iCrowd Newswire - May 26, 2020
The Global Electric Vehicle (EV) Range Extender Market is estimated to grow at a CAGR of 9% during the forecast period 2019-2026. The market research study presents that the EV range extender industry accounted $839.8 million in the year 2018 and is estimated to reach $1.67 billion by the end of the year 2026.
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The EV range extender industry is driven by various growth factors such as engine downsizing and increase in demand for driving range extension for EVs. However, enhanced focus of Original Equipment Manufacturers (OEMs) towards reducing the battery prices and development of extending driving range of Battery Electric Vehicles (BEVs) are some growth restraining factor of the global EV range extender market. While, on contrary, surge in demand for fuel cell range extender coupled with development of innovative range extenders offer lucrative market opportunities for the market growth.
Segmentation Overview of the Global EV Range Extender Market
The global EV range extender market is segmented on the basis of various market segments that include type, component and vehicle type. These segments are further categorized into various sub-segments to study the market in detail considering various factors and geographical conditions.
The Type Segment of the Global EV Range Extender Market is Sub-Segmented into:
- Fuel Cell Range Extender
- ICE Range Extender
The Component Segment of the Global EV Range Extender Market is Sub-Segmented into:
- Battery Pack
- Power Converter
- Electric Motor
The Vehicle Type Segment of the Global EV Range Extender Market is Sub-Segmented into:
- Passenger Vehicle
- Commercial Vehicle
As per the analyst viewpoint, the ICE range extender of the type segment valued to hold ~50% of the segment share in the year 2019 and is predicted to hold the dominant position throughput the forecast period 2019-2026. Similarly, the battery pack component segment contributed ~1/3rd of the total market share.
Geographical Overview of the Global EV Range Extender Market
The global EV range extender market is segmented on the basis of various geographical regions, such as:
- North America (Canada, U.S. and Mexico)
- Europe (Germany, France, UK, Italy and Rest of Europe)
- Asia Pacific (Japan, China, India, South Korea and Rest of Asia Pacific)
- LAMEA (Latin America, Middle East and Africa)
As per the regional study, the North America EV range extender market is estimated to grow at fastest growth rate with highest CAGR of 10.6% during the forecast period 2019-2026. The regional growth is attributed to growth in investments to develop EV infrastructure in the region. Similarly, the Asia-Pacific EV range extender market contributed to the largest market share in terms of market revenue. The region contributed nearly 50% of the share in the global marketplace in the year 2019 and is estimated to maintain the dominant market position throughout the forecast period. The regional dominance is attributed to wide adoption of EVs along with increasing demand for range extender for long distance travel in minimal charging.
Market Competition Insights
Rheinmetall, Plug Power Inc., Nissan Motor Corporation, MAHLE, Magna International, Delta Motorsport, Ceres Power, BMW, Ballard Power Systems and AVL are some major players included in the research study of the global EV range extender market. The market players are adopting various competitive strategies to withhold the large market share in the global EV range extender market.
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Keywords: Electric Vehicle (EV) Range Extender Market