Solar-Powered Vehicle Market Overview:
The global solar-powered vehicles market is projected to see rapid growth during the assessment period. Globally, increasing production of solar-powered electric vehicles is also driving the growth of the global industry. In addition, the increasing sales and government support for solar cars, the strict vehicle emission regulations in Europe and North America, and the ban announced on ICE vehicles by various countries, such as Germany, the United Kingdom, the United States, and China, which will come into force by 2030, will further contribute to the growth of the industry.
According to Market Research Future (MRFR), the global solar-powered vehicle market is estimated to grow at 21% CAGR from 2020 to 2027 (forecast period). The report assesses the impact of the COVID-19 pandemic on the global solar-powered vehicle market and offers a descriptive estimation of the anticipated volatility of demand over the forecast period.
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Solar-powered vehicles harness energy from the sun and generate power using a solar array, which is a mixture of hundreds of solar cells. The solar array uses photovoltaic cells (PV cells) to convert sunlight to electricity. Photovoltaic cells are made up of semiconductors, usually, silicon, which absorbs sunlight and generates electricity to power the batteries and specialized motors in solar cars. A solar-powered system is a simple solution for using solar energy.
Key Players
Leading firms operating in the global solar-powered vehicle market are Guangzhou Jcar Industrial Company Ltd (China), Cruise Car (US), Hanergy Holding Group (China), Venturi Eclectic (France), Ford Motor Company (US), Mahindra & Mahindra (India), Sono Motors GmbH (Germany), The Solar Electric Vehicle Company (US), Kiira Motors Corporation (KMC) (Uganda), and Immortus (Australia).
Solar-Powered Vehicle Market Dynamics:
Growing government initiatives and subsidies to encourage continued expansion of solar-powered vehicles, increasing long-distance driving ranges of electric vehicles, rising demand for environmentally friendly vehicles, rising emphasis on reducing vehicle emissions, and growing investment in OEM R&D to build zero-emission vehicles are critical drivers for the growth of this market.
The high costs, lack of standardization, and energy losses during transmission are restraining factors for this market's growth. However, growing disposable incomes in countries such as China, India, and Germany, rising demand for solar-based electric vehicle charging stations, and rapid industrialization provide ample opportunities for the expansion and growth of this market.
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Market Segmentation
Based on the solar panel, the global market for solar-powered vehicle has been divided into monocrystalline and polycrystalline.
Based on battery type, the global market for solar-powered vehicle has been segmented into lithium-ion battery, lead-acid, lead-carbon, and others.
Based on propulsion, the global market for solar-powered vehicle has been divided into battery electric vehicle and hybrid electric vehicle.
Based on vehicle type, the global market for solar-powered vehicle has been divided into passenger car and commercial vehicle.
Regional Analysis
The Asia Pacific is projected to have the largest market share in the forecast period due to the expanding production and sales of battery and hybrid electric vehicles in Japan and China. In addition, the rise in demand for the solar-powered electric bus is anticipated to augment the market in the region. For example, the Government of India has taken the initiative to introduce 5 million solar-powered electric vehicles in the country by 2020. Moreover, the availability of an average of 300 days of sunlight in China and India, rising disposable incomes, increasing population, and urbanization further boost demand growth in the region.
North America is anticipated to see a significant increase in the global market for solar-powered vehicles during the forecast period, with the US expected to hold the largest share.
Table Of Contents
1. Executive Summary
- Scope Of The Report
2.1. Market Definition
2.2. Scope Of The Study
2.2.1. Definition
2.2.2. Research Objective
2.2.3. Assumptions
2.2.4. Limitations
2.3. Research Process
2.3.1. Primary Research
2.3.2. Secondary Research
2.4. Market Size Estimation
2.5. Forecast Model
- Market Landscape
3.1. Porter’s Five Forces Analysis
3.1.1. Threat Of New Entrants
3.1.2. Bargaining Power Of Buyers
3.1.3. Threat Of Substitutes
3.1.4. Segment Rivalry
3.1.5. Bargaining Power Of Buyers
3.2. Value Chain/Supply Chain Analysis
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Market Research Future (MRFR) is a global market research firm that takes great pleasure in its services, providing a detailed and reliable study of diverse industries and consumers worldwide. MRFR's methodology integrates proprietary information with different data sources to provide the client with a comprehensive understanding of the current key trends, upcoming events, and the steps to be taken based on those aspects.
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