Electric vehicle range extender, also referred to as auxiliary power unit (APU), is an electric vehicle equipment that provides additional energy for electric vehicle functions and operation other than forward motion. Electric vehicle range extenders are widely found in heavy commercial vehicles and industrial vehicles. Unlike conventional vehicles, which employ diesel engines, electric vehicle range extenders utilize battery packs as a power source. An electric vehicle range extender can deliver power either via single-phase or three-phase systems.
Surge in demand for electric vehicles (EVs) and increasing sales of EVs in developing countries owing to emission concerns are key factors that are expected to boost the electric vehicle range extender market during the forecast period. An electric vehicle range extender charges its battery pack When the vehicle is in motion, while the energy stored in battery packs is utilized to provide power to vehicle heater, air conditioner, and others such integrated electric appliances of the vehicle when it is in idle condition. This is a prime feature that is anticipated to boost the electric vehicle range extender market during the forecast period. Furthermore, increasingly stringent regulations on emission coupled with offering of subsidies and incentives by governments is projected to boost the sales and demand for electric vehicles. This, in turn, is anticipated to offer lucrative opportunities to the electric vehicle range extender market during the forecast period. However, the higher cost of an electric vehicle, especially in developing regions is a major factor that is likely to hamper the electric vehicle range extender market during the forecast period.
The global electric vehicle range extender market can be segmented based on type, component, vehicle type, sales channel, and region. Based on type, the electric vehicle range extender market can be divided into ICE range extender, fuel cell range extender, and others. The ICE range extender segment is the most chosen and preferred type of electric vehicle range extender. The segment leads the electric vehicle range extender market. This is due to lower cost, which makes the range extenders economical.
In terms of component, the electric vehicle range extender market can be bifurcated into battery packs, electric motor, and two other segments. The battery segment accounts for a prominent share of the electric vehicle range extender market. Battery pack is an array of identical battery cells that provides power. It is a major component of the electric vehicle range extender.
Based on vehicle type, the electric vehicle range extender market can be split into passenger electric vehicle and commercial electric vehicle. The passenger electric vehicle segment accounts for a prominent share of the electric vehicle range extender market. This is primarily due to higher adoption of electric vehicles owing to emission concerns and awareness.
In terms of sales channel, the electric vehicle range extender market can be bifurcated into OEMs (original equipment manufacturers) and aftermarket. The aftermarket segment leads the electric vehicle range extender market due to the replacement rate of battery cells and other components, owing to their short lifespan. The aftermarket segment is estimated to expand at a significant growth rate during the forecast period.
Based on geography, the global electric vehicle range extender market can be split into North America, Latin America, Europe, Asia Pacific, and Middle East & Africa. Asia Pacific dominates the global electric vehicle range extender market. Asia Pacific is considered as a global leader in terms of sales and production of electric vehicles, especially countries such as China, Japan, and South Korea, which witness a significant rate of adoption of electric vehicles. Rise in pollution and implementation to replace conventional vehicles by 2040 are other important factors that are projected to boost the electric vehicle range extender market during the forecast period.
Major players operating in the global electric vehicle range extender market include MAHLE GmbH, Magna International Inc., Rheinmetall AG, Ballard Power Systems Inc., BJORKSTEN BIT 7, PLUG POWER INC., AVL LIST GmbH, Nikola Corporation, Nissan Motor Company Ltd., and FEV Group.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.