DUBLIN, Sept. 20, 2023 /PRNewswire/ — The “Electric Vehicle Range Extender Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028” report has been added to ResearchAndMarkets.com’s offering.
The global electric vehicle (EV) range extender market reached a size of US$ 1.4 billion in 2022. Looking ahead, it is expected to grow to US$ 2.5 billion by 2028, with a projected compound annual growth rate (CAGR) of 10.2% during the period from 2023 to 2028.
Electric Vehicle Range Extenders and Their Significance
Electric vehicles (EVs), particularly battery electric vehicles (BEVs), often face challenges related to limited range due to battery capacity. This limitation hinders their widespread adoption. Electric vehicle range extenders address this issue by providing additional power to charge the vehicle’s battery.
These range extenders are essentially auxiliary power units (APUs) equipped with an onboard fuel converter that generates electrical energy from a liquid fuel, such as gasoline. Range extenders allow original equipment manufacturers (OEMs) to reduce the size of the battery, lowering the capital cost of BEVs.
Electric Vehicle Range Extender Market Trends
Several key trends are influencing the growth of the electric vehicle range extender market:
Increasing Demand for Hybrid Electric Vehicles (HEVs): Consumers are showing a preference for HEVs due to urbanization, rising income levels, and the limited range of purely electric vehicles (EVs).
Environmental Awareness: Electric vehicle range extenders can be powered by eco-friendly fuels like biodiesel or solar power, reducing fossil fuel consumption. Growing environmental consciousness is contributing to market growth.
Clean Range Extenders: Market leaders are introducing clean electric vehicle range extenders that offer electric propulsion with zero local carbon dioxide (CO2) emissions. Examples include micro gas turbines and solid oxide fuel cells (SOFCs), which are compact, cost-effective, and high-power-density solutions that can be integrated with EV platforms.
Alternative to Conventional Vehicles: The demand for alternatives to conventional vehicles is rising due to concerns about noise and atmospheric pollution caused by traditional automobiles.
Market Segmentation
The market is segmented based on several factors:
By Type:
Fuel Cell Range Extender
Internal Combustion Engine (ICE) Range Extender
Others
By Component:
Battery Pack
Power Converter
Generator
Electric Motor
By Vehicle Type:
Passenger Vehicle
Commercial Vehicle
By Region:
North America
Asia-Pacific
Europe
Latin America
Middle East and Africa
Competitive Landscape
Key players in the electric vehicle range extender market include AB Volvo, AVL, Ballard Power Systems Inc., Bayerische Motoren Werke AG (BMW), Ceres Power, Emoss Mobile Systems B.V. (Precision Camshafts Limited), General Motors Company, Magna International Inc., MAHLE GmbH, Nissan Motor Co. Ltd. (Groupe Renault), and Rheinmetall AG.
Key Questions Addressed in the Report
How has the global electric vehicle range extender market performed historically, and what is its growth potential in the coming years?
What impact has COVID-19 had on the global electric vehicle range extender market?
What are the key regional markets for electric vehicle range extenders?
What are the primary types of electric vehicle range extenders?
What components make up electric vehicle range extender systems?
Which vehicle types are the primary users of electric vehicle range extenders?
What are the major drivers and challenges in the industry?
Who are the key players in the global electric vehicle range extender market, and what is the level of competition in the industry?
For more information about this report visit https://www.researchandmarkets.com/r/n98mzk
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SOURCE Research and Markets