market in 2021. Due to the growing demand for commercial fuel-efficient commercial vessels. In addition, the growing popularity of EVs is expected to further boost market growth in the region during the forecast period. In addition, the presence of EV companies in the region is estimated to enhance market growth. India and China are major car manufacturing companies with manufacturing facilities in the country and are the largest suppliers of EVs worldwide. In addition, the migration of people to high-rise and smart cities is expected to further the growth of the EV sector, furthering the development of the market for electric vehicles.
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.
COVID-19 Impact Analysis:
The COVID-19 outbreak has affected various industries worldwide. Governments across the world implemented strict lockdown measures and social distancing norms in order to restrict the swift spread of the pandemic. Manufacturing facilities around the world were shut down during the initial stages of the pandemic. Moreover, the economic crisis after the pandemic might lead to a significant delay in the commercial roll-out of the electronics industry. Small and medium-scale companies are the backbone of technology providers and are witnessing a steep drop in revenue since the emergence of the pandemic in 2020. Hence, market players faced numerous challenges as disruptions in the supply chain were observed. However, things will improve in the second half of 2022 as more supplies will come online.
February 2021 - SPAC invest USD 570 million in Hyzon Motors to assist fuel cell technology, with the partnership focusing on product innovation as investors chasing electric vehicle enterprises bet on hydrogen power in the EV range extender market.
March 2019 - MAHLE's acquisition of the German transmission specialist ZG-Zahnräder und Getriebe GmbH provides additional transmission expertise to MAHLE Powertrain, one of Europe's largest independent specialists in high-efficiency propulsion technology. This acquisition focuses on improving the integrated effect of the global powertrain, optimizing the rebalancing of performance, performance, packaging, and NVH.
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.
Key questions answered in the report:
Which regional market will show the highest and rapid growth?
Which are the top five players of the Electric Vehicle Range Extender Market?
How will the Electric Vehicle Range Extender Market change in the upcoming six years?
Which application and product will take a lion's share of the Electric Vehicle Range Extender Market?
What is the Electric Vehicle Range Extender market drivers and restrictions?
What will be the CAGR and size of the Electric Vehicle Range Extender Market throughout the forecast period?
Key players of the global Electric Vehicle (EV) Range Extender market are included as given below:
Ballard Power Systems
Nissan Motor Corporation
Plug Power Inc.
Fuel Cell Range Extender
ICE Range Extender
By Vehicle Type
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