Frost & Sullivan forecasts extended range electric vehicle market to reach more than 329K units by 2018
New analysis from Frost & Sullivan—Strategic Analysis of Global Market for Range Extenders—estimates the total market for range extenders will exceed 329,000 units by 2018.
Extended range electric vehicles (eREVs) will be equipped with different applications such as internal combustion engine range extenders, fuel cell range extenders and micro-gas turbine range extenders. Internal combustion range extenders are expected to be the most widely used technology with an estimated market share of 77% globally by 2018.
While the eREV market is now nascent, more than 14 models are expected to be available by 2018.
Range extender technologies overcome the major challenge of range anxiety and extended times taken to charge, by generating onboard electricity with the help of different technologies such as internal combustion engine, fuel cell stack and micro-gas turbine. This is fueling the trend toward plug-in hybrids and eREVs.—Frost & Sullivan Automotive & Transportation Research Associate Prajyot Sathe
The market for range extenders is expected to develop at a rapid rate as major OEMs have models lined up to be launched within the next three years. Moreover, fuel cell vehicles are expected to be commercialized by 2015. Such trends will also have a positive ripple effect on the uptake of range extender technologies, the consultancy said.