The global electric vehicle range extender market size was estimated at US$ 1 billion in 2022 and is expected to surpass around US$ 2.31 billion by 2032, poised to grow at a CAGR of 8.80% over the forecast period 2023 to 2032.
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Electric Vehicle Range Extender Market in U.S. 2023 To 2032
The U.S. electric vehicle range extender market size was valued at US$ 0.32 billion in 2022 and is predicted to reach around US$ 0.72 billion by 2032, poised to grow at a CAGR of 8.70% over the forecast period 2023 to 2032.
North America dominated the electric vehicle range extender market in 2022 with revenue share of 45%. The U.S. dominated the electric vehicle range extender market in North America region. The factors such as technological advancements, surge in demand for batteries, and growing adoption of electric vehicles are driving the growth of the electric vehicle range extender market in the region. In addition, the growing government initiatives for the development of electric vehicle market are creating demand for electric vehicle range extender in the North America region.
Europe, on the other hand, is expected to develop at the fastest rate 13% during the forecast period. The UK dominates the electric vehicle range extender market in Europe region. The growth of the electric vehicle range extender market in Europe region is mainly driven by the growing sales of electric and hybrid vehicles in the market. Moreover, the existence of major market players is boosting the electric vehicle range extender market growth in the region.
Growth Factors
The electric vehicle range extender is used to power the batteries of electric vehicles and also used for industrial vehicles and commercial vehicles. The electric vehicles and hybrid vehicles run on electricity. The electric vehicle range extender is effective and efficient in nature as it provides additional energy and power to the vehicles.
One of the key factors driving the growth of the global electric vehicle range extender market is growing sales of electric vehicles and demand for electric vehicles in the global market. The adoption of electric vehicles has increased in developed and developing regions due to growing environmental concerns. In addition, the government of these regions is providing incentives and subsidies for the adoption of electric vehicles in the market. This factor is propelling the growth of the global electric vehicle range extender market over the forecast period.
Furthermore, the demand for hybrid and plug-in hybrid electric vehicles are rising at a rapid pace. The hybrid vehicles use more than two sources of energy and power. The plug-in hybrid vehicles need batteries to run. These batteries are rechargeable batteries which require good charging infrastructure and charging unit. For this, electric vehicle range extender is used on a large scale. Moreover, the internal combustion engine (ICE) range extender is being used for hybrid and plug-in hybrid electric vehicles.
Report Scope of the Electric Vehicle Range Extender Market
| Report Coverage | Details |
| Market Size by 2032 | USD 2.31 Billion |
| Growth Rate from 2023 to 2032 |
CAGR of 8.80% |
| North America Market Share in 2022 | 45% |
| Passenger Vehicle Market Share in 2022 | 85% |
| Base Year | 2022 |
| Forecast Period | 2023 to 2032 |
| Segments Covered | Product, Vehicle, Component, Geography |
| Companies Mentioned | Nissan, Delta Motorsport, Magna International, General Motors, Ballard Power Systems, Mahle, Ceres Power, BMW, Rheinmetall, Plug Power |
On the other hand, the declining costs of lithium-ion batteries is creating challenge for the growth of the global electric vehicle range extender market over the forecast period. The lithium-ion batteries are largely deployed in the electric vehicle range extender. Thus, the drop in the prices of lithium-ion batteries is restricting the growth of the global electric vehicle range extender market.
The impact of the COVID-19 epidemic on the global electric vehicle range extender market is quite negative. The electric vehicle range extender market faced adverse effects in terms of production and sales during 2020. In addition, the decline in the sales of electric vehicles has also resulted into the drop in the sales of electric vehicle range extender in the global market. Nevertheless, the rebound of the global electric vehicle range extender market is expected in the near future as trade restrictions are being removed globally.
The growth in the electric vehicles market in the developing and developed regions such as North America, Asia-Pacific, and Europe is providing positive outlook for the growth and development of the global electric vehicle range extender market. The electric vehicle range extender market is growing in such regions due to rising adoption and acceptance of electric vehicles and hybrid electric vehicles.
The manufacturers of electric vehicle range extender and original equipment manufacturers (OEMs) are collaborating with electric vehicle manufacturers. This is helping them to create strong position in the electric vehicle range extender market globally. The key market players are also adopting strategies such as collaboration, mergers, and product launches.
Product Insights
The ICE range extender segment accounted revenue share of 74% in 2022. The internal combustion engine (ICE) range extender segment is growing due to its low cost. The surge in demand for ICE range extender is due to growing adoption of hybrid electric vehicles in the global market.
The fuel cell range extender segment is fastest growing segment of the electric vehicle range extender market in 2020. The fuel cell vehicles are adopted on a large scale globally. The fuel cell vehicles are heavily dependent on the fossil fuels such as petrol and diesel. Thus, the demand for fuel cell range extender is rising.
Vehicle Insights
The passenger vehicles segment accounted largest revenue share 85% in 2022. The key market players are integrating electric vehicle range extender technologies in passenger vehicles in order to gain competitive advantage in the electric vehicle range extender market. In addition, the government is taking constant efforts for the deployment of electric vehicle range extender in the passenger vehicles.
The commercial vehicles segment is fastest growing segment of the electric vehicle range extender market in 2022. The emerging and established nations such as the UK and the U.S. are accepting and adopting electric vehicle range extender for commercial vehicles on the large scale. As a result, this factor is driving the growth of the segment in the global electric vehicle range extender market.
Component Insights
The battery pack segment accounted market share of around 43% in 2022. The battery pack is used for long duration of time. Normally, the battery packs are used for around 5 years. As compared to other components, the battery packs are very efficient in nature for electric vehicles.
The electric motor segment is fastest growing segment of the electric vehicle range extender market in 2022. The growing technological developments and advanced technologies are driving the demand for electric motor for electric vehicle range extender in the global market. The electric motor is part of fuel cell range extender. Thus, the surge in demand for fuel cell vehicle is resulting into increased demand for electric motor.
Key Developments
Some of the prominent players in the global electric vehicle range extender market include:
Segments Covered in the Report
By Product
By Vehicle
By Component
By Geography
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