Range Extended Electric Vehicle Market

According to a research report "Range Extended Electric Vehicle Market by Region (US, Europe, and China), Technology Trends, Competitive Analysis, and Future Strategies - Global Forecast to 2030" published by MarketsandMarkets, the REEV market is projected to grow from 1.2 million units in 2024 to 3.2 million units by 2030, at a CAGR of 17.1%

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The REEV market is growing due to high emission targets set by the governing bodies of European countries and the Chinese government. Moreover, EU7 has strict emission regulations, which have boosted the sales of REEV in the region and will continue to be the primary reason for the growth. Moreover, REEVs are helping to smooth the transition from ICEs to BEVs. The product portfolio of OEMs is built to redefine the future of transportation solutions.

"China OEMs dominate the market in 2024 and are expected to continue this dominance."

Chinese OEMs began actively launching REEV-powered vehicles after 2020. The Chinese government shifted its focus from ICE to New Energy Vehicles (such as BEVs and PHEVs). As a result, EREV technology, which was already in use in Western countries, was widely adopted by Chinese companies such as Leapmotor, Geely, AITO, Li Auto, and others. These OEMs introduced several range-extended electric vehicle models. Additionally, these companies developed and supplied this technology internally through their subsidiaries, resulting in the vertical integration of key components, such as generators and motors, in extended-range electric vehicles. The adoption of these REEVs grew rapidly in China, reaching 1.2 million in 2024.

China is estimated to be the largest REEV market.

China is expected to become the largest market for REEV passenger vehicles in the coming years. The Chinese government has implemented stringent regulations to achieve its goal of zero emissions. One key target is that new passenger cars must reduce CO2 emissions. REEVs fit well within this framework, as they produce lower emissions than internal combustion engine (ICE) vehicles. This will likely boost REEV sales in China. Extended-range electric vehicles help cut emissions during start-stop operation and run on a battery. The operation of EREV is similar to BEV, with minor upgrades to the engine, generator, and motor that charge the battery. The REEV propulsion system extends the vehicle's driving range.

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