According to a new market research report "Electric Vehicle Range Extender Market by Type (ICE Range Extender, Fuel Cell Range Extender, and Others), Component (Battery Pack, Generator, Power Converter, and Electric Motor), Vehicle (PC and CV), and Region - Global Forecast to 2025", published by MarketsandMarkets™, the global market is estimated to be 218,129 units in 2018 and is projected to reach 479,027 units by 2025, at a CAGR of 11.89%.
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ICE range extender is the fastest growing segment of Electric Vehicle Range Extender Market, by type
The cost of an ICE range extender is lower than a fuel cell range extender. Due to its low-cost advantage, the market for ICE range extender is expected to grow in the near future. Additionally, OEMs such as Nissan (Japan) and Suzuki (Japan) plan to launch electric vehicles equipped with an ICE range extender in developing economies such as India. These factors will help to drive the ICE range extender market.
Passenger car segment to acquire the largest share of Electric Vehicle Range Extender Market, by vehicle type
The passenger car segment is estimated to hold the largest share of the Electric Vehicle Range Extender Market, by vehicle type. Government initiatives and incentives on the purchase of a range extender electric car are expected to boost the market for electric vehicle range extender in the passenger car segment. Governments in developed and developing economies are offering several incentives such as environmental bonus on the passenger car range extender electric vehicles due to their low-emission benefits. For instance, the French government has announced a bonus of approximately USD 8,946 on the purchase price of pure electric and range extender electric cars. The bonus scheme came into effect on January 4, 2016.
Asia Pacific: The largest market for theElectric Vehicle Range Extender Market
The Asia Pacific region is estimated to hold the largest share, by volume, of the Electric Vehicle Range Extender Market in 2018. The demand for an electric vehicle range extender in this region is triggered by the growing footprint of OEMs in China and Japan for offering range extender electric vehicles. In addition, the Asia Pacific region is also the leading producer of automobiles in the world.
Furthermore, the report encompasses different strategies, such as mergers and acquisitions, partnerships and collaborations, and product upgradations, adopted by major players to increase their share in the Electric Vehicle Range Extender Market. Some of the major technology vendors include Magna International (Canada), MAHLE (Germany), Rheinmetall (Germany), Plug Power (US), and AVL (Austria).
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