Electric Vehicle Range Extender Market Size, Share, Trends, Growth 2032

The global electric vehicle range extender market size was evaluated at $1274.88 million in 2023 and is slated to hit $2,656.66 million by the end of 2032 with a CAGR of nearly 8.50% between 2024 and 2032.

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The study includes drivers and restraints of the electric vehicle range extender market along with the impact they have on the demand over the forecast period. Additionally, the report includes the study of opportunities available in the electric vehicle range extender market on a global level.

Electric Vehicle Range Extender Market: Growth Factors

The electric vehicle range extender is a secondary power unit developed for electric vehicles that consist of a variety of components, such as generators, power converters, battery packs, and electric motors. These components enable range extension for electric vehicles. This type of arrangement is also known as a series hybrid drivetrain. The primary purpose of a range extender is to increase the range of electric vehicles. Less driving range is one of the main reasons for slowing down the commercial success of electric vehicles and the introduction of range extender helps in improving the driving range of electric vehicles when the battery is exhausted.

Electric vehicles with range extenders are also called extended-range electric vehicles (EREV), range-extended battery-electric vehicle (BEVx), and range-extended electric vehicles (REEV).

The growing number of electric vehicles and hybrid vehicles are driving the global electric vehicle range extender market. Furthermore, the increasing demand for driving range extension of electric vehicles and various government initiatives for eco-friendly fuel source has resulted in the growth of the electric vehicles market in many countries. These are the main factors significantly driving the growth of the global electric vehicle range extender market.

Over the last few years, government interference in the electric vehicle market has played a major role in the rising popularity of electric vehicles globally. Various governments are focused on providing rebates, incentives (financial and non-financial), and different subsidies to increase the sales of electric vehicles.

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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.

This report offers a comprehensive analysis of global electric vehicle range extender market along with market trends, drivers, and restraints of the electric vehicle range extender market. This report includes a detailed competitive scenario and product portfolio of the key vendors. To understand the competitive landscape in the market, an analysis of Porter’s Five Forces model for the market has also been included. The study encompasses a market attractiveness analysis, wherein all the segments are benchmarked based on their market size, growth rate, and general attractiveness.

Electric Vehicle Range Extender Market : Report Scope

Electric Vehicle Range Extender Market: Segmentation

The global electric vehicle range extender market is classified on the basis of product, component, and vehicle type.

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.

By vehicle type, the market includes passenger and commercial vehicles. All the segments have been analyzed based on present and future trends and the market is estimated from 2024 to 2032.

Electric Vehicle Range Extender Market: Regional Insights

The regional segmentation includes the current and forecast demand for North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. Each region has been further segmented into major countries, such as the U.S., Canada, Mexico, UK, France, Germany, China, India, Japan, South Korea, Brazil, Argentina, and GCC Countries.

Based on the region, North America held the largest market share in 2018 followed by Europe. 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. The Asia Pacific is estimated to be the fastest growing region in the global electric vehicle range extender market over the forecast time period. 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.

Electric Vehicle Range Extender Market: Competitive Space

The global electric vehicle range extender market profiles key players such as:

• 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
• Volvo Car Corporation

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
• Middle East and Africa