The Report Electric Vehicle (EV) Range Extender Market Size, Share & Trends Analysis Report
By Product, By Vehicle (Passenger, Commercial), By Component (Battery Pack,
Power Converter), And Segment Forecasts, 2018 - 2025
The global EV range extender market demand is
estimated to reach 494,083 units by 2025 at a 10.2% CAGR during the forecast
period, according to a new report by Grand View Research, Inc. An electric
vehicle (EV) range extender is an external system that helps increase vehicle
range to support long-distance travel. Robust growth in adoption of fully
electric passenger and commercial vehicles to reduce CO2 emissions,
coupled with extendable range and high-performance capabilities, are expected
to propel market growth.
The automotive industry
is considered to be the largest consumer of oil in the world, contributing to
high pollution levels globally. Governments across various countries have imposed
stringent regulations on automobile manufacturers to produce low/zero emission
vehicles to help reduce carbon footprint.
Besides this,
governments of developing countries such as China and India are providing
subsidies to promote the adoption of electric vehicles. For instance, in August
2018, the Indian government announced to offer a subsidy of around 20% on
purchase of new electric vehicles. However, low mileage range of EVs can be a
major concern for consumers as it limits the distance traveled. To overcome
this, key manufacturers such as BMW Group, General Motors, Volvo Car Corp., and
Mahle Group have launched EV range extender solutions that help increase
battery capacity to support long distance traveling. This has had a positive
impact on market growth.
In an attempt to
increase their market share and improve overall profitability, key automobile
manufacturers are focused on integrating range extenders into their new EV
models. For instance, BMW Group launched the BMW i3 EV integrated with a range
extender solution, which enables consumers to drive longer distances. In 2016,
Nissan Motors Co. Ltd. launched LEAF, an e-powered hybrid vehicle, in several
APAC countries.
Key market players are
also investing significant funds in R&D activities to develop innovative
range extender products to extend driving range and improve battery efficiency,
along with reducing overall battery price. However, increasing focus of OEMs to
incorporate range extender technology in upcoming EV models, coupled with increasing
trade conflicts between China and U.S., may hinder market growth over the
forecast period.
Access Research Report of EV
Range Extender Market @ www.grandviewresearch.com/industry-analysis/electric-vehicle-ev-range-extender-market
Further key findings from the study suggest that:
· North America accounted for the largest
market share in 2017. The regional market will witness growth with some large
market players such as General Motors Co. and Magna International Inc. offering
ICE and fuel cell range extenders
· European governments are actively offering
several rebates and subsidies to boost adoption of EVs. However, there is a
lack of charging infrastructure as against rising EV sales, which is expected
to propel demand for EV range extenders
· Governments across the globe are
continuously investing in enhancing public transport infrastructure, thereby
driving adoption of electric commercial vehicles. Deployment cost of range
extenders is lower than the cost involved in setting up a charging
infrastructure
· Key market players are collaborating with
EV manufacturers to develop new innovative technologies that will offer
alternative range extender solutions as well as incorporate range extenders in
new vehicle models.
Grand View Research has
segmented the global EV range extender market on the basis of product, vehicle,
component, and region:
EV Range Extender Product Outlook (Volume, Units, 2015 -
2025)
·
ICE range extender
·
Fuel cell range extender
·
Others
EV Range Extender Vehicle Outlook (Volume, Units, 2015 -
2025)
·
Passenger vehicles
·
Commercial vehicles
EV Range Extender Component Outlook (Volume, Units, 2015
- 2025)
·
Battery pack
·
Generator
·
Power converter
·
Electric motor
EV Range Extender Regional Outlook (Volume, Units, 2015 -
2025)
·
North America
·
Europe
·
Asia Pacific
Grand
View Research, Inc. is a U.S. based market research and consulting company,
registered in the State of California and headquartered in San Francisco.
The company provides syndicated research reports, customized research
reports, and consulting services. To help clients make informed business
decisions, we offer market intelligence studies ensuring relevant and
fact-based research across a range of industries, from technology to chemicals,
materials and healthcare.
