The electric vehicle range extender market is projected to grow at a CAGR of 11.89% during the forecast period, to reach 479,027 units by 2025 from an estimated 218,129 units in 2018.
Several governments in European countries, China, and the US are providing incentives, bonus, and tax benefits on the purchase of range extender electric vehicles. For instance, the German government is offering an environmental bonus of USD 3,360 for plug‐in hybrid and range‐extended electric vehicles, which has been effective since July 2016. Government incentives are expected to drive the growth of range extender electric vehicle market. The US government is also providing incentives on the purchase of a range extender electric vehicle. The Federal government provides a tax credit of USD 7,500 on the purchase of a range extender PHEV such as Chevrolet Volt.
New product launch and development, collaborations, and agreements are the key strategies adopted by market players to achieve growth in the electric vehicle range extender market. Magna International (Canada), MAHLE (Germany), Rheinmetall (Germany), Plug Power (US), and AVL (Austria) are some of the leading tier I suppliers in the electric vehicle range extender market
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New product launch is the most adopted strategy by the key players in the electric vehicle range extender market. Tier I suppliers and OEMs such as Plug Power (US), Rheinmetall (Germany), Magna International (Canada), General Motors (US), Nissan (Japan), and Delta Motorsport (UK) adopted this strategy to achieve growth in the electric vehicle range extender market.
Magna International is a global manufacturer engaged in manufacturing vehicle body systems & chassis systems, powertrain systems, vehicle exterior systems, seating systems, tooling, automotive electronic systems, and complete vehicle assembly. The company has a significant presence in 28 countries worldwide and operates through 3,335 manufacturing facilities. In June 2017, the company developed hydrogen fuel-cell platform as a range extender for battery electric vehicles.
Rheinmetall was founded in 1889 and is headquartered in Dusseldorf, Germany. The company operates in two sectors, namely, automotive and defence. The company’s automotive segment specializes in engine components and related services. It supplies modules, pistons, bearings, actuators, valves, pumps, and components for air supply, emission control, cooling, and lubrication to the OEMs. The company offers heater/cooler modules for extending the driving range of electric buses. The company has been working with FEV (Germany) for testing a range extender for electric vehicles. In January 2013, the company successfully tested electric vehicle range extender FIAT 500 with FEV.
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
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