Electric Vehicle Range Extender Market

Electric Vehicle Range Extender Market – Overview

The global electric vehicle range extender market is projected to grow at a favorable rate from 2021 to 2031 (forecast period). Increasing sales and demand for electric vehicles are two main aspects likely to drive the growth of the global electric vehicle range extender market. Moreover, due to increasing environmental concerns, the usage of electric vehicles has expanded in both developing and developed countries. Furthermore, the governments of these regions are offering subsidies and incentives to encourage the adoption of electric vehicles. This aspect is projected to propel the worldwide electric vehicle range extender market throughout the forecast period.

Electric Vehicle Range Extender Market – Competitive Landscape

Key players active in the global electric vehicle range extender market include Rheinmetall AG, MAHLE GmbH, Magna International Inc., AVL LIST GmbH, BJORKSTEN BIT 7, Ballard Power Systems Inc., PLUG POWER INC., Nissan Motor Company Ltd., Nikola Corporation, and FEV Group.

To expand their global reach, key market players are pursuing market strategies such as alliances, investments, acquisitions, technological innovations, and R&D activities.

Electric Vehicle Range Extender Market – Trends and Opportunities

Increased demand for electric vehicle range extender and engine downsizing is expected to boost the global electric vehicle range extender market. The increased production and sales of electric vehicles have compelled manufacturers to create vehicle range extender solutions. This is due to the fact that the battery deployed in electric vehicles has a finite power storage capacity that is depleted based on the vehicle's usage. Moreover, the lack of suitable vehicle charging infrastructure complicates the implementation of such systems for electric vehicles in order to give a pleasant driving experience and eliminate the need for battery charge after a set period. As a result, a rise in demand for electric vehicle driving range extension is a major factor that is likely to fuel the growth of the electric vehicle range extender market over the forecast period.

Engine downsizing is the process of using a smaller but more powerful engine in a vehicle rather than a specific large engine built to accomplish the same duty. Engine downsizing allows vehicle manufacturers to produce more efficient vehicles with lower emissions due to the engine's less weight. Numerous automobile manufacturers have made advancements in engine reduction, which has bolstered the concept. The Volkswagen Group, for example, substituted their 1.6 and 2.0-liter gasoline engines with the 1.4 TSI unit. This resulted in a 5% reduction in fuel consumption over the older engines, allowing the manufacturer to improve the product to a much greater level. As a result, analogous additional improvements in the global engine downsizing market are likely to boost the electric vehicle range extender market during the forecast period.

Furthermore, major vehicle manufacturers such as BMW, Audi, and others have introduced various fuel cell-based electric vehicles, which has aided the global growth of electric vehicles. Additionally, compared to basic battery-powered vehicles, fuel cell-powered vehicles are more efficient in propulsion.

Electric Vehicle Range Extender Market – Regional Landscape

The North America electric vehicle range extender market is expected to grow due to the growing demand for a fuel-efficient commercial fleet. Moreover, the rising popularity of EVs is expected to drive market expansion in the region during the forecast period. Furthermore, the presence of EV companies in the region is estimated to boost market growth.

The electric vehicle range extender market in Asia Pacific is anticipated to expand due to the rising influence of EVs in the region. Moreover, India and China are the important markets in Asia Pacific since all major automakers have manufacturing facilities in the nation and are major exporters of EVs worldwide. Furthermore, high urbanization and smart cities are projected to drive the EV sector's expansion, propelling the development of the electric vehicle range extender market.