Electric Vehicle Range Extender Market: Overview
An electric vehicle range extender is an additional electrical power supply unit for electric vehicles that includes an auxiliary power unit (APU). Major components of an electric vehicle range extender are the ICE, generator, AC/DC converter, and fuel tank. In the urban areas of developing countries with dense traffic, the average speed of a vehicle is around 50 km/h. In these areas, the rolling resistance losses of vehicles are more important as compared to aerodynamic loses. Therefore, developing countries are projected to represent an addressable opportunity for the electrical vehicle range extender market over the forecast time period. Furthermore, countries where the speed of vehicles on highways is limited, there is business opportunity for electric vehicle range extenders, owing to electric vehicles having a limited speed range. In military operations conventional vehicles are unable to reach nearby targets due to limited fuel capacity. For efficiently performing these type of secret operations, electric vehicle range extenders are being used. Seeing this optimistic scenario of electric vehicles, tech giant players are developing electric vehicle range extenders for renowned automotive players such as BMW. The company also announced that it plans to launch the BMW iX3 with the ICE type electric vehicle range extender. Nissan also announced that it will introduce the Nissan e-Power type electric vehicle range extender for catering to the demand of Indian consumers in the coming years.
Electric Vehicle Range Extender Market: Dynamics
The governments of countries such as the U.S., China, and Germany are conducting schemes and plans for increasing the adoption rates of electric vehicle range extenders for electric vehicles in order to create a green transportation environment. Moreover, OEMs such as Suzuki and Nissan are planning to launch electric vehicles equipped with an ICE type electric vehicle range extenders in India, which will surge the demand for electric vehicle range extenders. Moreover, rising disposal income and consumer spending for reduced emissions are also anticipated to pave the way for the electric vehicle range extender market over the stipulated time period. High initial costs coupled with lack of awareness pertaining to electric vehicle range extenders are the prominent factors which may hinder the growth of the electric vehicle range extender market during the forecast period.
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Electric Vehicle Range Extender Market: Segmentation
On the basis of product type, the electric vehicle range extender market can be segmented as:
Fuel Cell Range Extenders
ICE Range Extenders
Others
On the basis of component, the electric vehicle range extender market can be segmented as:
Generators
Power Converters
Electric Motors
Battery Packs
On the basis of vehicle, the electric vehicle range extender market can be segmented as:
Passenger Vehicles
Commercial Vehicles
Off-highway Vehicles
Autonomous Underwater Vehicles (AUVs)
Others
On the basis of end user, the electric vehicle range extender market can be segmented as:
Aircraft
Military
Municipality
Others
Electric Vehicle Range Extender Market: Regional Outlook
North America is projected to be dominate the electric vehicle range extender market, owing to the rising adoption rate of electric vehicles as well as supportive government regulations pertaining to reduce the emission of carbon particles. This is anticipated to boost the market value for the electric vehicle range extender market during the forecast period. Western Europe is projected to be the second-largest marker for electric vehicle range extenders, owing to a surge in the demand for electric vehicles, which may also ramp up the volume sales of electric vehicle range extenders during the forecast period. Asia pacific is projected to be the fastest growing region for electric vehicle range extenders, owing to the increasing awareness of electric vehicles in China, India, and Japan. In the Middle East and Africa region, governments are focusing on green transportation through the adoption of electric vehicles, which is also projected to lead to a significant contribution in the growth of the electric vehicle range extender market during the forecast period.
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Electric Vehicle Range Extender Market: Key Participants
Some of the market participants in the electric vehicle range extender market identified across the value chain:
Wrightspeed Inc.
Magna International
MAHLE Powertrain Ltd.
PLUG POWER INC.
Ballard Power Systems
BMW of North America
Nikola Motor
Delta Motorsport Ltd.
Fagor Ederlan Group
EP Tender