Global Electric Vehicle Range Extender Market Overview
As per MRFR analysis, the Electric Vehicle Range Extender Market Size was estimated at 1.91 (USD Billion) in 2022. The Electric Vehicle Range Extender Market Industry is expected to grow from 2.26 (USD Billion) in 2023 to 10.17 (USD Billion) by 2032. The Electric Vehicle Range Extender Market CAGR (growth rate) is expected to be around 18.18% during the forecast period (2024 - 2032).
Key Electric Vehicle Range Extender Market Trends Highlighted
Key market drivers for electric vehicle (EV) range extenders include rising fuel prices, increasing demand for EVs, and advancements in battery technology. Governments worldwide are promoting the adoption of EVs through incentives and regulations, creating a favorable market environment for range extenders. Growing concerns over range anxiety and the limited driving range of EVs on a single charge are fueling the demand for range extenders. These devices provide additional power to EVs, extending their driving range and reducing the need for frequent charging.
Additionally, the increasing popularity of EVs in regions with limited charging infrastructure presents opportunities for range extenders to enhance the practicality and convenience of EV ownership. Recent trends in the EV range extender market include the emergence of compact and lightweight designs, improved efficiency, and enhanced integration with EV powertrains. Manufacturers are focusing on developing range extenders that seamlessly integrate with the vehicle's systems, providing a smooth and efficient driving experience. Furthermore, advancements in energy storage technology, such as solid-state batteries, hold promise for further improvements in the performance and durability of range extenders.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Electric Vehicle Range Extender Market Drivers
Rising Sales of Electric Vehicles
A primary driver of the growth of the electric vehicle range extender market is the increasing popularity of electric vehicles. As more and more consumers around the world opt for electric vehicles, the demand for range extenders is also expected to increase. This is because range extenders can help mitigate the range of electric vehicles and, by extension, the range anxiety associated with them, making this type of vehicle more appealing to consumers. As such, the growth of electric vehicle sales will lead to a growth in the demand for the technology. Moreover, the growth is expected to be fueled by government regulation and incentives because the wide adoption of electric vehicles, including range extenders, is in line with the governmental institution’s commitment to sustainability and the overall reduction of emissions.
Technological Advancements
Technological advancements are one of the factors driving the electric vehicle range extender market. Range extenders are becoming more efficient and less expensive, making them more appealing to consumers. However, advancements in battery technology are also improving the range of electric vehicles, which is decreasing the need for range extenders. Despite this, most electric vehicles still have a range of less than 200 miles on a single charge, so range extenders offer a number of advantages over electric vehicles, such as the ability to travel farther and the reduced need for charging.
Government Regulations
Another important factor that might increase the demand for electric vehicle range extenders is government regulation. Currently, different governments implement regulations to decrease emissions from vehicles. Environmental concerns can also motivate the installation of range extenders. Moreover, some governments provide tax credits for customers who purchase electric vehicles.
Electric Vehicle Range Extender Market Segment Insights
Electric Vehicle Range Extender Market Technology Insights
The Electric Vehicle Range Extender Market is bifurcated by technology into BEV-REx, which includes Battery Electric Vehicle Range Extender, and PHEV-REx, which stands for Plug-In Hybrid Electric Vehicle Range Extender. BEV-REx category was the leading market segment in 2023, and it will remain the most dominant market segment throughout the entire forecast period. Growth in the BEV-REx market segment is driven by the increasing adoption of BEVs. Battery-electric vehicle usage is no longer limited to cities or towns, with vehicles still being powered by batteries. The use of a BEV-REx has added more power output, assisting BEVs in being efficient and reliable for long-distance travel. The PHEV-REx category will also have substantial market growth during the forecast period. The increasing adoption of PHEVs is due to the fact that they have the same benefits as gasoline-powered vehicles. Market Growth is supported by increasing sales of electric vehicles, growing concern about environmental pollution, and growing government support.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Electric Vehicle Range Extender Market Vehicle Type Insights
The Electric Vehicle Range Extender Market is segmented based on Vehicle Type. These are Passenger Cars, Light Commercial Vehicles, and Heavy Commercial Vehicles. According to report, Passenger Cars were the highest contributor segment in the total market share of the Electric Vehicle Range Extender Market in 2023 and would continue to maintain its dominance till the end of 2031. The ever-growing demand for personal mobility among the population drives the segment at a significant pace. Moreover, a significant number of government schemes, incentives, stringent environmental regulations, and laws to promote the adoption of electric vehicles are an important avenue of growth for both developing and developed countries.
In addition, around 60% of the market share will be registered in the Electric Vehicle Range Extender Market in 2023. Light Commercial Vehicles is another major segment of the Electric Vehicle Range Extender Market, as for the period of 2023, it made up nearly 25% of the global revenue. Increased deployment of these types of vehicles is due to the continuous growth of last-mile delivery and urban logistics. Additionally, as for the period of 2023, Heavy Commercial Vehicles made up around 15% of the Electric Vehicle Range Extender Market revenue and are expected to grow at a moderate pace.
Electric Vehicle Range Extender Market Application Insights
The application segment of the Electric Vehicle Range Extender Market is categorized into fleet vehicles, public transport vehicles, and personal vehicles. In 2023, the fleet vehicles segment held the largest market share due to the increasing adoption of electric vehicles by fleet operators to reduce operating costs and meet sustainability goals. The public transport vehicles segment is projected to grow at a significant CAGR during the forecast period as governments and public transportation authorities invest in electrifying public transportation systems. The personal vehicles segment is expected to witness steady growth driven by rising consumer demand for extended-range electric vehicles that offer the convenience of longer driving distances without the need for frequent charging.
Electric Vehicle Range Extender Market Power Source Insights
The Electric Vehicle Range Extender Market is segmented by Power Source into Internal Combustion Engine, Fuel Cell, and Turbine. In 2023, the Internal Combustion Engine segment held the largest market share of 73.2%, followed by Fuel Cell with 18.5% and Turbine with 8.3%. The Internal Combustion Engine segment is expected to continue to dominate the market over the forecast period, with a market share of 68.1% in 2032. This is due to the lower cost and higher availability of internal combustion engines compared to other power sources. The Fuel Cell segment is expected to grow at a CAGR of 20.6% over the forecast period, driven by the increasing demand for zero-emission vehicles. The Turbine segment is expected to grow at a CAGR of 16.4% over the forecast period, driven by the advancements in turbine technology and the increasing demand for high-power range extenders.
Electric Vehicle Range Extender Market Regional Insights
The regional segmentation of the Electric Vehicle Range Extender Market offers valuable insights into the industry's geographical presence and growth potential. North America is projected to dominate the market in 2023 due to its substantial automotive sector and favorable government policies supporting electric vehicle adoption. Europe follows closely, driven by stringent emissions regulations and a growing consumer preference for eco-friendly vehicles. The APAC region is expected to witness significant growth in the coming years, particularly in China and India, due to increasing urbanization and government initiatives to promote electric mobility. South America and MEA represent emerging markets with untapped potential that are expected to contribute to the overall market expansion.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Electric Vehicle Range Extender Market Key Players And Competitive Insights
The electric vehicle range extender market is experiencing significant growth predominantly because leading market players are investing in the development of novel products and systems. Electric vehicle range extenders significantly increase the driving range of electric vehicles by incorporating and combining existing and emerging technologies. The Electric Vehicle Range Extender Market is characterized by heightened competition because leading market players are incorporating and partnering in order to share technological expertise. Today, leading players in the Electric Vehicle Range Extender Market are increasingly focusing on expanding their product range. As such, novelties and emerging technologies such as electric vehicle range extenders are likely to witness substantial growth in the near future.
The dominance of leading players such as BMW and their Electric Vehicle Range Extender technologies, eDrive, can be attributed to several factors. Firstly, the company is well-known for its ability to deliver high-quality luxury vehicles. It is important to note that the company produces both electric and hybrid vehicles, such as the i3 and i8 models. The eDrive by BMW is essentially a range extender that combines both an electric motor and a gasoline-powered means to solve the electric power limited travel range. The company has a significant competitive advantage over other leading market players because it has increased accessibility owing to a high number of dealers in different parts of the world. Another leading market player is Chevrolet, which produces the Volt electric vehicle. Similar to BMW, Chevrolet has an extensive customer base and a reputation for producing affordable electric vehicles with electric range extenders.
Key Companies in the Electric Vehicle Range Extender Market Include
- Mahle
- SAIC Motor
- Hyundai Mobis
- Punch Powertrain
- Tenneco
- Ficosa
- Samsung Electronics
- WABCO
- ZF Friedrichshafen
- Denso Corporation
- Valeo
- BorgWarner
- Eberspaecher
- Continental
- Schaeffler
Electric Vehicle Range Extender Market Industry Developments
The Electric Vehicle Range Extender Market is projected to reach USD 10.17 billion by 2032, exhibiting a CAGR of 18.18% during the forecast period (2024-2032). Rising fuel prices, increasing government regulations to reduce carbon emissions, and growing consumer demand for eco-friendly vehicles are driving market growth. Key players in the market include AVL List GmbH, Continental AG, and Robert Bosch GmbH. Recent industry developments include the launch of new products, such as the Nissan e-POWER range extender system, and strategic partnerships, such as the collaboration between Hyundai and Arrival, to develop electric commercial vehicles.
Electric Vehicle Range Extender Market Segmentation Insights
-
Electric Vehicle Range Extender Market Technology Outlook
- Battery Electric Vehicle Range Extender (BEV-REx)
- Plug-In Hybrid Electric Vehicle Range Extender (PHEV-REx)
-
Electric Vehicle Range Extender Market Vehicle Type Outlook
- Passenger Cars
- Light Commercial Vehicles
- Heavy Commercial Vehicles
-
Electric Vehicle Range Extender Market Application Outlook
- Fleet Vehicles
- Public Transport Vehicles
- Personal Vehicles
-
Electric Vehicle Range Extender Market Power Source Outlook
- Internal Combustion Engine
- Fuel Cell
- Turbine
-
Electric Vehicle Range Extender Market Regional Outlook
- North America
- Europe
- South America
- Asia Pacific
- Middle East and Africa
| Report Attribute/Metric |
Details |
| Market Size 2022 |
1.91 (USD Billion) |
| Market Size 2023 |
2.26 (USD Billion) |
| Market Size 2032 |
10.17 (USD Billion) |
| Compound Annual Growth Rate (CAGR) |
18.18% (2024 - 2032) |
| Report Coverage |
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Base Year |
2023 |
| Market Forecast Period |
2024 - 2032 |
| Historical Data |
2019 - 2023 |
| Market Forecast Units |
USD Billion |
| Key Companies Profiled |
Mahle, SAIC Motor, Hyundai Mobis, Punch Powertrain, Tenneco, Ficosa, Samsung Electronics, WABCO, ZF Friedrichshafen, Denso Corporation, Valeo, BorgWarner, Eberspaecher, Continental, Schaeffler |
| Segments Covered |
Technology, Vehicle Type, Application, Power Source, Regional |
| Key Market Opportunities |
1 Growing demand for EVs 2 Government incentives 3 Technological advancements 4 Increased consumer awareness 5 Expansion of charging infrastructure |
| Key Market Dynamics |
Rising EV adoption Growing demand for extended range Stringent emission regulations Technological advancements Government incentives |
| Countries Covered |
North America, Europe, APAC, South America, MEA |
Frequently Asked Questions (FAQ) :
The Electric Vehicle Range Extender Market is expected to reach USD 10.17 billion by 2032, growing at a CAGR of 18.18% from 2024 to 2032.
North America region is expected to hold the largest share in the Electric Vehicle Range Extender Market, owing to the increasing adoption of electric vehicles and government initiatives to promote the use of clean energy vehicles.
The key growth factors driving the Electric Vehicle Range Extender Market include rising concerns over environmental pollution, increasing demand for extended driving range, and government regulations promoting the adoption of electric vehicles.
Electric Vehicle Range Extenders are primarily used in electric vehicles to extend their driving range. They can be used in a variety of applications, including passenger cars, commercial vehicles, and industrial vehicles.
Some of the key competitors in the Electric Vehicle Range Extender Market include Continental AG, Robert Bosch GmbH, Denso Corporation, BorgWarner Inc., and Hitachi Automotive Systems, Ltd.
The Electric Vehicle Range Extender Market in North America is expected to reach USD 2.45 billion by 2032, growing at a CAGR of 17.5% from 2024 to 2032.
The Electric Vehicle Range Extender Market faces challenges such as high cost, limited driving range, and lack of charging infrastructure. However, ongoing advancements in technology and government initiatives are expected to mitigate these challenges in the future.
The Electric Vehicle Range Extender Market presents opportunities for growth due to increasing environmental concerns, rising demand for electric vehicles, and technological advancements. Collaboration between automakers and technology companies is expected to drive innovation and market expansion.
The COVID-19 pandemic had a moderate impact on the Electric Vehicle Range Extender Market. Supply chain disruptions and economic slowdown led to a temporary decline in demand. However, the market is expected to recover and continue its growth trajectory as the pandemic subsides.
Key trends in the Electric Vehicle Range Extender Market include the development of more efficient and affordable range extenders, the integration of renewable energy sources, and the adoption of advanced technologies such as wireless charging and vehicle-to-grid systems.
