Electric Vehicle (EV) Range Extender Market Size, Share & Trends Analysis Report 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) and By Region(North America, Europe, APAC, Middle East and Africa, LATAM) Forecasts, 2023-2031

Market Overview

The global electric vehicle (EV) range extender market size 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). The predicted rise of the electric vehicle range extender market may be ascribed to the heightened requirement for driving range extensions in electric vehicles.

Electric car range extenders are integral components employed in electric vehicles to enhance the overall driving range of the vehicle without the need for recharging within a specific timeframe. Electric vehicles rely on electricity for propulsion, which is obtained from the batteries installed within them. Electric car batteries have a limited operational range, necessitating recharging to enable continued vehicle movement. This has led to a growing need for range extenders in electric vehicles. The electric vehicle range extender utilizes battery packs as a primary power source and is capable of supplying electricity through either a single-phase or a three-phase system.

Market Dynamics

Global Electric Vehicle (EV) Range Extender Market Drivers

Increasing Demand for Driving Range Extension for Electric Vehicles

The increase in the manufacturing and sales of electric vehicles has necessitated manufacturers to devise range extension technologies for these vehicles. The limited power storage capacity of the battery placed in electric vehicles results in its discharge corresponding to the vehicle's usage. Similarly, the lack of adequate vehicle charging infrastructure further reinforces the utilization of these systems for electric vehicles, facilitating a convenient driving experience and mitigating the necessity for frequent battery recharging over time. Hence, the anticipated rise of the electric vehicle range extender market during the projected timeframe may be attributed to the heightened need for driving range extensions in electric vehicles.

Engine Downsizing

Engine downsizing refers to the practice of employing a smaller yet more potent engine in a vehicle, as opposed to utilizing a larger engine that is specifically engineered to accomplish the same objective. Engine downsizing helps vehicle manufacturers provide efficient vehicles with less emission due to the lightweight nature of the engine. Several automotive manufacturers have undertaken advancements in the field of engine downsizing. For instance, Volkswagen Group replaced its 1.6 and 2.0-liter gasoline engines with the 1.4 TSI unit. This resulted in 5% less fuel consumption than the older engines. Therefore, various engine-downsizing innovations worldwide are expected to improve market growth during the forecast period.

Global Electric Vehicle (EV) Range Extender Market Restraint

Development toward Extending Driving Range of BEVs

The limited range of electric vehicles is mostly attributed to the smaller capacity of their batteries. Therefore, electric vehicle producers have prioritized expanding battery capacity specifically tailored for these vehicles. The utilization of highly efficient anode and cathode plates in batteries, along with the implementation of upgraded electrolyte solutions, enables improved operational efficiency. This factor is anticipated to impede the market growth over the forecast period.

Global Electric Vehicle (EV) Range Extender Market Opportunities

Development of New Types of Range Extenders

Various vehicle manufacturers have introduced different types of range extenders, which is opportunistic for market growth. For instance, the utilization of a recently designed mobile generator set as a range extender inside the assembly of an electric vehicle serves to successfully transform the vehicle into series-hybrid mode, hence enhancing its efficiency for extended journeys. This has resulted in a notable improvement in fuel efficiency compared to alternative vehicles. Hence, the development of new types of range extenders is projected to offer potential growth for the global market.

Regional Analysis

Region-wise, the global electric vehicle (EV) range extender market is segmented into Europe, North America, Asia-Pacific, and LAMEA. 

Asia-Pacific Dominates the Global Market

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. Asia-Pacific includes China, Japan, India, South Korea, and the rest, where the electric vehicle range extender market has been studied. In Asia-Pacific, governments are taking several initiatives to switch consumers' interests from petrol to electric or hybrid cars, which is anticipated to increase the pace of developments and advancements in electric vehicles and eventually supplement the growth of the electric vehicle range extender market.

Europe is projected to exhibit a CAGR of 9.4% during the forecast period. Europe includes countries such as Germany, France, the UK, Italy, and the rest of Europe, where the electric vehicle (EV) range extender market has been studied. The pace of development in the European electric vehicle market is high due to the rise in demand for fuel-efficient and durable vehicles equipped with high-performance systems. An increase in sales of EVs in Germany, France, the UK, and Italy, having above-average growth, is expected to supplement the demand for EV range extenders, thereby augmenting the market growth.

In North America, the market for electric car range extenders is analyzed in the United States, Canada, and Mexico. The North American region is anticipated to experience a surge in the demand for electric car range extenders due to the growing sales of electric automobiles. Moreover, the increasing level of environmental consciousness in North America further enhances the acceptance of battery-powered vehicles coupled with range extenders, consequently contributing to the expansion of the market.

The LAMEA EV range extender market is analyzed across Latin America, the Middle East, and Africa. The increase in disposable income in LAMEA has led to a rise in demand for better and more efficient vehicles to be operated. Moreover, numerous global players operating in LAMEA have introduced electric vehicles with range extenders, which supplement the market's growth across the region.

Segmental Analysis

The global electric vehicle (EV) range extender market is segmented based on type, vehicle type, and component.

By type, the global 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. A fuel cell range extender is designed to increase the range of fuel cells to enable the vehicle to travel longer distances than other electric vehicles. Fuel cell range extender is gaining immense traction in the global market as it increases the vehicle's traveling distance and enhances its discharging efficiency. With a rapid surge in demand for these services over the past few years, the industry's adoption of fuel cell range extenders has considerably increased, thereby boosting market growth.

By component, the global EV range 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. A battery pack refers to a collection of battery cells that are identical and collectively serve the purpose of supplying electrical energy. It is a major component of the electric vehicle range extender. In addition, the electric vehicle range extender is gaining traction due to the availability of a better and more efficient battery pack for an electric vehicle. The increased production of electric vehicles requires durable and highly resistant battery packs, which fuels their adoption across the globe, thereby supplementing the market growth.

Generators transform mechanical energy into electrical power, which can be utilized in an external circuit. The utilization of electric car range extenders surpasses that of generators due to their ability to transform mechanical energy into electrical energy, hence enabling electric vehicles to drive extended distances.

By vehicle type, the global 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. Passenger vehicles encompass automobiles specifically engineered for individual transportation purposes. As a result of the growing demand for passenger vehicles, these vehicles now possess a carrying capacity that ranges from 4 to 10 passengers and exhibit a broader utilization of range extenders. With the continuous growth of the global population, there has been a noticeable surge in the adoption of electric vehicles (EVs) by consumers. This trend is predicted to positively impact the demand for EV range extenders.

The passenger vehicle segment is expected to be the fastest-growing electric vehicle type in the market, owing to its increased demand among customers for personal use. Moreover, electric-based passenger cars do not emit harmful gases during propulsion, which supplements their adoption. Thus, the need for range extenders for such vehicles has increased significantly, driving the market growth.

Recent Developments

• 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.