Electric Vehicle Range Extender Market Size, Share, and Trends 2024 to 2034

Electric Vehicle Range Extender Market Size and Growth 2024 to 2033

The global electric vehicle range extender market size was estimated at USD 1.09 billion in 2023 and is expected to surpass around USD 2.58 billion by 2033, poised to grow at a CAGR of 9% over the forecast period 2024 to 2033. 

Electric Vehicle Range Extender Market Key Takeaways

• North America led the global market with the highest market share of 45.14% in 2023.
• By product, the ICE range extender segment has held the largest market share of 74% in 2023.
• By vehicle, the passenger vehicles segment captured the biggest revenue share of 85% in 2023.
• By component, the battery pack segment registered a maximum market share of 43% in 2023.

U.S. Electric Vehicle Range Extender Market Size and Growth 2024 to 2033

The U.S. electric vehicle range extender market size was estimated at USD 350 million in 2023 and is predicted to be worth around USD 860 million by 2033, at a CAGR of 9.5% from 2024 to 2033.

North America dominated the electric vehicle range extender market in 2023 with a revenue share of 45.14%. The U.S. dominated the electric vehicle range extender market in North America region. The factors such as technological advancements, surge in demand for batteries, and growing adoption of electric vehicles are driving the growth of the electric vehicle range extender market in the region. In addition, the growing government initiatives for the development of electric vehicle market are creating demand for electric vehicle range extender in the North America region.

Europe, on the other hand, is expected to develop at the fastest rate of 13% during the forecast period. The UK dominates the electric vehicle range extender market in Europe region. The growth of the electric vehicle range extender market in Europe region is mainly driven by the growing sales of electric and hybrid vehicles in the market. Moreover, the existence of major market players is boosting the electric vehicle range extender market growth in the region.

Europe Electric Vehicle Range Extender Market Size and Growth 2024 to 2033

The Europe electric vehicle range extender market size was calculated at USD 270 million in 2023 and is projected to expand around USD 670 million by 2033, poised to grow at a CAGR of 9.8% from 2024 to 2033.

Electric Vehicle Range Extender Market Growth Factors

The electric vehicle range extender is used to power the batteries of electric vehicles and also used for industrial vehicles and commercial vehicles. The electric vehicles and hybrid vehicles run on electricity. The electric vehicle range extender is effective and efficient in nature as it provides additional energy and power to the vehicles.

One of the key factors driving the growth of the global electric vehicle range extender market is growing sales of electric vehicles and demand for electric vehicles in the global market. The adoption of electric vehicles has increased in developed and developing regions due to growing environmental concerns. In addition, the government of these regions is providing incentives and subsidies for the adoption of electric vehicles in the market. This factor is propelling the growth of the global electric vehicle range extender market over the forecast period.

Furthermore, the demand for hybrid and plug-in hybrid electric vehicles are rising at a rapid pace. The hybrid vehicles use more than two sources of energy and power. The plug-in hybrid vehicles need batteries to run. These batteries are rechargeable batteries which require good charging infrastructure and charging unit. For this, electric vehicle range extender is used on a large scale. Moreover, the internal combustion engine (ICE) range extender is being used for hybrid and plug-in hybrid electric vehicles.

Electric Vehicle Range Extender Market Scope

On the other hand, the declining costs of lithium-ion batteries is creating challenge for the growth of the global electric vehicle range extender market over the forecast period. The lithium-ion batteries are largely deployed in the electric vehicle range extender. Thus, the drop in the prices of lithium-ion batteries is restricting the growth of the global electric vehicle range extender market.

The impact of the COVID-19 epidemic on the global electric vehicle range extender market is quite negative. The electric vehicle range extender market faced adverse effects in terms of production and sales during 2020. In addition, the decline in the sales of electric vehicles has also resulted into the drop in the sales of electric vehicle range extender in the global market. Nevertheless, the rebound of the global electric vehicle range extender market is expected in the near future as trade restrictions are being removed globally.

The growth in the electric vehicles market in the developing and developed regions such as North America, Asia-Pacific, and Europe is providing positive outlook for the growth and development of the global electric vehicle range extender market. The electric vehicle range extender market is growing in such regions due to rising adoption and acceptance of electric vehicles and hybrid electric vehicles.

The manufacturers of electric vehicle range extender and original equipment manufacturers (OEMs) are collaborating with electric vehicle manufacturers. This is helping them to create strong position in the electric vehicle range extender market globally. The key market players are also adopting strategies such as collaboration, mergers, and product launches.

Product Insights

The ICE range extender segment accounted revenue share of 74% in 2023. The internal combustion engine (ICE) range extender segment is growing due to its low cost. The surge in demand for ICE range extender is due to growing adoption of hybrid electric vehicles in the global market.

The fuel cell range extender segment is fastest growing segment of the electric vehicle range extender market in 2020. The fuel cell vehicles are adopted on a large scale globally. The fuel cell vehicles are heavily dependent on the fossil fuels such as petrol and diesel. Thus, the demand for fuel cell range extender is rising.

Vehicle Insights

The passenger vehicles segment accounted largest revenue share 85% in 2023. The key market players are integrating electric vehicle range extender technologies in passenger vehicles in order to gain competitive advantage in the electric vehicle range extender market. In addition, the government is taking constant efforts for the deployment of electric vehicle range extender in the passenger vehicles.

The commercial vehicles segment is fastest growing segment of the electric vehicle range extender market in 2023. The emerging and established nations such as the UK and the U.S. are accepting and adopting electric vehicle range extender for commercial vehicles on the large scale. As a result, this factor is driving the growth of the segment in the global electric vehicle range extender market.

Component Insights

The battery pack segment accounted market share of around 43% in 2023. The battery pack is used for long duration of time. Normally, the battery packs are used for around 5 years. As compared to other components, the battery packs are very efficient in nature for electric vehicles.

The electric motor segment is fastest growing segment of the electric vehicle range extender market in 2023. The growing technological developments and advanced technologies are driving the demand for electric motor for electric vehicle range extender in the global market. The electric motor is part of fuel cell range extender. Thus, the surge in demand for fuel cell vehicle is resulting into increased demand for electric motor.

Electric Vehicle Range Extender Market Recent Developments

• The investors are focusing towards electric vehicle companies to fund on hydrogen power in the electric vehicle range extender market and Hyzon Motors will receive USD 570 million from SPAC in February 2021, backed by fuel cell technology. This collaboration will focus on new product development.
• Robert Bosch GmbH boosted its equity participation in Ceres from c.4 percent to c.18 percent in January 2020, according to Ceres Power Holdings PLC, a global producer of low-cost solid oxide fuel cell technology.

Electric Vehicle Range Extender Market Companies

• Nissan
• Delta Motorsport
• Magna International
• General Motors
• Ballard Power Systems
• Mahle
• Ceres Power
• BMW
• Rheinmetall
• Plug Power

Segments Covered in the Report

By Product

• ICE Range Extender
• Fuel Cell Range Extender
• Others

By Vehicle

• Passenger vehicles
• Commercial vehicles

By Component

• Battery pack
• Automotive
• Power Converter
• Electric Motor

By Geography

• North America
• U.S.
• Canada
• Europe
• U.K.
• Germany
• France
• Asia-Pacific
• China
• India
• Japan
• South Korea
• Malaysia
• Philippines
• Latin America
• Brazil
• Rest of Latin America
• Middle East & Africa (MEA)
• GCC
• North Africa
• South Africa
• Rest of the Middle East & Africa