Acumen Research and Consulting estimates that the global solar vehicle market is anticipated to reach market size of around US$ 340 Mn by 2027 and is anticipated to grow at a CAGR of around 40% in terms of revenue during the forecast period 2020 – 2027.
Solar vehicles are hybrid vehicles that use solar power for their propulsion as a form of fuel. Solar panels are fitted with panels installed in solar panels which convert the solar energy directly into the battery of the vehicle and are equipped with photovoltaic cells. These solar panels consist of silicone that absorbs heat and transforms it into electricity. The increasing use of state-of-the-art vehicle technology has led to an increasing demand for solar vehicles and a global market growth in solar vehicles.
The growing concern of global regulators over carbon emissions is a significant factor that has been projected to boost the electric vehicle solar energy market during the forecast period. The alternative to environmental degrade and energy shortages is solar powered electric vehicles. Compared to petrol engines, it makes the engine more powerful and economical. There are all sorts of conventional fuels at the verge of being exhausted and the demand for solar powered electric powered vehicles is expected to rise over the expected period. Furthermore, it helps vehicle owners comply with federal restrictions on fuel system emissions. Solar powered electric vehicles provides various advantages, including no emissions, reduced upkeep, quick charging, noise free operations and improved vehicle performance, with a predicted productivity in effect. It will provide the market with competitive opportunity over the projected period. The best approach to the current issue of urban emissions is a solar-powered electric vehicle, which provides a simple, economic and inoffensive response. Solar energy depends directly on the energy from the sun supply rays, so the changing weather is likely to reduce solar power, thereby affecting the demand of solar vehicles.
The market research study on “Solar Vehicle Market (By Electric Vehicle: Battery Electric Vehicle (BEV), Hybrid Electric Vehicle (HEV), Plug-in Hybrid Electric Vehicle (PHEV); By Battery Type: Lithium Ion, Lead Acid, Lead Carbon; By Solar Panel: Monocrystalline, Polycrystalline; By Vehicle Type: Passenger Vehicle, Commercial Vehicle) - Global Industry, Analysis, Market Size, Opportunities and Forecast, 2020 - 2027” offers detailed insights on the global solar vehicle market entailing insights on its different market segments. Market dynamics with drivers, restraints and opportunities with their impact are provided in the report. The report also provides competitive landscape to understand the current stance of particular player. The report provides insights on global solar vehicle market are electric vehicles, battery type, vehicle type, and major geographic regions. The solar vehicle market analysis is provided for major regional markets including North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa. For each region, the market size for different segments has been covered under the scope of report.
It is estimated that the Asia Pacific region will be the largest in the market until 2027. The region includes some of the world's fastest-growing economies, such as China and India. Asia-Pacific is the leading automobile market with rising customer buying power increasing automobile demand in the country. Climate conditions are also appropriate for these vehicles in southeast Asian countries. Furthermore, the high demand for passenger cars from the region's emerging countries is likely to drive Asia Pacific market growth over the forecast period. In terms of early adoption of electric cars in the world, Europe is at the top of the list. The adoption of such vehicles in Europe is therefore expected to gain momentum throughout the forecast period. The rapid introduction of such vehicles in the area is likely to adhere to stringent environmental policies and emission control initiatives. Each new automobile sold in Europe will be electric in the near future, according to a recent report by ING, one of Europe's leading financial institutions. Solar panels are more integrated with electric vehicles, which can result in higher adoption of these vehicles in the region. The primary reason for the prediction is beneficial government support, lower battery costs and economies of scale.
Major players included in this report are Mahindra Electric Mobility Limited, Volkswagen AG, Sono Motors, Ford Motor Company, Toyota Motor Corporation, Nissan, Hanergy Thin Film Power Group, General Motors, Hyundai Motor Company, Cruise Car and other.
The global solar vehicle market is segmented as below:
Solar Vehicle Market By Electric Vehicle
Battery Electric Vehicle (BEV)
Hybrid Electric Vehicle (HEV)
Plug-in Hybrid Electric Vehicle (PHEV)
Solar Vehicle Market By Battery Type
Solar Vehicle Market By Solar Panel
Solar Vehicle Market By Vehicle Type
Solar Vehicle Market By Geography
Middle East & Africa
Rising level 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 solar vehicle market.
Lack in the efficiency of the vehicles powered through solar energy as they are significantly high costs is a major factor expected to restraint the growth of the market.
The market value of solar vehicle is anticipated to be around US$ 340 Mn in 2027.
It is anticipated to grow around 40% CAGR amid the forecast period.2020-2027
The key players operating in solar vehicle market such as Mahindra Electric Mobility Limited, Volkswagen AG, Sono Motors, Ford Motor Company, Toyota Motor Corporation, Nissan, Hanergy Thin Film Power Group, General Motors, Hyundai Motor Company, Cruise Car and other.
Asia Pacific is projected to grow at a fast pace during forecast period from 2020-2027.
Asia Pacific held maximum share in 2019.