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The global solar-powered vehicle market is growing briskly. The market growth increased in recent years and is expected to grow with a steady pace during the forecast period. According to Market Research Future (MRFR), the global solar-powered vehicle market would register a significant growth by 2025, at an outstanding CAGR of 21% during the forecast period (2019 – 2025).The market is predominantly driven by growing government initiatives and subsidies to encourage continued expansion of solar-powered vehicles. Moreover, increasing long-distance driving ranges of electric cars and the rising demand for environment-friendly vehicles fosters the growth of the market.
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Growing focus on curbing vehicle emissions, and increasing investments in R&D by OEMs to develop zero-emission cars are some of the major factors impacting the market growth, positively. Additionally, the growing government support for the developments of the solar car, the stringent regulations in Europe and North America towards controlling the vehicle emissions support the growth of the market.
Furthermore, imposed restrictions for the development and sales of ICE vehicles (expected to come into effect by 2030) in various countries such as Germany, the UK, the US, and China would further contribute in the growth of the market. The rising production of solar-based electric vehicles, alongside, the rapid industrialization, worldwide provides ample opportunity for the expansion and growth of this market.
On the flipside, the lack of standardization, high costs, and energy loss during transmission are some of the factors that would impede the growth of the market over the forecast period. Nevertheless, constant economic growth, especially in countries such as China, India, and Germany, would support the growth of the market. Also, increasing numbers of solar-based electric vehicle charging stations & infrastructures would push the market growth, increasing sales of solar-powered vehicles.
Global Solar-Powered Vehicle Market - Segmentation
The report segments the market into five key dynamics to widen the scope of understanding,
By Solar Panel: Monocrystalline Solar Panel and Polycrystalline Solar Panel.
By Battery Type: Lithium-Ion Battery, Lead-Acid, and Lead-Carbon, among others.
By Propulsion: Battery Electric Vehicle and Hybrid Electric Vehicle.
By Vehicle Type: Commercial Vehicle and Passenger Car.
By Regions: Asia Pacific, North America, Europe, and the Rest-of-the-World.
Global Solar-Powered Vehicle Market - Regional Analysis
The Asia Pacific region is forecasted to hold the largest share in the global solar-powered vehicle market during the forecast period. Increasing production and sales of batteries and hybrid electric vehicles in China and Japan is propelling the growth of the regional market. Besides, the increase in the demand for solar-powered electric bus led by government initiatives is estimated to boost the market in this region.
The excellent example of such initiatives is the Indian government’s effort to introduce 5 MN solar-powered electric vehicles across the country by 2020. Furthermore, the ample availability of sunlight in most of the countries in the region due to the geospatial topology encourages the growth of the solar-powered vehicle market in the region.
In China, there is a massive push for New Energy Vehicles (NEVs) to cut down the urban pollution. In another effort to scale up and earn international attention, some Chinese solar-powered vehicles manufacturers have begun to ship solar-powered electric trucks to the United States. This, as a result, will pave the way for China to have an increased influence on the global solar-powered vehicle market.
Whereas in India, High GST (goods and services tax) on batteries might affect the sales in the solar-powered vehicle market. High tax on batteries used in solar-powered vehicles under the GST regime may turn into a major roadblock to the government’s drive to push NEVs. The government needs to step up investments in solar-powered vehicle technology to help bring down the costs of batteries and encourage the adoption of green mobility solutions.
The solar-powered vehicle market in the North American region is another promising market which is projected to witness significant growth throughout the review period. The US, among other North American countries, holds the largest share in the regional market. In the US, the new tax plan/tax credit per vehicle has boosted sales of solar-powered vehicles further impacting the sales in the regional solar-powered vehicles market.
Global Solar-Powered Vehicle Market - Competitive Analysis
Well-established, the solar-powered vehicle market appears to be competitive and fragmented due to the presence of several large players. They incorporate strategic initiatives such as acquisition, collaboration, expansion, and product launch to gain a competitive advantage in this market. They emphasize on the product innovation and new manufacturing processes, which, in turn, would fuel the already intensified competition during the forecast period.
Solar-powered vehicle market demonstrates high growth prospect, which attracts several new entrants to the market, further intensifying the market competition. Battery-makers operating in the market are increasingly turning to nickel to help the sales of solar-powered cars. Manufacturers strive to offer expansive IT expertise that supports rechargeable batteries, as well as, new energy vehicles, solar farming, and other energy storage options.
Major Players:
Players leading the global solar-powered vehicle market include Hanergy Holding Group (China), Guangzhou Jcar Industrial Company Ltd (China), Venturi Eclectic (France), Ford Motor Company (US), Sono Motors GmbH (Germany), Mahindra & Mahindra (India), The Solar Electric Vehicle Company (US), Cruise Car (US), Immortus (Australia), and Kiira Motors Corporation (KMC) (Uganda), among others.
Industry/ Innovation/ Related News:
June 20, 2019 ---- Lightyear (the Netherlands), an automotive start-up announced the development of its first solar-powered car - Lightyear One. With its solar panels stretching across its roof to charge the electric vehicle’s batteries, the Lightyear One car has a charging port to plug into a charger. They won the Bridgestone World Solar Challenge, a competition for solar-powered cars.
July 15, 2019 --- Toyota Motor Corp (Japan), a car manufacturing giant, announced the beginning of testing of its solar-powered and self-charging car – Prius. The new version of Prius hybrid car, with up to 860 watts of thin solar film will be able to charge its “solar battery” as it drives, and add more than 50kms to its fossil fuel-free driving range. The 1kW output from solar panels on the car is a potential game-changer for not just hybrids, but also full battery electric vehicles.
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