"Market Intelligence for High-Geared Performance"
A range extender is a fuel-based auxiliary power unit (APU) that extends the range of a battery electric vehicle (EV) by driving an electric generator that charges the vehicle's battery. A form of battery electric vehicles, includes an auxiliary power unit. This auxiliary power unit drives the electric generator, which eventually charges the battery of the vehicle and supplies electricity to the motors of the vehicle. This system is known as the electric vehicle range extenders are. Electric vehicle range extenders are also known as series hybrid drivetrain, which provides external power source to the electric vehicles. Numerous electric vehicle range extenders have been developed which require a fossil fuel or fuel cell-based range extenders to charge the battery of the vehicle.
At present requirement of range extenders in EVs has increased due to the lack of proper charging infrastructure and need for long travelling range of the vehicles. In addition, the growth of electric vehicle range extenders across the globe is supplemented by the use of small yet powerful engines. However, 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. Also, improving driving range of EVs and high cost of electric vehicle range extenders may restrain the market growth.
Key Market Driver -
Long travelling range of the vehicles and lack of proper charging infrastructure will drive the growth of the market
Key Market Restraint -
Improving driving range of EVs and high cost of electric vehicle range extenders may restrain the growth of the market
The Electric vehicle range extender market is segmented By Type (ICE Range Extender, Fuel Cell Range Extender), By Vehicle Type (Passenger Car, Commercial Vehicle), and by Geography.
By Type, the Electric vehicle range extender market is classified as ICE range extender and Fuel cell range extender. ICE range extender currently holds the largest market share and is expected to maintain the same with steady growth. However, owing to the environmental concerns and increased implementation of the Fuel cell system, the Fuel cell range extender is anticipated to exhibit continued growth during the forecast period.
By Vehicle Type, the market is segmented into passenger car and commercial vehicles. The passenger car segment currently holds the largest share and is expected to maintain the same. This is because the pace of electrification of passenger vehicles is much more than commercial vehicles. However, the commercial vehicle segment is also broadening and will grow steadily over the forecast period.
Major players operating in the global Electric vehicle range extender market are Magna International, Mahle, Rheinmetall, Plug Power, AVL, Forschungsgesellschaft für Energietechnik und Verbrennungsmotoren (FEV) , General Motors, Nissan, BMW, Ceres Power, Ballard Power Systems, and Delta Motorsport.
Geographically, the Electric vehicle range extender market is segmented into North America, Europe, Asia Pacific, and the rest of the world.
North America region is anticipated to hold the largest position in the Global Electric vehicle range extender Market due to the increasing demand for a fuel efficient commercial fleet. Morover, the growing popularity of EVs is likely to boost the development of the market in the region during the forecast period. The growth can also be attributed to the EV giants present in the region.
Asia Pacific is expected to exhibit a higher CAGR during the forecast period due to the increased influence of EVs in the region. China and India are the key markets in the Asia Pacific as all significant automakers have their production sites located in the country and are prominent exporters of EVs across the globe. High urbanization and smart cities are expected to propel the EV sector’s growth, accelerating the Electric vehicle range extender market development.
Europe holds the second-largest position in the market, of which Germany ranks first in this regional market as major auto manufacturers are situated. Europe is an important market for Electric vehicle range extenders due to the high penetration among EVs. Additionally, the production of EVs in the region is consistently rising, which in turn is driving the market for Electric vehicle range extenders.
The rest of the world consists of Latin America, the Middle Eastern, and the African region. The middle eastern region is expected to contribute significantly to the growth of the market due to high income per capita and affordability than the other two regions. This can be also attributed to the early adoption of advanced technologies in the automobile sector, which have sensed opportunities for the same.
To gain extensive insights into the market, Request for Customization
By Vehicle Type
“This report is really well done and we really appreciate it! Again, I may have questions as we dig in deeper. Thanks again for some really good work.”- U.S.-based biotechnology company focussing on treatment of chronic pain.
“Kudos to your team. Thank you very much for your support and agility to answer our questions.”- Europe-based provider of solutions to automate data centre operations.
“We appreciate you and your team taking out time to share the report and data file with us, and we are grateful for the flexibility provided to modify the document as per request. This does help us in our business decision making. We would be pleased to work with you again, and hope to continue our business relationship long into the future.”- India-based manufacturer of industrial and specialty intermediates with a strong global presence.
“I want to first congratulate you on the great work done on the Medical Platforms project. Thank you so much for all your efforts.”- One of the largest cosmetics company in the world.
“Thank you very much. I really appreciate the work your team has done. I feel very comfortable recommending your services to some of the other startups that I’m working with, and will likely establish a good long partnership with you.”- U.S. based startup operating in the cultivated meat market.
“We received the below report on the U.S. market from you. We were very satisfied with the report.”- Global hearing aids manufacturer.
“I just finished my first pass-through of the report. Great work! Thank you!”- U.S. based solar racking solutions provider.
“Thanks again for the great work on our last partnership. We are ramping up a new project to understand the imaging and imaging service and distribution market in the U.S.”- World’s leading advisory firm.
“We feel positive about the results. Based on the presented results, we will do strategic review of this new information and might commission a detailed study on some of the modules included in the report after end of the year. Overall we are very satisfied and please pass on the praise to the team. Thank you for the co-operation!”- Germany based machine construction company.
“Thank you very much for the very good report. I have another requirement on cutting tools, paper crafts and decorative items.”- Japanese manufacturing company of stationery products.
“We are happy with the professionalism of your in-house research team as well as the quality of your research reports. Looking forward to work together on similar projects”- One of the Leading Food Companies in Germany
“We appreciate the teamwork and efficiency for such an exhaustive and comprehensive report. The data offered to us was exactly what we were looking for. Thank you!”- Intuitive Surgical
“I recommend Fortune Business Insights for their honesty and flexibility. Not only that they were very responsive and dealt with all my questions very quickly but they also responded honestly and flexibly to the detailed requests from us in preparing the research report. We value them as a research company worthy of building long-term relationships.”- Major Food Company in Japan
“Well done Fortune Business Insights! The report covered all the points and was very detailed. Looking forward to work together in the future”- Ziering Medical
“It has been a delightful experience working with you guys. Thank you Fortune Business Insights for your efforts and prompt response”- Major Manufacturer of Precision Machine Parts in India
“I had a great experience working with Fortune Business Insights. The report was very accurate and as per my requirements. Very satisfied with the overall report as it has helped me to build strategies for my business”- Hewlett-Packard
“This is regarding the recent report I bought from Fortune Business insights. Remarkable job and great efforts by your research team. I would also like to thank the back end team for offering a continuous support and stitching together a report that is so comprehensive and exhaustive”- Global Management Consulting Firm
“Please pass on our sincere thanks to the whole team at Fortune Business Insights. This is a very good piece of work and will be very helpful to us going forward. We know where we will be getting business intelligence from in the future.”- UK-based Start-up in the Medical Devices Sector
“Thank you for sending the market report and data. It looks quite comprehensive and the data is exactly what I was looking for. I appreciate the timeliness and responsiveness of you and your team.”- One of the Largest Companies in the Defence Industry