DUBLIN--(BUSINESS WIRE)--The "Solar Vehicle Market by EV (BEV, HEV & PHEV), Vehicle Type (PC & CV), Battery (Lithium-ion, Lead acid, & Lead carbon), Solar Panel (monocrystalline & polycrystalline), Neighborhood vehicles, Charging Stations, and Region - Global Forecast to 2030" report has been added to ResearchAndMarkets.com's offering.
Growing concerns over environmental pollution coupled with government encouragement for the adoption of ecofriendly vehicles are anticipated to trigger the demand for solar vehicles globally
The global market is estimated to grow from 8,955 units by 2022 at a CAGR of 36.4% to reach 107,380 units by 2030
The consistent rise in emissions by automobiles has forced the usage of ecofriendly vehicles which also comply with the stringent emissions norms regulated by various governments. Also, major OEMs are focusing on developing zero-emission vehicles to reduce the use of fossil fuels and their subsequent emissions. These factors are anticipated to push the growth of the market. However, low operational efficiency of these vehicles is considered to be a major restraint for the growth of the market.
BEV is the largest electric vehicle segment of the solar vehicle market during the forecast period.
BEV is a pure electric vehicle in which the battery acts as a prime source of power for propulsion. Thus, the architecture of BEV is the most suitable for integrating solar panels to charge its battery through solar energy. Although, certain limitations such as time to recharge had made the BEV segment a less adopting variant. However, charging through photovoltaic cells could likely reduce the charging time and push the growth of the market. Therefore, the increase in the efficiency of BEVs through photovoltaic cells is the principal factor responsible for the growth of the BEV segment during the forecast period.
Passenger car segment is expected to dominate the solar vehicle market.
The huge amount of environmental pollution and diminishing fossil fuels reserves have forced the automotive researchers to look at solar powered cars as an alternate solution. Hence, the increasing demand for electric cars by consumers and several amendments in transport policies made by various governments to curb harmful emissions across the world are indirectly fuelling the growth of the passenger car segment. Solar power helps constantly charge the battery in vehicles and could bring down the charging time of these vehicles. The combination of all these factors is responsible for the growth of the passenger car segment of the market.
Asia Pacific is expected to record the fastest growth rate during the forecast period.
The Asia Pacific market is a vast geographical region comprising countries like Japan, China, India, South Korea, Thailand, and Malaysia. China is the largest producer of automobiles in the world. The country has registered the largest growth in the adoption of electric vehicles, which are anticipated to show similar growth in the market too.
Moreover, solar vehicle startups and Tier I companies are fortifying their foothold in the region, thereby inflating the growth of the market. In addition to this, established automakers from Japan, China, and South Korea are expected to cater to the demand for these vehicles in the region.
The market comprises major manufacturers such as Volkswagen (Germany), Toyota (Japan), Ford (US), Mahindra (India), Nissan (Japan), GM (US), Sono Motors (Germany), Cruise Car (US), and Solar Electric Vehicle Company (US), among others.
Key Topics Covered:
1 Introduction
2 Research Methodology
3 Executive Summary
4 Premium Insights
5 Market Overview
5.1 Introduction
5.2 Market Dynamics
5.2.1 Drivers
5.2.1.1 Growing Concern About Environmental Pollution
5.2.1.2 Government Funding, Subsidies, and Incentives to Encourage Eco-Friendly Vehicles
5.2.1.3 Increasing Investments in R&D Activities By Oems to Develop Zero-Emission Vehicles
5.2.2 Restraints
5.2.2.1 Less Operational Efficiency of Solar Vehicles Coupled With High Cost
5.2.2.2 Lack of Standardization
5.2.3 Opportunities
5.2.3.1 EV Charging Stations Powered By Solar Panels
5.2.3.2 Use of Vehicle-To-Grid (V2G) EV Charging Stations for Electric Vehicles
5.2.4 Challenges
5.2.4.1 Low Efficiency Resulting in Short Distance Operation of Associated Solar Vehicles
6 Industry Trends
6.1 Introduction
6.2 Technology Overview
6.2.1 Batteries Used in Solar Vehicles
6.2.1.1 Lead-Acid Battery
6.2.1.1.1 Advantages of Lead-Acid Battery
6.2.1.1.2 Disadvantages of Lead-Acid Battery
6.2.1.2 Lead Carbon Battery
6.2.1.2.1 Advantages of Lead Carbon Battery
6.2.1.2.2 Disadvantages of Lead Carbon Battery
6.2.1.3 Lithium-Ion Battery
6.2.1.3.1 Advantages of Lithium-Ion Battery
6.2.1.3.2 Disadvantages of Lithium-Ion Battery
6.2.1.4 Solid State Battery (SSB
6.2.2 Photovoltaics Panels (Monocrystalline) Solar Vehicles
6.3 Porter's 5 Forces Analysis
7 Solar Vehicle Market, By Vehicle Type
7.1 Introduction
7.1.1 Research Methodology
7.2 Passenger Car
7.2.1 High Adoption of Electric Vehicles and Increasing Demand for Eco-Friendly Vehicles are Driving the Growth of Passenger Car Segment
7.3 Commercial Vehicle
7.3.1 Increasing Concern Towards Environmental Pollution is Expected to Drive the Commercial Vehicle Solar Market
8 Solar Vehicle Market, By EV Type
8.1 Introduction
8.1.1 Research Methodology
8.2 Battery Electric Vehicle (BEV
8.2.1 Growing Demand to Improve the Efficiency of Electric Vehicles is Expected to Drive the BEV Segment
8.3 Hybrid Electric Vehicle (HEV
8.3.1 High Impact of Carbon Footprint of Automobiles is the Primary Factor Driving the Growth of HEV Segment
8.4 Plug-In Hybrid Electric Vehicle (PHEV
8.4.1 Government Funding and Subsidies to Encourage Eco-Friendly Vehicles Have Triggered the Grwoth of PHEV Segment
9 Solar Vehicle Market, By Battery
9.1 Introduction
9.2 Lithium-Ion Battery
9.2.1 Owing to Suitable Technical Properties for Solar Technology, Lithium-Ion Battery is Expected to Lead the Market During the Forecast Period
9.3 Lead-Acid
9.4 Lead Carbon
10 Solar Vehicle Market, By Solar Panel
10.1 Introduction
10.2 Monocrystalline Solar Panel
10.2.1 Monocrystalline Panel Offers Highest Efficiency in Terms of Conversion for Solar Energy Into Electrical Energy
10.3 Polycrystalline Solar Panel
11 Solar Vehicle Market, By Charging Station
11.1 Introduction
11.1.1 Research Methodology
11.2 Residential
11.3 Commercial
11.3.1 Asia Pacific
11.3.1.1 High Adoption Rate of EVs in China, Japan and Others Solar Charging Stations are Expected to Increase in the Coming Years in Asia Pacific Region
11.3.2 Europe
11.3.2.1 Stringent Emission Norms Leading to Increase in EV Sales is Expected to Boost the Solar Charging Station in Europe Region
11.3.3 North America
11.3.3.1 Growing Focus on Renewable Energy Sources Like Solar, EV Infrastructure Providers are Likely to Install Solar Panels on EV Charging Stations in North America Region
12 Solar Vehicle Market, By Neighborhood Electric Vehicles (NEV)
12.1 Introduction
12.1.1 Research Methodology
12.2 Commercial Turf Utility Vehicles
12.2.1 Many EV Manufacturers are Focusing to Get Rid of Fossil Fuels and Emphasizing on to Install Solar Cell Over Utility Vehicles
12.3 Industrial Utility Vehicles
12.3.1 Industrial Utility Vehicles are Expected to Be Integrated With Solar Panels Due to the Requirement of High Efficiency for Heavy Application
12.4 Golf Carts
12.4.1 Numerous Golf Clubs in the US Have Adopted Solar Powered Golf Carts Due to Its Cost Effectiveness
12.5 Personnel Carrier
12.5.1 The Sale of Solar Personnel Carriers is Expected to Increase Owing to Rise in Gated Communities, and Tourist Places.
13 Solar Vehicle Market, By Region
14 Competitive Landscape
14.1 Overview
14.2 Market Ranking Analysis
14.3 Competitive Situations and Trends
14.3.1 New Product Developments
14.3.2 Expansions
14.3.3 Partnerships/Supply Contracts/Collaborations/Joint Ventures/Agreements/Mergers & Acquisitions
14.4 Competitive Leadership Mapping
14.4.1 Visionary Leaders
14.4.2 Innovators
14.4.3 Dynamic Differentiators
14.4.4 Emerging Companies
15 Company Profiles
15.1 Volkswagen
15.2 Toyota
15.3 Ford
15.4 Mahindra & Mahindra
15.5 Nissan
15.6 General Motors
15.7 Sono Motors
15.8 Hanergy Thin Film Power Group
15.9 Cruise Car
15.10 Solar Electric Vehicle Company
15.11 Jinko Solar
15.12 Trina Solar
15.13 Other Key Regional Players
15.13.1 Asia Pacific
15.13.1.1 Weifang Guangsheng New Energy Co., Ltd.
15.13.1.2 Sikco
15.13.1.3 Surat Exim Pvt. Ltd.
15.13.1.4 JJ PV Solar
15.13.2 Europe
15.13.2.1 Alke
15.13.2.2 Lightyear
15.13.3 North America
15.13.3.1 Solarrolla
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Related Topics: Automotive Batteries, Electric and Hybrid Vehicles, Photovoltaics, Battery Technology
