Allied Market Research recently published a report on the electric vehicle range extender market and found that the market segment is estimated to generate $1.67 billion by 2026 and grow at a rate of 9% between 2019 to 2026.
The report cited a surge in demand for extension of driving range in electric vehicles and the need for engine downsizing as a cause for growth of the global electric vehicle (EV) ranger extender market. It stated that a rise in demand for fuel cell range extender, along with the development of innovative range extenders, create new opportunities in the industry.
Based on type, the ICE range extender segment held nearly half of the total share of the global electric vehicle (EV) ranger extender market in 2018 and is projected to maintain its dominant share throughout the forecast period. This is due to a surge in its usage with lack of unavailability of proper range extenders that can be utilized in electric vehicles.
Based on region, North America is estimated to register the highest CAGR of 10.6% from 2019 to 2026. This is due to a surge in investments for developing electric vehicle infrastructure in the region. However, the Asia-Pacific region will likely hold the largest share of the market in terms of revenue.
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