Electric Vehicle Range Extender Market Hitting New Highs Between the Forecast Period 2018 to 2026
Today, as a result of advantages such as better fuel economy and reduced level of pollution the hybrid electric vehicles are gaining popularity in various verticals such as logistics and transportation. Though, electric vehicles have different application in various industries. The following post will discuss about the benefits of the range extender for electric vehicles and how businesses of electric vehicle range extender in the market can leverage these benefits for their good.
Improved Fuel Economy: The world is facing a major crunch for fossil fuel today. This is the reason why various automobile companies are inclining towards the production of hybrid vehicles, this spurring growth of the electric vehicle range extender market. These vehicles use the combination of conventional fuels along with the power generated through a renewable source of energy such as wind, water, and solar energy. With the help of solutions from electric vehicle range extender market, vehicles run on electricity that is produced by these renewable sources of energy. Businesses can seize the opportunity based on the rising demand for pollution free propulsion system and gain substantial profit in the market.
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No Harmful Pollutants: Hybrid vehicles are the result of growing demand for eco-friendly propulsion systems. This growing demand has made the businesses derive solutions that can reduce pollution to a minimum level.
The solutions from global electric vehicle range extender market are designed in a manner that run efficiently on renewable source of energy causing zero pollution.
Electric vehicle range extender, also referred to as auxiliary power unit (APU), is an electric vehicle equipment that provides additional energy for electric vehicle functions and operation other than forward motion. Electric vehicle range extenders are widely found in heavy commercial vehicles and industrial vehicles. Unlike conventional vehicles, which employ diesel engines, electric vehicle range extenders utilize battery packs as a power source. An electric vehicle range extender can deliver power either via single-phase or three-phase systems.
Surge in demand for electric vehicles (EVs) and increasing sales of EVs in developing countries owing to emission concerns are key factors that are expected to boost the electric vehicle range extender market during the forecast period. An electric vehicle range extender charges its battery pack When the vehicle is in motion, while the energy stored in battery packs is utilized to provide power to vehicle heater, air conditioner, and others such integrated electric appliances of the vehicle when it is in idle condition. This is a prime feature that is anticipated to boost the electric vehicle range extender market during the forecast period. Furthermore, increasingly stringent regulations on emission coupled with offering of subsidies and incentives by governments is projected to boost the sales and demand for electric vehicles. This, in turn, is anticipated to offer lucrative opportunities to the electric vehicle range extender market during the forecast period. However, the higher cost of an electric vehicle, especially in developing regions is a major factor that is likely to hamper the electric vehicle range extender market during the forecast period.
The global electric vehicle range extender market can be segmented based on type, component, vehicle type, sales channel, and region. Based on type, the electric vehicle range extender market can be divided into ICE range extender, fuel cell range extender, and others. The ICE range extender segment is the most chosen and preferred type of electric vehicle range extender. The segment leads the electric vehicle range extender market. This is due to lower cost, which makes the range extenders economical.
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In terms of component, the electric vehicle range extender market can be bifurcated into battery packs, electric motor, and two other segments. The battery segment accounts for a prominent share of the electric vehicle range extender market. Battery pack is an array of identical battery cells that provides power. It is a major component of the electric vehicle range extender.
Based on vehicle type, the electric vehicle range extender market can be split into passenger electric vehicle and commercial electric vehicle. The passenger electric vehicle segment accounts for a prominent share of the electric vehicle range extender market. This is primarily due to higher adoption of electric vehicles owing to emission concerns and awareness.
In terms of sales channel, the electric vehicle range extender market can be bifurcated into OEMs (original equipment manufacturers) and aftermarket. The aftermarket segment leads the electric vehicle range extender market due to the replacement rate of battery cells and other components, owing to their short lifespan. The aftermarket segment is estimated to expand at a significant growth rate during the forecast period.
Based on geography, the global electric vehicle range extender market can be split into North America, Latin America, Europe, Asia Pacific, and Middle East & Africa. Asia Pacific dominates the global electric vehicle range extender market. Asia Pacific is considered as a global leader in terms of sales and production of electric vehicles, especially countries such as China, Japan, and South Korea, which witness a significant rate of adoption of electric vehicles. Rise in pollution and implementation to replace conventional vehicles by 2040 are other important factors that are projected to boost the electric vehicle range extender market during the forecast period.
Major players operating in the global electric vehicle range extender market include MAHLE GmbH, Magna International Inc., Rheinmetall AG, Ballard Power Systems Inc., BJORKSTEN BIT 7, PLUG POWER INC., AVL LIST GmbH, Nikola Corporation, Nissan Motor Company Ltd., and FEV Group.
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