Global Solar Vehicle Market is expected to reach US$ XX Bn from 2019 and US$ XX Bn by 2027, at a CAGR of XX% during the forecast period.
The report includes an analysis of the impact of COVID-19 lockdown on the revenue of market leaders, followers, and disruptors. Since the lockdown was implemented differently in various regions and countries; the impact of the same is also seen differently by regions and segments. The report has covered the current short-term and long-term impact on the market, and it would help the decision-makers to prepare the outline and strategies for companies by region.
Global Solar Vehicle MarketGlobal Solar Vehicle Market Dynamics:
Solar Vehicle Market size is expected to grow at an extensive rate over the projected timeframe because of stringent emission norms across the globe focusing on reducing dependency on fossil fuels and improving efficiency from such vehicles. These vehicles contain solar panels, powered by photovoltaic cells that convert solar energy into electricity. The improved vehicle efficiency along with easier driving operations are further expected to increase the solar vehicle market size. The growing emphasis by the governments of major economies to reduce vehicular pollution is a major driver of the solar vehicle market.
However, despite the falling prices of solar panels, installing them in the vehicles is still costly, thus hindering the growth of the solar vehicles market. Such as, installing a solar roof on passenger cars can increase its retail price by US$1,000-US$1,500. The gains of expected mileage, several times do not justify the rise in retail prices of solar vehicles when compared to non-solar powered ones, thus affecting the solar vehicles market. The massive RD investments required for integrating technologically advanced and aesthetical solar panels into the vehicles also increases the costs, which restrains the growth of the market.
Global Solar Vehicle Market Segment Analysis:
Battery Electric Vehicle (BEV) segment is expected to register a major revenue share in the solar vehicle market globally. This is owing to the easier integration of solar panels to charge the battery through solar energy. Moreover, the development of Photovoltaic (PV) technology including transparent photovoltaic (TPV) cells will reduce the vehicle charging time expressively and support the market expansion.
Lithium-Ion Battery will showcase significant growth because of the benefits offered by these batteries including high energy density with rapid charging capabilities with optimum efficiency compared to its counterparts. Advancements in battery technologies along with a focus on electric vehicles are positively inducing the market demand.
Global Solar Vehicle Market Regional Insights:
Region-wise, the Asia Pacific is expected to account for a significant share in the market for solar vehicles. This can be attributed to the prevalence of summers and the availability of around 300 days of sunlight during the year. Additionally, governments across the region are focusing on offering a wide range of spurs and schemes to promote vehicles powered by alternative sources of fuel. The presence of some automobile manufacturers focusing on launching multiple vehicles at diversified price range further accelerates the solar vehicle market demand over the projected timeframe.
Sono Motors is one of the prominent innovators in the global market. The company proposals a developed technology, which enables to integrate the solar cells with the electric vehicle exterior.
The objective of the report is to present a comprehensive assessment of the market and contains thoughtful insights, facts, historical data, industry-validated market data, and projections with a suitable set of assumptions and methodology. The report also helps in understanding Global Solar Vehicle Market dynamics, structure by identifying and analyzing the market segments and project the global market size. Further, the report also focuses on the competitive analysis of key players by product, price, financial position, product portfolio, growth strategies, and regional presence. The report also provides PEST analysis, PORTER’s analysis, and SWOT analysis to address the question of shareholders to prioritizing the efforts and investment in the near future to the emerging segment in Global Solar Vehicle Market.
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Scope of the Global Solar Vehicle Market Report:
Global Solar Vehicle Market, By Vehicle Type
• Passenger Car
• Commercial Vehicle
Global Solar Vehicle Market, By EV Type
• Battery Electric Vehicle (BEV)
• Hybrid Electric Vehicle (HEV)
• Plug-In Hybrid Electric Vehicle (PHEV)
Global Solar Vehicle Market, By Battery
• Lithium-Ion Battery
• Lead Carbon
Global Solar Vehicle Market, By Solar Panel
• Monocrystalline Solar Panel
• Polycrystalline Solar Panel
Global Solar Vehicle Market, By Charging Station
Global Solar Vehicle Market, By Neighborhood Electric Vehicles
• Commercial Turf Utility Vehicles
• Industrial Utility Vehicles
• Golf Carts
• Personnel Carrier
Global Solar Vehicle Market, By Region
• North America
• Asia Pacific
• Middle East and Africa
• South America
Key Players Operating in the Global Solar Vehicle Market:
• Mahindra Mahindra
• General Motors
• Sono Motors
• Hanergy Thin Film Power Group
• Cruise Car
• Solar Electric Vehicle Company
• Jinko Solar
• Trina Solar
• Hyundai Motor Company
• Daimler AG
• Panasonic Corporation
• ZF Friedrichshafen AG
• AB Volvo
• BYD Company Ltd
• Continental AG
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