MarketsandMarkets’ report, “Electric Vehicle Range Extender Market by Type, Component, Vehicle, and Region - Global Forecast to 2025”, claims 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%. The report also claims that the ICE range extender is the fastest growing segment of the extended market.
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
- Asia Pacific: The largest market for the Electric Vehicle Range Extender Market
- Major technology vendors include Magna International (Canada), MAHLE (Germany), Rheinmetall (Germany), Plug Power (US), and AVL (Austria).
Want to extend your knowledge of these extenders? Then browse the “Electric Vehicle Range Extender Market” report.