Electric Vehicle Range Extender Market is Projected to Reach 560,000 Units by 2027
Electric Vehicle Range Extender Market is Projected to Reach 560,000 Units by 2027
The Global Electric Vehicle Range Extender Market is projected to reach 560,000 Units by 2027 at a CAGR of around 10.8%.
The electric vehicle range extender is an auxiliary power unit (APU) to improvise electric vehicles range during exhaustion of battery capacity after covering a certain distance. They are classified into thermodynamic or electrochemical sources. An electric generator is a thermodynamic source of energy that has an engine as the main mover. Fuel cells are electrochemical sources of energy that have been used as range extenders in electric vehicles. It uses hydrogen to produce electricity, which helps in reducing vehicular emissions. Electric vehicle range extenders are mostly used in industrial vehicles and heavy commercial vehicles.
ELECTRIC VEHICLE RANGE EXTENDER Market: Drivers & Restraint
Rising Demand for Electric Vehicles
The electric vehicle range extender is used in electric vehicles to increase the range while the battery capacity is exhausted. With growing government support for zero-emissions are driving automotive manufacturers towards innovative solutions which is an outcome for the rising demand for electric vehicles. The electric vehicles Market is rapidly growing across the world due to environmental regulations such as the Clean Air Act and others. Furthermore, as per EV30@30, a campaign of clean ministerial aims to reach 30% sales share for electric vehicles by 2030.
Therefore, the rising demand for electric vehicles coupled with initiatives such as EV30@30 will drive the global electric vehicle range extender Market.
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Long Range Driving Capability of Electric Vehicles
In battery electric vehicles (BEVs) range anxiety is one of the major concerns that a vehicle has insufficient range to reach its destination. Electric vehicles manufacturers have solved the range anxiety concerns by increasing battery capacity through range extender. As per, implementation is done by the BMW i3 or the Chevrolet Volt by using range extender solution the internal combustion engine switches on the battery recharge mode before it is empty and thus results in long-range driving.
Therefore, the long-range driving capability of electric vehicles is expected to boost the electric vehicle range extender Market growth.
High Cost of Battery
Electric vehicles use lithium-ion batteries, which are expensive. This results in a high initial cost of electric vehicles. The high cost of the battery is attributed to the high cost of raw materials, i.e. lithium, titanium, cobalt, and others. The mining and extraction of these materials is a complex process, which increases the overall cost. Moreover, the transportation of these materials from the mining site to the battery manufacturing site adds up the cost.
Thus, the high cost of the battery is expected to decline the Market growth of electric vehicle range extender.
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Electric Vehicle Range Extender Market: Key Segments
- Based on Type: Internal Combustion Engines (ICE), Fuel-cells, and Others.
- Based on Components: Battery packs, Generator, Electric Motor, and Power Generator.
- Based on Vehicle Type: Passenger Cars, Light-Duty Vehicles (LDV) and Heavy-Duty Vehicles (HDV).
- Based on Sales Channel: Original Equipment Manufacturers (OEM) and AfterMarket.
- Based on Region Covers: North America, South America, Europe, Asia-Pacific, Middle East & Africa and South America, with individual country-level analysis.
Electric Vehicle Range Extender Market: Report Scope
The report on the electric vehicle range extender Market covers a deep dive analysis of historic, recent and current Market trends. Furthermore, Market share/ranking analysis of key players, Market dynamics, competition landscape, country-wise analysis for each region covered and the entire supply chain dynamics are covered through the below segmentation.
List of the leading companies operating in the Electric Vehicle Range Extender Market include:
- MAHLE GmbH (Company Description, Company Overview, Product Synopsis, Key Developments, SWOT Analysis)
- Magna International Inc.
- Rheinmetall AG
- PLUG POWER INC.
- Ballard Power Systems
- Ceres Power Holdings plc
- BMW AG
- Nissan Motor Corporation
- General Motors
- Other Key Companies
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Electric Vehicle Range Extender Market: Report Segmentation
For the scope of the report, In-depth segmentation is offered by Forencis Research
Electric Vehicle Range Extender Market, by Type
- Internal Combustion Engines (ICE)
Electric Vehicle Range Extender Market, by Components
- Pulley/ Belts
- Battery packs
- Electric Motor
- Power Generator
Electric Vehicle Range Extender Market, by Vehicle Type
- Passenger Cars
- Light-Duty Vehicles (LDV)
- Heavy-Duty Vehicles (HDV)
Electric Vehicle Range Extender Market, by Sales Channel
- Original Equipment Manufacturers (OEM)
Electric Vehicle Range Extender Market by Region
- Asia-Pacific (China, Japan, South Korea, India, Taiwan, Rest of Asia-Pacific)
- North America (US, Canada, Mexico)
- Europe (Germany, Russia, France, Italy, UK, Spain, The Netherlands, Rest of Europe)
- Middle East and Africa (Saudi Arabia, UAE, Rest of Middle East & Africa)
- South America (Brazil, Argentina, Rest of South America)
Key Questions answered by the report
- What are the prominent developments affecting the Market worldwide and its growth?
- What will be the impact of the developments in the Market on the industry and on the Market players in the future?
- What are the evolving variations of the Market globally?
- What are the evolving functions of the Market globally?
- What are the prominent aspects that will affect Market growth globally during the study period?
- Who are the key players operating in the Market across the globe?
- How are the key players leveraging in the present Market scenario worldwide?
Table of Content
- RESEARCH DESIGN & SCOPE
- EXECUTIVE SUMMARY
- Market DYNAMICS
- INDUSTRY TRENDS — PORTERS FIVE FORCES ANALYSIS
- VEHICLE POWER DISTRIBUTION Market BY TYPE, Market Size in USD Million and Units (2019–2027)
- VEHICLE POWER DISTRIBUTION Market BY COMPONENTS, Market Size in USD Million and Units (2019–2027)
- VEHICLE POWER DISTRIBUTION Market BY VEHICLE TYPE, Market Size in USD Million and Units (2019–2027)
- VEHICLE POWER DISTRIBUTION Market BY REGION, Market Size in USD Million and Units (2019–2027)
- COMPETITIVE LANDSCAPE
- COMPANY PROFILES
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