Global Electric Vehicle Range Extender Market to Reach US$ 3.4 Billion by 2032, Fueled by Increasing Demand for Electric Vehicles

May 31, 2023 | Automotive Industry

According to the latest report by IMARC Group, titled “­­Electric Vehicle Range Extender Market Report by Type (Fuel Cell Range Extender, ICE Range Extender, and Others), Component (Battery Pack, Power Converter, Generator, Electric Motor), Vehicle Type (Passenger Vehicle, Commercial Vehicle), and Region 2024-2032,” the global electric vehicle range extender market size reached US$ 1.5 Billion in 2023. An electric vehicle range extender (EVRE) is an add-on system that prolongs the range of an electric vehicle by providing an additional power source to supplement the vehicle's internal combustion engine (ICE). It consists of a small generator and a battery system, which are used to extend the electric vehicle's range while still utilizing energy from the vehicle's internal gasoline or diesel engine. EVRE also allows the driver to tackle more challenging terrain by facilitating more control over driving operations. In addition to this, it helps lower greenhouse gas (GHG) emissions by reducing the demand for petroleum-based fuels as they enable the use of electricity produced from renewable sources. Some of the standard EVREs include ICEs, fuel cells, and other engine types.

Global Electric Vehicle Range Extender Market Trends:

The rising demand for electronic vehicles (EVs) due to the escalating environmental concerns among consumers and the increasing need to reduce the dependence on fossil fuels, reduce emissions, and adopt a more sustainable transport system represents the key factor driving the market growth. Moreover, governments around the world are offering incentives, such as tax breaks, subsidies, and purchase assistance, to encourage the adoption of electric vehicles and range extenders and support renewable energy resources, which, in turn, are aiding in market expansion. In addition to this, the advent of clean EVREs that offer electric propulsion with zero local carbon dioxide (CO2) emissions is propelling the market forward. These innovative ranger extenders feature compact and cost-effective micro gas turbines and solid oxide fuel cells (SOFCs) that offer high power density and can be paired with an EV platform. Furthermore, favorable advancements in battery technologies have enabled quick recharge capabilities. This, along with significant improvements in charging infrastructure providing greater convenience for electric vehicle owners, is contributing to the market growth. Besides this, rapid urbanization, the emergence of smart cities, inflating disposable income levels, surging fuel prices, the growing demand for long-range electric cars, buses, and trucks, and ongoing research and development (R&D) activities and innovations in range extender technologies are strengthening the market growth. Looking forward, the market value is projected to reach US$ 3.4 Billion by 2032, expanding at a CAGR of 9.5% during 2024-2032.

Market Summary:

  • Based on the type, the market is categorized into fuel cell range extender, ICE range extender, and others.
  • On the basis of the component, the market has been segregated into battery pack, power converter, generator, and electric motor.
  • Based on the vehicle type, the market is bifurcated into passenger and commercial vehicle.
  • On a regional basis, the market has been segmented into North America (the United States and Canada), Asia-Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others), Latin America (Brazil, Mexico, and others), and Middle East and Africa.
  • The competitive landscape of the market has also been examined, with some of the key players being AB Volvo, AVL, Ballard Power Systems Inc., Bayerische Motoren Werke AG, Ceres Power, Emoss Mobile Systems B.V. (Precision Camshafts Limited), General Motors Company, Magna International Inc., MAHLE GmbH, Nissan Motor Co. Ltd. (Groupe Renault) and Rheinmetall AG.

Report Scope:

Report Features Details
Base Year of the Analysis 2023
Historical Period 2018-2023
Forecast Period 2024-2032
Units US$ Billion
Segment Coverage Type, Component, Vehicle Type, Region
Region Covered  Asia Pacific, Europe, North America, Latin America, Middle East and Africa
Countries Covered United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
Companies Covered AB Volvo, AVL, Ballard Power Systems Inc., Bayerische Motoren Werke AG, Ceres Power, Emoss Mobile Systems B.V. (Precision Camshafts Limited), General Motors Company, Magna International Inc., MAHLE GmbH, Nissan Motor Co. Ltd. (Groupe Renault) and Rheinmetall AG.
Customization Scope 10% Free Customization
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Global Electric Vehicle Range Extender Market to Reach US$ 3.4 Billion by 2032, Fueled by Increasing Demand for Electric Vehicles
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