According to the latest report by IMARC Group, titled "Solar Vehicle Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026," the market reached a value of US$ 185 Million in 2020. The global solar vehicle market size to grow at a CAGR of around 35% during the forecast period (2021-2026). Solar vehicles are electric automobiles that utilize photovoltaic (PV) cells integrated with silicon panels to convert solar energy into electric energy by absorbing heat. They comprise polycrystalline or monocrystalline panels, and are further available in various types, such as electric and hybrid. A solar vehicle offers various benefits, including reduced noise pollution, enhanced driving operations, efficiency, cost-effectiveness, and reduced greenhouse gase (GHG) emissions.
As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the purchase behaviours of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.
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Global Solar Vehicle Market Trends:
The increasing demand for self-charging automobiles and the continual launch of various solar cars by key manufacturers are primarily driving the market growth. Additionally, the rising consumer consciousness regarding environmental pollution caused by internal combustion engine (ICE)-based vehicles is propelling the market growth. Other factors, such as numerous initiatives undertaken by the government bodies of various nations for eliminating pollution and the rising investments in the research and development (R&D) activities to introduce new wireless charging technologies, are contributing to the market growth.
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Competitive Landscape with Key players:
The report has also analysed the competitive landscape of the market with some of the key players being.
- Ford
- General Motors
- Hanergy Thin Film Power Group
- Jinko Solar
- Lightyear (Atlas Technologies B.V.)
- Mahindra & Mahindra
- Nissan
- Solar Electric Vehicle Company
- Sono Motors
- Toyota
- Trina Solar
- Volkswagen Ltd
Solar Vehicle Market Segmentation:
Our report has categorized the market based on region, propulsion type, vehicle type, battery type, solar panel type and charging type.
Breakup by Propulsion Type:
- BEV
- HEV
- PHEV
Breakup by Vehicle Type:
- Passenger Cars
- Industrial Utility Vehicles
- Commercial Vehicles
- Commercial Turf Utility Vehicles
- Golf Cars
- Others
Breakup by Battery Type:
- Lithium-ion
- Lead-Acid
- Others
Breakup by Solar Panel Type:
- Monocrystalline
- Polycrystalline
Breakup by Charging Type:
- Slow Charging
- Fast Charging
Breakup by Region:
- North America (United States, Canada)
- Europe (Germany, France, United Kingdom, Italy, Spain, Others)
- Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)
Key highlights of the report:
- Market Performance (2015-2020)
- Market Outlook (2021-2026)
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
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