Global Solar Vehicle Market By EV Type (HEV, BEV, PHEV), Vehicle Type (PV, CV), Battery (Lithium-Ion, Lead-Acid, Lead Carbon), Solar Panel (Monocrystalline Solar Panel, Polycrystalline Solar Panel), Charging Station (Residential, Commercial), NEV Type (Commercial Turf Utility Vehicles, Golf Carts, Personal Carrier, Industrial Utility Vehicles), Geography (North America, South America, Europe, Asia-Pacific, Middle East and Africa) – Industry Trends and Forecast to 2026
Market Analysis: Global Solar Vehicle Market
Global solar vehicle market is expected to register a healthy CAGR of 37.54% in the forecast period of 2019-2026. The report contains data from the base year of 2018 and the historic year of 2017. This rise in market value can be attributed to the increased levels of investments undertaken by the manufacturers of vehicles to promote environmental-friendly modes of transportation.
Market Definition: Global Solar Vehicle Market
Solar vehicles are automotive that have been equipped and integrated with solar cells that can generate and store electricity for powering up various components inside the vehicle and even help in mobility of the electric vehicles. Solar vehicles do not utilize or depend completely on solar energy for mobility of the vehicle or powering the components inside the vehicles as currently they are only focused as an alternative source of energy.
- Rise in the levels of concerns for the environment has resulted in a rise in adoption for eco-friendly vehicles; this factor is expected to drive the growth of the market
- Increased initiatives undertaken by the governments to provide subsidies, financial benefits is expected to drive the growth of the market
- Decreasing prices of components utilized in the development and integration of solar vehicles is expected to positively affect the growth of the market
- Lack in the efficiency of the vehicles powered through solar energy as they are significantly high costs is expected to restrain the growth of the market
- Lack in the availability of standardization of the products in the market is expected to restrain the growth of the market
Segmentation: Global Solar Vehicle Market
- By Electric Vehicle (EV) Type
- Hybrid Electric Vehicles (HEV)
- Battery-Electric Vehicles (BEV)
- Plug-In Hybrid Electric Vehicles (PHEV)
By Vehicle Type
- Passenger Vehicles (PV)
- Commercial Vehicles (CV)
- Lead Carbon
By Solar Panel
- Monocrystalline Solar Panel
- Polycrystalline Solar Panel
By Charging Station
By Neighbourhood Electric Vehicle (NEV) Type
- Commercial Turf Utility Vehicles
- Golf Carts
- Personal Carrier
- Industrial Utility Vehicles
- North America
- South America
- Rest of South America
- United Kingdom
- Rest of Europe
- South Korea
- Rest of Asia-Pacific
- Middle East & Africa
- South Africa
- Saudi Arabia
- United Arab Emirates
- Rest of Middle East & Africa
Key Developments in the Market:
- In August 2017, Audi AG and Atlas Technologies announced that they had entered into a MOU (Memorandum of Understanding) for the development of vehicles that have been integrated with solar cells to act as a power source for the components inside the vehicles. The solar cells will be integrated into the panoramic glass roofs of Audi models and will help in better range and efficiency of electric models of Audi.
- In March 2017, Panasonic Corporation announced the launch of their recent development of solar roofs that was specifically created for Toyota’s Prius Prime model available in the Japan region. Both the organisations have announced that the solar panels attached on the roofs can generate 180 watts of power, and can provide mobility of 5.95 km every day for the PHEV’s (Plug-In Hybrid Electric Vehicle’s).
Competitive Analysis: Global Solar Vehicle Market
Global solar vehicle market is highly fragmented and the major players have used various strategies such as new product launches, expansions, agreements, joint ventures, partnerships, acquisitions, and others to increase their footprints in this market. The report includes market shares of solar vehicle market for global, Europe, North America, Asia-Pacific, South America and Middle East & Africa.
Key Market Competitors: Global Solar Vehicle Market
Few of the major competitors currently working in the global solar vehicle market are Daimler AG; Ford Motor Company; TOYOTA MOTOR CORPORATION; Volkswagen AG; Panasonic Corporation; ZF Friedrichshafen AG; AB Volvo; BYD Company Ltd.; Schaeffler AG; Continental AG; Tesla; Nissan; Mahindra & Mahindra Ltd.; Sono Motors; GM Cruise LLC; Hanergy Thin Film Power Group Limited; Solar Electric Vehicle Company; Atlas Technologies; JJ PV Solar; Trina Solar; Surat Exim Pvt. Ltd.; Jinko Solar; Sikco Sustainability Assured and Venturi Automobiles.
Research Methodology: Global Solar Vehicle Market
Data collection and base year analysis is done using data collection modules with large sample sizes. The market data is analysed and forecasted using market statistical and coherent models. Also market share analysis and key trend analysis are the major success factors in the market report. To know more please Request an Analyst Call or can drop down your inquiry.
The key research methodology used by DBMR Research team is data triangulation which involves data mining, analysis of the impact of data variables on the market, and primary (industry expert) validation. Apart from this, other data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, Top to Bottom Analysis and Vendor Share Analysis. To know more about the research methodology, drop in an inquiry to speak to our industry experts.
Key Insights in the report:
- Complete and distinct analysis of the market drivers and restraints
- Key market players involved in this industry
- Detailed analysis of the market segmentation
- Competitive analysis of the key players involved