Global Electric Vehicle (EV) Range Extender Market

Introduction

Electric vehicle range extenders are essential components utilized in electric cars to augment the overall driving range of the vehicle without requiring recharging within a designated period. Electric cars are dependent on electrical power for their propulsion, which is acquired from the batteries that are integrated into their design. Electric vehicle batteries have a finite operational range, requiring periodic recharging to sustain ongoing vehicular mobility. These circumstances have increased the need for range extenders in electric vehicles.

Market Dynamics

Increasing Demand for Driving Range Extension for Electric Vehicles Drives the Global Market

The growing prevalence of electric vehicles in manufacturing and sales has prompted manufacturers to develop range extension technology to address the limited driving range of these vehicles. The battery discharge in electric vehicles is directly proportional to the vehicle's usage due to the limited power storage capacity. Moreover, the insufficiency of a sufficient infrastructure for charging vehicles serves to strengthen the adoption of these systems for electric vehicles, enabling a convenient driving experience and reducing the need for frequent battery recharge in the long run. Therefore, the expected growth of the electric vehicle range extender market can be linked to the increased demand for extending the driving range of electric vehicles.

Development of New Types of Range Extenders Creates Tremendous Opportunities

Several automobile manufacturers have produced a variety of range extenders, a development that presents an advantageous opportunity for market expansion. For example, the incorporation of a newly developed mobile generator set as a range extender within the construction of an electric car effectively converts the vehicle into series-hybrid mode, hence improving its efficiency for prolonged trips. This has led to a significant enhancement in fuel efficiency compared to other types of automobiles. Therefore, it is anticipated that the global market will experience significant growth due to the emergence of novel range extender technologies.

Regional Analysis

Asia-Pacific is the most significant global electric vehicle (EV) range extender market shareholder and is projected to exhibit a CAGR of 7.91% over the forecast period. The Asia-Pacific region encompasses several countries, namely China, Japan, India, South Korea, and others, which have been the subject of research in the electric car range extender market. In the Asia-Pacific region, governments are implementing various measures to encourage a shift in consumer preferences from petrol-powered vehicles to electric or hybrid cars. This is expected to accelerate the progress and innovation in electric vehicle technology, ultimately contributing to the expansion of the regional electric vehicle range extender market.

Key Highlights

• The global electric vehicle (EV) range extender market was worth USD 1,175.42 million in 2022. It is projected to reach USD 2,510.23 million by 2031, growing at a CAGR of 8.8% during the projected period (2023-2031). 
• By type, the global electric vehicle (EV) range extender market is categorized into fuel cell range extenders, ICE range extenders, and others. The ICE range extender segment dominates the global market and is predicted to exhibit a CAGR of 8.3% during the forecast period.
• By component, the global electric vehicle range (EV) extender market is segregated into battery packs, power converters, generators, and electric motors. The battery pack segment owns the highest market share and is estimated to grow at a CAGR of 7.4% during the forecast period.
• By vehicle type, the global electric vehicle (EV) range extender market has been categorized into passenger cars and commercial vehicles.The passenger car segment dominates the global market and is estimated to exhibit a CAGR of 8.3% during the forecast period.
• Asia-Pacific is the most significant global electric vehicle (EV) range extender market shareholder and is projected to exhibit a CAGR of 7.91% over the forecast period.

Competitive Players

Competitive Players 

Key players in the global electric vehicle (EV) range extender market are Magna International, MAHLE, Rheinmetall, Plug Power, and CERES Power.

Recent Developments

Market News

• In June 2023, GM Defense debuted a new idea for a tactical vehicle based on the GMC Hummer EV platform at the Modern Day Marine 2023 expo in Washington, D.C. The new car dubbed the Electric Military Concept Vehicle (eMCV), is powered by the same Ultium architecture and drivetrain as the Hummer EV used for retail.

Segmentation

Global Electric Vehicle (EV) Range Extender Market: Segmentation

By Type

• Fuel Cell Range Extender
• ICE Range Extender
• Others

By Component

• Battery Pack
• Power Converter
• Generator
• Electric Motor

By Vehicle Type

• Passenger Car
• Commercial Vehicle

By Regions

• North America
• Europe
• Asia-Pacific
• LAMEA