Electric Vehicle Range Extender Market Size to Hit US$ 2.31 B by 2032

The global electric vehicle range extender market size is projected to hit around US$ 2.31 billion by 2032 from US$ 1 billion in 2022 with a CAGR of 8.3% from 2023 to 2032.

Growing sales of electric vehicles and demand for electric vehicles in the global market are two main reasons driving the growth of the global electric vehicle range extender market. As a result of growing environmental concerns, the adoption of electric vehicles has increased in both developed and developing countries.

Furthermore, the governments of these regions are giving incentives and subsidies to encourage the market adoption of electric vehicles. Over the projected period, this factor will drive the worldwide electric vehicle range extender market. The rise of the electric vehicle market in growing and developed regions is offering a good outlook for the global electric vehicle range extender market’s growth and development.

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Regional Snapshot

North America is the largest segment for electric vehicle range extender market in terms of region.The U.S. is dominating the electric vehicle range extender market in the North America region. The electric vehicle range extender market in this region is rising due to reasons such as technical improvements, increased demand for batteries, and increased usage of electric vehicles. Furthermore, in the North American region, the expanding government initiatives for the development of the electric car market are creating demand for electric vehicle range extenders.

Europe region is the fastest growing region in the electric vehicle range extender market.The U.K and Germany hold the highest market share in the Europe electric vehicle range extender market.The increased sales of electric and hybrid vehicles in the market are driving the expansion of the electric vehicle range extender market in Europe. Furthermore, the presence of significant market competitors in the region is encouraging the growth of the electric vehicle range extender market.

Report Highlights

The ICE range extender and fuel cell range extender are the different products of electric vehicle range extender. Due to its low cost, the ICE range extender segment is growing. The increased deployment of hybrid electric vehicles in the global market has resulted in a growing demand for ICE range extenders.
On the basis of vehicle, passenger vehicles segment holds the largest market share in the global electric vehicle range extender market. To obtain competitive edge in the electric vehicle range extender market, prominent market players are incorporating electric vehicle range extender technology into passenger automobiles.
On the component, battery pack segment holds the largest market share in the global electric vehicle range extender market. The battery pack is utilized for an extended period of time. The battery packs are typically utilized for about 5 years. The battery packs are particularly efficient in nature for electric vehicles when compared to other components.

Recent Developments

MAHLE Powertrain, which is one of the Europe’s major independent specialists in high efficiency propulsion technology, acquired the German transmission specialist ZG-Zahnrader and Getriebe GmbH in March 2019. This acquisition is focused on optimizing the rebalancing of performance by improving the overall effect of the powertrain.
Blue World Technologies declared the start of work on the world’s largest methanol fuel cell facility in Denmark in September 2019. The methanol fuel cell is a range extender that provides long range, easy refilling with liquid fuel and an effort to reduce environmental impact.

Table of Contents

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Report Scope of the Electric Vehicle Range Extender Market

Report Coverage	Details
Market Size by 2032	USD 2.31 Billion
Growth Rate from 2023 to 2032	CAGR of 8.80%
North America Market Share in 2022	45%
Passenger Vehicle Market Share in 2022	85%
Base Year	2022
Forecast Period	2023 to 2032
Segments Covered	Product, Vehicle, Component, Geography
Companies Mentioned	Nissan, Delta Motorsport, Magna International, General Motors, Ballard Power Systems, Mahle, Ceres Power, BMW, Rheinmetall, Plug Power

Market Dynamics

Drivers

Growing demand for electric vehicle range extender

The demand for electric vehicle is growing at a rapid pace globally. This has resulted into the growing importance for electric vehicle range extender in the global market. In addition, the favorable charging infrastructure is resulting into the growing demand for electric vehicle range extender. As a result, this factor is boosting the growth of the global electric vehicle range extender market over the projected period.

Restraints

High cost of electric vehicles

The electric vehicle is quite expensive as compared to traditional vehicles or fuel-based vehicles. The advanced features and technologies integrated with electric vehicles add up to the final cost of the product. Not everyone can afford electric vehicles. Thus, the high cost of electric vehicles is hindering the growth of the electric vehicle range extender market.

Opportunities

Growing government initiatives

The government are taking constant efforts for the growth in the sales of electric vehicles globally. They are also providing tax benefits, incentives, and subsidies for the installation of manufacturing plants of electric vehicles all around the globe. Thus, growing government initiatives is creating opportunities for the growth of the electric vehicle range extender market over the forecast period.

Challenges

Lack of awareness regarding electric vehicle

The developing and underdeveloped regions are not aware about the electric vehicles. Till now people are using traditional or gasoline-based vehicles. This is due to lack of proper resources in these regions. This is directly impacting the growth of the electric vehicle range extender market. Thus, lack of awareness regarding electric vehicles is a major challenge for the expansion of the global electric vehicle range extender market.

Key Developments

The investors are focusing towards electric vehicle companies to fund on hydrogen power in the electric vehicle range extender market and Hyzon Motors will receive USD 570 million from SPAC in February 2021, backed by fuel cell technology. This collaboration will focus on new product development.
Robert Bosch GmbH boosted its equity participation in Ceres from c.4 percent to c.18 percent in January 2020, according to Ceres Power Holdings PLC, a global producer of low-cost solid oxide fuel cell technology.