Electric Vehicle Range Extender Market by Extender Type (Fuel Cell Range Extender, ICE Range Extender), Component (Battery Pack, Electric Motor, Generator), Vehicle Type - Global Forecast 2024-2030

Electric Vehicle Range Extender Market by Extender Type (Fuel Cell Range Extender, ICE Range Extender), Component (Battery Pack, Electric Motor, Generator), Vehicle Type - Global Forecast 2024-2030

The Electric Vehicle Range Extender Market size was estimated at USD 24.59 billion in 2023 and expected to reach USD 27.37 billion in 2024, at a CAGR 11.55% to reach USD 52.86 billion by 2030.

An electric vehicle range extender (EVRE) is essentially a system that improves the overall range of electric vehicles (EVs). The primary function of these systems is to supplement the vehicle's main electric power source, thereby allowing the vehicle to travel greater distances without needing a recharge. Increasing adoption of electric vehicles worldwide, progressive government policies promoting EVs, advancements in battery technologies, and rising consumer demand for longer driving ranges have accelerated the adoption of EVRE. However, high initial costs associated with range extender components and their complex installation may deter some consumers from adopting them. Ongoing research and development activities focused on enhancing energy density and charging capabilities while reducing costs are expected to provide potential opportunities in this market. Advancements in fuel cell systems could provide efficient and environmentally friendly alternatives to gasoline or diesel range extenders, particularly for heavy-duty applications such as trucks and buses.

Regional Insights

The Americas represents a significant market for electric vehicles, with countries such as the United States and Canada leading in terms of EV adoption. The U.S. Department of Energy has set ambitious targets to achieve EV market penetration by promoting various initiatives such as tax incentives for buyers and investment in charging infrastructure. Consequently, the demand for electric vehicle range extenders (EVRE) has also grown to meet consumer expectations around driving range capabilities. Major market players have invested in developing their own range of extender technologies to support their expanding portfolio of plug-in hybrid and all-electric vehicles. Asia observes a rising EV proliferation due to its rapid industrialization and emphasis on renewable energy sources. Governments in the region are offering generous subsidies for EV adoption, while market players are continuously investing in research and development efforts towards enhancing battery technology and exploring advanced EVRE systems. Europe's commitment to reducing greenhouse gas emissions has resulted in widespread support for electric vehicle adoption at both national and regional levels. European automakers have embraced this transition by investing significantly in research and development of EV technologies, including range extenders.

Market Insights

Market Dynamics

The market dynamics represent an ever-changing landscape of the Electric Vehicle Range Extender Market by providing actionable insights into factors, including supply and demand levels. Accounting for these factors helps design strategies, make investments, and formulate developments to capitalize on future opportunities. In addition, these factors assist in avoiding potential pitfalls related to political, geographical, technical, social, and economic conditions, highlighting consumer behaviors and influencing manufacturing costs and purchasing decisions.

Market Drivers

Increasing production and sales of electric and hybrid-electric vehicles
Government incentives and subsidies promoting electric vehicle usage
Emphasis on range anxiety mitigation among EV drivers

Market Restraints

Concerns associated with emissions and frequent maintenance of range extenders

Market Opportunities

Advancements in electric vehicle range extender technology
Potential use of EVRE in commercial and fleet applications

Market Challenges

Complexity in production and installation of range extenders

Market Segmentation Analysis

Extender Type: Significant penetration of fuel cell range extender
Component: Proliferating deployment of electric motors in automobiles
Vehicle Type: Rising applications of electric vehicle range extenders in commercial vehicles

Market Disruption Analysis

Porter’s Five Forces Analysis
Value Chain & Critical Path Analysis
Pricing Analysis
Technology Analysis
Patent Analysis
Trade Analysis
Regulatory Framework Analysis

FPNV Positioning Matrix

The FPNV positioning matrix is essential in evaluating the market positioning of the vendors in the Electric Vehicle Range Extender Market. This matrix offers a comprehensive assessment of vendors, examining critical metrics related to business strategy and product satisfaction. This in-depth assessment empowers users to make well-informed decisions aligned with their requirements. Based on the evaluation, the vendors are then categorized into four distinct quadrants representing varying levels of success, namely Forefront (F), Pathfinder (P), Niche (N), or Vital (V).

Market Share Analysis

The market share analysis is a comprehensive tool that provides an insightful and in-depth assessment of the current state of vendors in the Electric Vehicle Range Extender Market. By meticulously comparing and analyzing vendor contributions, companies are offered a greater understanding of their performance and the challenges they face when competing for market share. These contributions include overall revenue, customer base, and other vital metrics. Additionally, this analysis provides valuable insights into the competitive nature of the sector, including factors such as accumulation, fragmentation dominance, and amalgamation traits observed over the base year period studied. With these illustrative details, vendors can make more informed decisions and devise effective strategies to gain a competitive edge in the market.

Recent Developments

The First Xiaomi Car Will Introduce An Extended-range Version: 1.5T/L Range Extender Fastback Coupe

Xiaomi is set to revolutionize the electric vehicle market by introducing the first-ever electric vehicle range extender, the 1.5T L Range Extender Fastback Coupe. This innovative Range Extender is designed to significantly increase the total range of an electric car, boosting it from 400km to over 1000km.

Mazda MX-30 e-Skyactiv R-EV keeps the Wankel engine alive in a new range extender

Mazda introduced the MX-30 R electric vehicle range extender, which provides an additional range of up to 124 miles. This innovative solution combines a rotary engine with a 35.5 kWh battery to optimize efficiency. By integrating this range extender, drivers can experience the advantages of electric cars and reduced emissions.

Strategy Analysis & Recommendation

The strategic analysis is essential for organizations seeking a solid foothold in the global marketplace. Companies are better positioned to make informed decisions that align with their long-term aspirations by thoroughly evaluating their current standing in the Electric Vehicle Range Extender Market. This critical assessment involves a thorough analysis of the organization’s resources, capabilities, and overall performance to identify its core strengths and areas for improvement.

Key Company Profiles

The report delves into recent significant developments in the Electric Vehicle Range Extender Market, highlighting leading vendors and their innovative profiles. These include AVL group, Ballard Power Systems Inc., BMW Group, BorgWarner Inc., Ceres Power Holdings plc, Daimler AG, Danfoss Power Solutions, Ford Motor Company, H2SYS, Hyfindr GmbH, IDTechEx Ltd, Lectron EV., Magna International Inc., MAHLE GmbH, Nissan Motor Corporation, NOW GmbH, Plug Power Inc, SAE International., Samsara Inc., Senior plc, Siemens AG, Springer Nature Switzerland AG,, Valeo SA, Volvo Car Corporation, and Wrightspeed Inc..

Market Segmentation & Coverage

This research report categorizes the Electric Vehicle Range Extender Market to forecast the revenues and analyze trends in each of the following sub-markets:

Extender Type
Fuel Cell Range Extender
ICE Range Extender
Component
Battery Pack
Electric Motor
Generator
Power Converter
Vehicle Type
Commercial Vehicles
Passenger Vehicles
Region
Americas
Argentina
Brazil
Canada
Mexico
United States
California
Florida
Illinois
New York
Ohio
Pennsylvania
Texas
Asia-Pacific
Australia
China
India
Indonesia
Japan
Malaysia
Philippines
Singapore
South Korea
Taiwan
Thailand
Vietnam
Europe, Middle East & Africa
Denmark
Egypt
Finland
France
Germany
Israel
Italy
Netherlands
Nigeria
Norway
Poland
Qatar
Russia
Saudi Arabia
South Africa
Spain
Sweden
Switzerland
Turkey
United Arab Emirates
United Kingdom

Please Note: PDF & Excel + Online Access - 1 Year