Global Electric Vehicle Range Extender Market was 194,123 Units in 2017 and is expected to reach 512,080 Units by 2026 at a CAGR of about 12.89% during a forecast.
Global Electric Vehicle Range Extender Market is segmented into by type, by vehicle type, by component, and by region. Based on the type, electric vehicle range extender market is classified into ICE Range Extender, Fuel Cell Range Extender & Others. In vehicle type are parted into Passenger Vehicle & Commercial Vehicle. In component are segmented into Battery Pack, Generator, Power Converter & Electric Motor. Geographically into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. Global Industry Analysis and forecast 2018-2026.
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Driving factors of electric vehicle range extender market are increasing demand for electric vehicles (EVs) and increasing sales of EVs in developing countries. Increasingly stringent regulations on emission coupled, government incentives on the purchase of a range extender electric vehicle, with regulation forcing vehicle manufacturers to further reduce the carbon emission and rising fuel prices will boost the demand for an electric vehicle range extender.
Electric vehicles fuel station infrastructure and higher installation cost can hamper the growth of electric vehicle range extender market.
In terms of Vehicle type, Passenger Vehicle segment shares the largest market during the forecast period. Increase in production of passenger vehicle across the globe, a decline in bank interest rate, rapid urbanization, rising safety concern, and Government initiatives and developing economies are offering several incentives. Incentives on the purchase of a range extender electric car are expected to drive more market penetration in electric vehicle range extender.
In terms of Type, ICE Range Extender segment is projected to grow at fastest during the forecast period. Major manufacturers are currently offering ICE range extender electric vehicles and a low-cost advantage is expected to drive the ICE range extender. Better fuel economy and reduced pollutant emissions, when compared to the conventional internal combustion engine (ICE) vehicles, will have more opportunity in electric vehicle range extender market.
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Among region, Asia Pacific region is expected to grow at the highest CAGR during the forecast period. Emerging economies and increasing investments in various developing countries worldwide by major industry players, strong presence of manufacturers, OEMs in China and Japan are offering range-extender electric vehicle with low cost by any other market, rapid changes in regulations to make transportation more advancing on the technology front and ever-increasing population will have more demand in electric vehicle range extender market.
Magna International, Rheinmetall, MAHLE, FEV Group, Nissan, General Motors, BMW, Plug Power, Ballard Power Systems, AVL, BJORKSTEN BIT 7, Nikola Corporation, Wrightspeed Inc., EP Tender, Fagor Ederlan Group, Delta Motorsport Ltd., Nikola Motor, Ceres Power, Horizon Fuel Cell Technologies and Ashwoods Electric Motors.