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Electric Vehicle Range Extender Market Size (2024 - 2029)

The Electric Vehicle Range Extender Market is anticipated to experience substantial growth, driven by the increasing demand for extended driving ranges and engine downsizing in electric vehicles. Despite challenges posed by the COVID-19 pandemic, the market is expected to recover due to the rising global adoption of electric vehicles. The market's expansion is supported by advancements in technologies like towable generators and batteries, which are expected to boost the demand for range extenders. The Asia Pacific region is projected to hold a significant market share, while North America is expected to exhibit the fastest growth, influenced by the widespread adoption of hybrid and pure electric vehicles and the limited charging infrastructure. Europe is also expected to see positive growth, driven by increased electric vehicle sales in several key countries.

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Market Size of Electric Vehicle Range Extender Industry

snapshot
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

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*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 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
North America
United States
Canada
Rest of North America
Europe
Germany
United Kingdom
France
Rest of Europe
Asia-Pacific
China
Japan
India
South Korea
Rest of Asia-Pacific
Rest of the World
South America
Middle-East and Africa
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Electric Vehicle Range Extender Market Size Summary

The Electric Vehicle Range Extender Market is poised for significant growth, driven by the increasing adoption of electric vehicles worldwide. Despite the challenges posed by the COVID-19 pandemic, which temporarily disrupted manufacturing and supply chains, the market is expected to recover and expand. Key factors contributing to this growth include the rising demand for extended driving ranges in electric vehicles and advancements in engine downsizing. However, the market faces challenges from developments aimed at enhancing the driving range of battery electric vehicles (BEVs) and efforts by original equipment manufacturers (OEMs) to reduce battery costs. The introduction of new technologies, such as towable generators and advanced batteries, is anticipated to bolster demand for range extenders during the forecast period.

Regionally, Asia-Pacific is expected to hold a significant share of the market, with North America exhibiting the fastest growth. This growth is attributed to the substantial adoption of hybrid and pure electric vehicles, coupled with insufficient charging infrastructure in these regions. Europe is also projected to experience positive growth, driven by increasing electric vehicle sales in countries like the U.K., Germany, Norway, and France. The market is moderately consolidated, with major players like Mahle International GmbH, Rheinmetall Automotive, and Ceres Power Holdings plc leading the industry. These companies are actively pursuing organic growth strategies, including product launches and mergers, to enhance their market presence. The development of fuel cell range extenders is expected to capture a significant market share, supported by ongoing innovations and government incentives, particularly in Asia-Pacific and North America.

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Electric Vehicle Range Extender Market Size - Table of Contents

  1. 1. MARKET DYNAMICS

    1. 1.1 Market Drivers

    2. 1.2 Market Challenges

    3. 1.3 Industry Attractiveness - Porter's Five Force Analysis

      1. 1.3.1 Threat of New Entrants

      2. 1.3.2 Bargaining Power of Buyers/Consumers

      3. 1.3.3 Bargaining Power of Suppliers

      4. 1.3.4 Threat of Substitute Products

      5. 1.3.5 Intensity of Competitive Rivalry

  2. 2. MARKET SEGMENTATION

    1. 2.1 Type

      1. 2.1.1 ICE Range Extender

      2. 2.1.2 Fuel Cell Range Extender

      3. 2.1.3 Others

    2. 2.2 Component

      1. 2.2.1 Battery Pack

      2. 2.2.2 Electric Motor

      3. 2.2.3 Generator

      4. 2.2.4 Power Converter

    3. 2.3 Geography

      1. 2.3.1 North America

        1. 2.3.1.1 United States

        2. 2.3.1.2 Canada

        3. 2.3.1.3 Rest of North America

      2. 2.3.2 Europe

        1. 2.3.2.1 Germany

        2. 2.3.2.2 United Kingdom

        3. 2.3.2.3 France

        4. 2.3.2.4 Rest of Europe

      3. 2.3.3 Asia-Pacific

        1. 2.3.3.1 China

        2. 2.3.3.2 Japan

        3. 2.3.3.3 India

        4. 2.3.3.4 South Korea

        5. 2.3.3.5 Rest of Asia-Pacific

      4. 2.3.4 Rest of the World

        1. 2.3.4.1 South America

        2. 2.3.4.2 Middle-East and Africa

Electric Vehicle Range Extender Market Size FAQs

The Electric Vehicle Range Extender Market is projected to register a CAGR of 9% during the forecast period (2024-2029)

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.

EV Range Extender Market Report Snapshots

Electric Vehicle Range Extender Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)