Market Trends of Electric Vehicle Range Extender Industry
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.
