Picture

Questions?

+1-866-353-3335

SEARCH
What are you looking for?
Need help finding what you are looking for? Contact Us
Compare

PUBLISHER: Mordor Intelligence | PRODUCT CODE: 925673

Cover Image

PUBLISHER: Mordor Intelligence | PRODUCT CODE: 925673

Electric Vehicle Range Extender Market - Growth, Trends, and Forecast (2022 - 2027)

PUBLISHED:
PAGES: 100 Pages
DELIVERY TIME: 2-3 business days
SELECT AN OPTION
PDF & Excel (Single User License)
USD 4750
PDF & Excel (Team License: Up to 7 Users)
USD 5250
PDF & Excel (Site License)
USD 6500
PDF & Excel (Corporate License)
USD 8750

Add to Cart

The Electric Vehicle Range Extender Market was valued at USD 1 billion in 2020 and is expected to reach USD 3 billion in 2026 by registering a CAGR of around 9% during the forecast period (2021 - 2026).

The Impact of the COVID-19 pandemic on the EV range extender market is inevitable due to shut down of manufacturing units and lock downs. However, market is expected to regain its momentum owing to the swiftly escalating year-on-year adoption rate of electric vehicles across the world.

Factors such as rise in demand for driving range extension of the electric vehicles and engine downsizing to augment the growth of the EV range extender market. Moreover, 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. Moreover, growing adoption of new technologies such as towable generators and batteries expected to increase demand for range extenders over the forecast period.

Asia Pacific expected to hold significant share in the market and North America to exhibit fastest growth during the forecast period. This growth can be attributed to significant adoption of hybrid and pure EVs, along with a lack of charging infrastructure across the region. Europe also to witness positive growth owing to rising sales of EV in key countries such as the U.K., Germany, Norway, and France.

Key Market Trends

Fuel Cell Range Extender to Witness Faster Growth Rate During Forecast Period

Fuel cell range extenders are expected to capture a significant share in the market during the forecast period, owing to the several on-going developments towards fuel cell range extender market. Rise in demand for fuel cell range extender along with development of innovative range extenders create new opportunities in the industry. For instance,

  • In February 2019, Power Cell Sweden AB had received an order for two MS-30 fuel cell systems from a global automotive tier 1 supplier for delivery in 2019. The system built around PowerCell's fuel cell stack S2 and with an effect of 30 kW. These systems will be installed as range extenders, REX, in the vehicles for tests in China.
  • In September 2019, Blue World Technologies announced that it has started construction of its world's largest methanol fuel cell factory at the Port of Aalborg, Denmark. The methanol fuel cell acts a range extender delivering long range, fast refueling with a liquid fuel as well as addressing environmental pollution. The factory anticipates its annual production capacity of 750 kW, which is equivalent to 50,000 fuel cell units.

Thus, rising demand for fuel cell range extenders to be supported by development of new type of range extenders supplementing the growth of overall market.

Asia-Pacific to Hold Significant Share in the Market During Forecast Period

Asia-Pacific anticipated to hold significant market share during forecast period. Owing to increasing number of OEMs, majorly in China and Japan, and surging demand for range extenders to offer lucrative opportunities to players as they are focusing on providing EVs with range extenders. In addition, government incentives on the purchase of EV extenders and EVs likely to fuel the growth of the market in this region. For instance,

  • In August 2020, China announced that authorities will exempt New vehicles from purchase tax till December 2022 to support the new energy vehicle (NEV) industry - electric vehicles, plug-in hybrid vehicles, and fuel cell vehicles. The government is focusing on raising the requirements for the driving range and power efficiency of cars to qualify for the subsidies.

Besides, this North America also expected to grow at fasterpace over the forecast period owing to growing innovations in market. Lack of charging facilites for EVs to provoke demand for range extenders in market due to its long range reliability. Improved power supplies, increasing use of emerging technologies such as batteries and towable generators and government efforts to support zero emission cars to contribute for overall development of market in region.

Competitive Landscape

The Electric Vehicle range extender market is moderately consolidated one due to the presence of major players in the market holding majorty market shares. Moreover, several companies are focusing on organic growth strategies such as product launches, mergers and acquisitions to strengthen their presence in the market. For instance,

  • In March 2019, MAHLE's acquisition of the German transmission specialist ZG-Zahnrader und Getriebe GmbH adds significant extra transmission expertise to MAHLE Powertrain, one of the leading independent specialists in high-efficiency propulsion systems in Europe. This acquisition focuses on enhancing integrated development of entire powertrain, optimizing balance of performance, efficiency, packaging and NVH.

Some of the major players in the market include Mahle International GmbH, Rheinmetall Automotive, Ceres Power Holdings plc, Ballard Power Systems Inc and among others.

Additional Benefits:

  • The market estimate (ME) sheet in Excel format
  • 3 months of analyst support
Product Code: 67176

TABLE OF CONTENTS

1 INTRODUCTION

  • 1.1 Study Assumptions
  • 1.2 Scope of the Study

2 RESEARCH METHODOLOGY

3 EXECUTIVE SUMMARY

4 MARKET DYNAMICS

  • 4.1 Market Drivers
  • 4.2 Market Challenges
  • 4.3 Industry Attractiveness - Porter's Five Force Analysis
    • 4.3.1 Threat of New Entrants
    • 4.3.2 Bargaining Power of Buyers/Consumers
    • 4.3.3 Bargaining Power of Suppliers
    • 4.3.4 Threat of Substitute Products
    • 4.3.5 Intensity of Competitive Rivalry

5 MARKET SEGMENTATION

  • 5.1 Type
    • 5.1.1 ICE Range Extender
    • 5.1.2 Fuel Cell Range Extender
    • 5.1.3 Others
  • 5.2 Component
    • 5.2.1 Battery Pack
    • 5.2.2 Electric Motor
    • 5.2.3 Generator
    • 5.2.4 Power Converter
  • 5.3 Geography
    • 5.3.1 North America
      • 5.3.1.1 United States
      • 5.3.1.2 Canada
      • 5.3.1.3 Rest of North America
    • 5.3.2 Europe
      • 5.3.2.1 Germany
      • 5.3.2.2 United Kingdom
      • 5.3.2.3 France
      • 5.3.2.4 Rest of Europe
    • 5.3.3 Asia-Pacific
      • 5.3.3.1 China
      • 5.3.3.2 Japan
      • 5.3.3.3 India
      • 5.3.3.4 South Korea
      • 5.3.3.5 Rest of Asia-Pacific
    • 5.3.4 Rest of the World
      • 5.3.4.1 South America
      • 5.3.4.2 Middle-East and Africa

6 COMPETITIVE LANDSCAPE

  • 6.1 Vendor Market Share
  • 6.2 Company Profiles*
    • 6.2.1 MAHLE International GmbH
    • 6.2.2 Rheinmetall Automotive
    • 6.2.3 Ceres Power Holdings plc
    • 6.2.4 Ballard Power Systems Inc
    • 6.2.5 AVL Group
    • 6.2.6 Magna International Inc.
    • 6.2.7 Emoss Mobile Systems
    • 6.2.8 Horizon Fuel Cell Technologies
    • 6.2.9 Plug Power

7 MARKET OPPORTUNITIES AND FUTURE TRENDS**

Have a question?
Picture

Jeroen Van Heghe

Manager - EMEA

+32-2-535-7543

Picture

Christine Sirois

Manager - Americas

+1-860-674-8796

Questions? Please give us a call or visit the contact form.
Hi, how can we help?
Contact us!