Acumen Research and Consulting estimates that global EV Range Extender market is expected to reach the market value of around US$ 2 Bn by 2027 and is anticipated to grow at a CAGR of around 11.2% in terms of revenue during the forecast period 2020 – 2027.
Electric vehicle with an auxiliary power unit (APU) known as a 'range extensor' is an extended range vehicle. The extension unit runs an electrical generator that charges the electric motor of the vehicle with a battery. It is classified as a hybrid drivetrain series. Interior combustion engines are the most widely used extenders, although fuel cells or other types of motors may be used. A power extender of the range of an EV is an external network which supports long-haul journeys in vehicles.
The report provides analysis of global EV Range Extender market for the period 2016-2027, wherein 2020 to 2027 is the forecast period and 2019 is considered as the base year.
The global increase in the EV range extender market is largely motivated by the growing use of EVs in transportion, as well as favorable government policies to increase the used of EV range extender to increase that driving safety on roads. According to the International Energy Agency (IEA), in 2017 more than 1 million EVs were sold worldwide and countries such as China, Norway, and the US led the demand in global EVs as regards market share. More than three million EVs were stockpiled around the world in the same year this is why demand for the EV band extension is expected to increase in near future. EVs face a variety of obstacles, including small miles and the absence of charging facilities. Drivers prefer alternate strategies for battery power saving, such as reducing air conditioning and the use of other inner devices, to fulfill mileage range specifications. The implementation of range extender approaches should be strengthened urgently in order to resolve these problems. Such inexpensive approaches expand the energy capacity of a car over several miles. High battery costs are a big factor that could hinder demand growth during the forecast. Trade tensions between the US and China have also prompted the introduction of various excise duty on steel, aluminum and other products that are likely to hinder the development of the sector.
Asia-Pacific has a substantial market share in 2019 due to trends such as an growing number of OEMs, particularly in China and Japan. Besides, rising collaboration among industry players in the EV range extension boost the growth in the region.
North America held considerable market share in 2019 and projected to grow at a good CAGR amid the expected time period in the global EV range extender industry. There is significant development in the industry as well as a lack of charging infrastructures in the country. Hybrid and pure EVs are important adoption. The need for new battlefield extenders over the forecasted timeframe would grow in such matters as the need for improved power supplies, increasing use of emerging technologies such as batteries and towable generators and government efforts to support zero emission cars in the US.
The market research study on “EV Range Extender Market (EV Range Extender Market By Type: ICE Range Extender, Fuel Cell Range Extender, Other; EV Range Extender Market By Module: Generator, Battery Pack, Power Converter, Electric Motor; EV Range Extender Market By End Use: Commercial Vehicle, Passenger Cars) - Global Industry Analysis, Market Size, Opportunities and Forecast, 2020 - 2027) - Global Industry Analysis, Market Size, Opportunities and Forecast, 2020 - 2027” offers a detailed insights on the global EV Range Extender market entailing insights on its different market segments. Market dynamics with drivers, restraints and opportunities with their impact are provided in the report. The report also provides competitive landscape to understand the current stance of particular player. The report covers global EV Range Extender market size, and segment markets by type, material, propeller shaft type, end use, and geography along with the information on companies operating in the market. The EV Range Extender market analysis is provided for major regional markets including North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa. For each region, the market size for different segments has been covered under the scope of report.
The global EV Range Extender market is segmented as below:
EV Range Extender Market By Type
EV Range Extender Market By Module
EV Range Extender Market By End Use
EV Range Extender Market By Geography
Middle East & Africa
Key Players and Market Situation
Participants include major global players such Ballard Power Systems, AVL, BMW, Delta Motorsport, Magna International, Ceres Power, Nissan Motor Corporation, MAHLE, and Others.
Interior combustion engines are the most widely used extenders, although fuel cells or other types of motors may be used.
According to ARC, the EV Range Extender market value is anticipated to be worth around US$ 2 Bn in 2027.
The electric vehicle range extender is anticipated to grow around 11.2% CAGR amid the forecast period 2020-2027.
Asia-Pacific has a substantial market share in 2019 due to trends such as an growing number of OEMs, particularly in China and Japan.
The increasing demand for driving range extension is a key driver of the market.
OEM major focus to reduced cost of batteries.
Participants include major global players in electric vehicle range extender market such as Ballard Power Systems, AVL, BMW, Delta Motorsport, Magna International, Ceres Power, Nissan Motor Corporation, MAHLE, and Others.