The electric vehicle range extender market share is expected to increase by USD 554.27 million from 2020 to 2025, and the market’s growth momentum will accelerate at a CAGR of 9.12%.
This electric vehicle range extender market research report provides valuable insights on the post-COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers market segmentation by application (passenger cars and commercial vehicles) and geography (APAC, North America, Europe, South America, and MEA). The electric vehicle range extender market report also offers information on several market vendors, including AB Volvo, AVL List GmbH, Ballard Power Systems Inc., FEV Group GmbH, Magna International Inc., MAHLE GmbH, Nissan Motor Co. Ltd., Plug Power Inc., Tata Motors Ltd., and Tesla Inc., among others.
What will the Electric Vehicle Range Extender Market Size be During the Forecast Period?
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Electric Vehicle Range Extender Market: Key Drivers and Challenges
Based on our research output, there has been a negative impact on the market growth during and post the COVID-19 era. The increasing demand for plug-in hybrid electric vehicles is notably driving the electric vehicle range extender market growth, although factors such as a decline in prices of lithium-ion batteries may impede market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic's impact on the electric vehicle range extender industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.
Key Electric Vehicle Range Extender Market Driver
There has been an increasing demand for plug-in hybrid electric vehicles. Hybrid vehicles are vehicles that are powered by more than one source of energy. Plug-in hybrid electric vehicles use a rechargeable battery as the primary source of energy and have an additional charging unit known as a range extender that is powered using an internal combustion engine fueled by gasoline. These types of range extenders can rectify the performance issues associated with the low energy retention capacity of batteries used in electric vehicles. With a specific focus on reducing pollution and enhancing the performance levels of electric vehicles, the demand for plug-in hybrid electric vehicles is expected to witness considerable growth, which will drive the demand for electric vehicle range extenders during the forecast period.
Key Electric Vehicle Range Extender Market Challenge
There has been a decline in the price of lithium-ion batteries. The lithium-ion battery is one of the most widely used battery variants in electric vehicles. The high price of lithium-ion batteries has been one of the major impediments to the growth of electric vehicles, as their use in these vehicles was not feasible initially. However, the average cost of these batteries has been dropping. With the increase in the production of fully electric vehicles, there will be a significant decline in the demand for range extenders as lithium-ion batteries will become relatively cheaper than installing additional internal combustion engines. Hence, the decline of lithium-ion battery price is one of the major challenges that will hinder the growth of the global electric vehicle range extender market during the forecast period.
This electric vehicle range extender market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2021-2025.
Who are the Major Electric Vehicle Range Extender Market Vendors?
The report analyzes the market’s competitive landscape and offers information on several market vendors, including:
- AB Volvo
- AVL List GmbH
- Ballard Power Systems Inc.
- FEV Group GmbH
- Magna International Inc.
- MAHLE GmbH
- Nissan Motor Co. Ltd.
- Plug Power Inc.
- Tata Motors Ltd.
- Tesla Inc.
This statistical study of the electric vehicle range extender market encompasses successful business strategies deployed by the key vendors. The electric vehicle range extender market is fragmented, and the vendors are deploying growth strategies such as investing substantially in research and development for finding efficient and cheap fuel for range extenders to compete in the market.
To make the most of the opportunities and recover from the post-COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments while maintaining their positions in the slow-growing segments.
The electric vehicle range extender market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.
Which are the Key Regions for Electric Vehicle Range Extender Market?
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67% of the market’s growth will originate from APAC during the forecast period. China and Japan are the key markets for the electric vehicle range extender in APAC. Market growth in this region will be faster than the growth of the market in South America and North America.
The rising level of air pollution from automobiles has driven the governments to promote the sales of electric vehicles through incentives and subsidies, which will facilitate the electric vehicle range extender market growth in APAC during the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.
What are the Revenue-generating Application Segments in the Electric Vehicle Range Extender Market?
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The electric vehicle range extender market share growth from the passenger car segment will be significant during the forecast period. Passenger cars differ from commercial vehicles in terms of design, engine power, seating, and storage capacity and are mainly used as a personal mode of transport. Usually, the range extenders are used in passenger cars as these vehicles are lightweight and have a limited driving range. The range extender in these vehicles helps in increasing the range of the vehicle to a small extent. The requirement of range extenders for electric vehicles, especially in developing countries with insufficient vehicle charging infrastructure, will lead to the demand for electric vehicle range extenders from the passenger car segment in these countries.
This report provides an accurate prediction of the contribution of all the segments to the growth of the electric vehicle range extender market size and actionable market insights on the post-COVID-19 impact on each segment.
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Electric Vehicle Range Extender Market Scope |
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Report Coverage |
Details |
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Page number |
120 |
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Base year |
2020 |
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Forecast period |
2021-2025 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 9.12% |
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Market growth 2021-2025 |
$ 554.27 million |
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Market structure |
Fragmented |
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YoY growth (%) |
6.50 |
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Regional analysis |
APAC, North America, Europe, South America, and MEA |
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Performing market contribution |
APAC at 67% |
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Key consumer countries |
China, US, Japan, Germany, and Norway |
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Competitive landscape |
Leading companies, Competitive strategies, Consumer engagement scope |
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Key companies profiled |
AB Volvo, AVL List GmbH, Ballard Power Systems Inc., FEV Group GmbH, Magna International Inc., MAHLE GmbH, Nissan Motor Co. Ltd., Plug Power Inc., Tata Motors Ltd., and Tesla Inc. |
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Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
What are the Key Data Covered in this Electric Vehicle Range Extender Market Report?
- CAGR of the market during the forecast period 2021-2025
- Detailed information on factors that will drive electric vehicle range extender market growth during the next five years
- Precise estimation of the electric vehicle range extender market size and its contribution to the parent market
- Accurate predictions on upcoming trends and changes in consumer behavior
- The growth of the electric vehicle range extender industry across APAC, North America, Europe, South America, and MEA
- A thorough analysis of the market’s competitive landscape and detailed information on vendors
- Comprehensive details of factors that will challenge the growth of electric vehicle range extender market vendors
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