New York, NY, April 11, 2019 (GLOBE NEWSWIRE) -- Zion Market Research has published a new report titled “Electric Vehicle Range Extender Market by Product (Fuel Cell Range Extender, Ice Range Extender, and Others), by Component (Electric Motor, Battery Pack, Power Converter, and Generator), and by Vehicle Type (Passenger and Commercial): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2018–2025’’. According to the report, the global electric vehicle range extender market was 274,504 units in 2018 and is expected to reach approximately 554,287 units by 2025, at a CAGR of 10.54% between 2019 and 2025.
The electric vehicle range extender is an auxiliary source of power unit invented for electric vehicles, to improve the vehicles’ range in case of exhausted battery capacities after covering a certain distance. Electric vehicles range extenders are segmented into thermodynamic or electrochemical sources. Fuel cells are electrochemical sources of energy that are used as range extenders in electric vehicles. They use hydrogen to produce electricity, which significantly reduces vehicular emissions. An electric generator is an example of a thermodynamic source of energy that has an engine as the main mover.
Browse through 69 Tables & 25 Figures spread over 168 Pages and in-depth TOC on “Global Electric Vehicle Range Extender Market Size & Share 2018: By Industry Type, Segments, Demand & Growth, Analysis, and Forecast to 2025”.
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The major factors driving the global electric vehicle range extender market are the rising air pollution levels, growing government interference in the promotion of electric vehicles, and increasing demand for the long-range capability of electric vehicles. The rising scarcity of the resources has resulted in the growing adoption of electric vehicles in various countries globally. The stringent rules implemented by the government has forced the automobile manufacturers to produce low-emission vehicles or take initiative in manufacturing electric vehicles to promote the sales of electric vehicles. Furthermore, the demand for electric vehicle range extender is increasing rapidly, owing to its various benefits, such as compact and lightweight design, better fuel economy, all-electric (silent) mode of operation, available onboard power, flexibility, and engine downsizing. However, the increasing vehicle batteries cost may hinder the growth of the global electric vehicle range extender market. Alternatively, the rising demand for fuel cell range extenders is expected to create lucrative opportunities for the global electric vehicle range extender market in the upcoming years.
Based on product, the market is segmented into fuel cell range extender, ICE range extender, and others. The ICE range extender segment is expected to witness notable growth and acquire the highest market share in terms of revenue in the future, owing to its low-cost benefits and rising product demand. The component segment of the electric vehicle range extender market is majorly divided into electric motor, battery pack, power converter, and generator. The battery pack component segment is expected to hold the largest market share in terms of revenue in the future, owing to the rising focus of the manufacturers on the development of new battery technologies, which, in turn, will increase the demand for the battery pack in the market. By vehicle type, the market includes passenger and commercial vehicles.
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Based on region, North America held the largest market share in 2018. The continuous rise in the adoption of electric vehicles and hybrid vehicles is the key factor responsible for the growth of electric vehicle range extender market. The U.S. is the key country in the North American electric vehicle range extender market, owing to the high adoption of new technologies, such as towable generators and batteries, rising demand for an improved battery for long range, and positive government initiatives for the promotion of electric vehicles in the U.S.
The European electric vehicle range extender market is expected to grow significantly in the future and present huge opportunities for the regional market players. The presence of leading automotive companies, such as BMW, Volvo, Rheinmetall Automotive, and Emoss BV, is the major factor driving the region’s electric vehicle range extender market expansion. UK, Germany, Norway, and France are the leading countries contributing to the European electric vehicle range extender market.
Browse the full “Electric Vehicle Range Extender Market by Product (Fuel Cell Range Extender, Ice Range Extender, and Others), by Component (Electric Motor, Battery Pack, Power Converter, and Generator), and by Vehicle Type (Passenger and Commercial): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2018–2025” Report at https://www.zionmarketresearch.com/report/electric-vehicle-range-extender-market
Asia Pacific is estimated to be the fastest growing region in the global electric vehicle range extender market over the forecast time period. In terms of volume, Asia Pacific held the largest market share in 2018, due to the presence of emerging economies, such as China and India. These countries have contributed significantly toward the regional market growth with the large-scale adoption of range extenders for electric vehicles. With rising environmental concerns and stringent vehicle emission norms pertaining to the adoption of electric vehicles, the Asia Pacific electric vehicle range extender market is predicted to show significant growth in the future. China is the leading country for the sales of electric vehicles currently owing to the increasing demand for long-range batteries for vehicles. The growing number of OEMs in China and Japan offering electric vehicles with range extenders will drive the region’s market substantially in the upcoming years.
Latin America and the Middle East and Africa are expected to show considerable market growth in the future, owing to the large-scale adoption of electric vehicle range extenders along with its massive production in these regions. The rising air pollution, climate change, and traffic congestion are also responsible for these regions’ electric vehicles market expansion.
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Some key players of the global electric vehicle range extender market are MAHLE Group, General Motors Company, Rheinmetall Automotive AG, BMW Group, Emoss Mobile Systems BV, Magna International Inc., Plug Power Inc., AVL LIST GmbH, Nissan Motors Corporation, and Volvo Car Corporation.
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This report segments the global electric vehicle range extender market into:
Electric Vehicle Range Extender Market: Product Analysis
- ICE Range Extender
- Fuel Cell Range Extender
- Others
Electric Vehicle Range Extender Market: Component Analysis
- Battery Pack
- Electric Motor
- Power Converter
- Generator
Electric Vehicle Range Extender Market: Vehicle Type Analysis
- Passenger
- Commercial
Electric Vehicle Range Extender Market: Regional Analysis
- North America
- The U.S.
- Europe
- UK
- France
- Germany
- Asia Pacific
- China
- Japan
- India
- Latin America
- Brazil
- The Middle East and Africa
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