Consumers still suffer from "range anxiety"
The term "range anxiety" refers to the fear that the electronic vehicles (EVs) would not offer the required range to reach a destination and passengers may get stranded on the road due to loss of charging. An average EV offers the range that is sufficient for daily usage. However, if you need to travel outside your state a few times in a year, you need a longer range.
However, there are a number of strategies to deal with range anxiety. For instance, creating an extensive charging infrastructure. This way, the drive would be within the range of a charging station. On the other hand, the development of a higher battery capacity of EVs would help to minimize the anxiety. However, the technology has many hurdlers to achieve this.
Another approach that could be used is battery swapping technology, which is already used in forklift trucks that are used in warehouses. On the other hand, the creation of extremely accurate navigation systems and range prediction applications would help the driver to decide the destination before he/she gets behind the wheel.
However, the most feasible strategy, for now, is range extenders, which include combustion engines. Thanks to range extenders, EVs get additional energy for functioning and carry out other operations. What's more, EV range extender offers several applications in commercial vehicles as it boosts the efficiency and performance of the vehicle. According to Allied Market Research, the global EV range extender industry is expected to touch $1.67 billion by 2026, growing at a CAGR of 9.0% from 2019 to 2026.
Surge in demand for extension of driving range in electric vehicles and need for engine downsizing drive the growth of the global electric vehicle (EV) ranger extender market.
Market players grabbing the largest pie in EV Range Range Extender Market:
- Ballard Power Systems
- Ceres Power
- Delta Motorsport
- Magna International
- Nissan Motor Corporation
- Plug Power Inc.
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Believe it or not, but our lives are attached to charging cables. Our mobile phones–after a full charge–can last barely two days if minimally used. What if your career is attached to your phone? You need a smartphone with a higher battery backup. However, to achieve that, would you trade your smartphone for a much heavier and expensive model? That's why we use charger and external battery. The same deal is with electric vehicles.
Why choose range extenders and how do they work?
The reason why range extenders have been witnessing huge demand is it fulfills the one major disadvantage EV manifest: a short-range of operation despite a fully charged battery. Not to mention, the time required for recharging the battery takes EVs further away from hitting the market. On the other hand, EV range extenders use battery packs as a power source and offer power through a three-phase or single-phase system. With the ever-increasing popularity and thus, demand for EVs across the world, the demand for range extenders has boosted over the last couple of months.
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The EV market players have been competing with each other to develop fast charging and high capacity battery. But, till then, range extenders an auxiliary power unit to charge the EV. The auxiliary power supply charges the battery of EVs by fulfilling the torque demanded by the motor that propels the vehicle. Furthermore, the internal combustion engine drives the generator and offers the EV electricity for its operation.
What's new in the market?
As mentioned above, market players have invested a huge chunk of money to develop a more sustainable and reliable range extenders. For instance, a French company, EP Tender has unveiled an innovative way to improve the range of EV using a small trailer filled with batteries.
As per the company, the range extender can accommodate around 60kWh batteries, which are expected to offer an additional 350 miles of range. Moreover, the EV can get charged up en route.
The company declared that the trailers are available to rent along the highly-traveled roads in Europe using an online application. The app enables the customer to pick and drop off the trailer according to the customer's convenience. Moreover, the app notifies the driver regarding the charge state of the trailer.
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The company used Renault Zoe EV hatch for the trials and concluded that the range extender when combined with the trailer's range, increased a total of around 470 miles. This offers drivers a larger range than most of the EVs in the market. So far, EP Tender is focusing on those consumer base who would like occasional holiday trips and are willing to purchase range extenders instead of purchasing expensive EVs for such rare trips.
Hydrogen Fuel Cell Vehicle Market Expected to Reach $42,038.9 Million by 2026
Electric Vehicle Market is Expected to Grow High CAGR of 22.3% by 2025
Electric Vehicle Chargers Market Consumption to Reach $1,786 billion by 2023
Electric Vehicle Charging System Market is Expected to Reach $66.27 billion by 2026
Electric Vehicle Battery Market Expected to Reach $84 Billion by 2025
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Electric Vehicle (EV) Range Extender Market to Reach $1.67 Bn, Globally, by 2026 at 9.0?GR: Allied Market Research - PRNewsWire.com
Electric Vehicle Range Extender Market worth $1.67 Billion by 2026: Allied Market Research - GlobeNewsWire.com
Swamini Kulkarni holds a bachelor's degree in Medical from Pune University, and works as a content writer at a reputable firm.
She is deeply fascinated by the impact of technology on human life, and loves to talk about medical science and mythology. When she is not glued to the computer, she loves to read, travel, and day dream about her areas of interest.
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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