Solar-Powered Vehicle Market Booming Worldwide Opportunity, Growth Forecast 21% CAGR by 2025
According toMarket Research Future (MRFR), the globalsolar-powered vehicle market is estimated to grow at 21% CAGR from 2019 to2025 (forecast period). The report assesses the impact of the COVID-19 pandemicon the global solar-powered vehicle market and offers a descriptive estimationof the anticipated volatility of demand over the forecast period.
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Solar-poweredvehicles harness energy from the sun and generate power using a solar array,which is a mixture of hundreds of solar cells. The solar array usesphotovoltaic cells (PV cells) to convert sunlight to electricity. Photovoltaiccells are made up of semiconductors, usually, silicon, which absorbs sunlightand generates electricity to power the batteries and specialized motors insolar cars. A solar-powered system is a simple solution for using solar energy.
MarketDynamics
Growinggovernment initiatives and subsidies to encourage continued expansion ofsolar-powered vehicles, increasing long-distance driving ranges of electricvehicles, rising demand for environmentally friendly vehicles, rising emphasison reducing vehicle emissions, and growing investment in OEM R&D to buildzero-emission vehicles are critical drivers for the growth of this market.
The high costs,lack of standardization, and energy losses during transmission are restrainingfactors for this market's growth. However, growing disposable incomes incountries such as China, India, and Germany, rising demand for solar-basedelectric vehicle charging stations, and rapid industrialization provide ampleopportunities for the expansion and growth of this market.
The globalmarket for solar-powered vehicles is projected to see rapid growth during the assessmentperiod. Globally, increasing production of solar-powered electric vehicles isalso driving the growth of the global industry. In addition, the increasingsales and government support for solar cars, the strict vehicle emissionregulations in Europe and North America, and the ban announced on ICE vehiclesby various countries, such as Germany, the United Kingdom, the United States,and China, which will come into force by 2030, will further contribute to thegrowth of the industry.
MarketSegmentation
The globalmarket for solar-powered vehicle has been segmented based on the solar panel, batterytype, propulsion, and vehicle type.
Based on thesolar panel, the global market for solar-powered vehicle has been divided intomonocrystalline and polycrystalline.
Based on batterytype, the global market for solar-powered vehicle has been segmented intolithium-ion battery, lead-acid, lead-carbon, and others.
Based onpropulsion, the global market for solar-powered vehicle has been divided intobattery electric vehicle and hybrid electric vehicle.
Based on vehicletype, the global market for solar-powered vehicle has been divided intopassenger car and commercial vehicle.
RegionalAnalysis
The globalmarket for solar-powered vehicles has been segmented into four major regions:North America, Europe, AsiaPacific, and the rest of the world.
The Asia Pacificis projected to have the largest market share in the forecast period due to theexpanding production and sales of battery and hybrid electric vehicles in Japanand China. In addition, the rise in demand for the solar-powered electric busis anticipated to augment the market in the region. For example, the Governmentof India has taken the initiative to introduce 5 million solar-powered electricvehicles in the country by 2020. Moreover, the availability of an average of300 days of sunlight in China and India, rising disposable incomes, increasingpopulation, and urbanization further boost demand growth in the region.
North America isanticipated to see a significant increase in the global market forsolar-powered vehicles during the forecast period, with the US expected to holdthe largest share.
Key Players
Leading firmsoperating in the global solar-powered vehicle market are Guangzhou JcarIndustrial Company Ltd (China), Cruise Car (US), Hanergy Holding Group (China),Venturi Eclectic (France), Ford Motor Company (US), Mahindra & Mahindra(India), Sono Motors GmbH (Germany), The Solar Electric Vehicle Company (US),Kiira Motors Corporation (KMC) (Uganda), and Immortus (Australia).
Table Of Contents
1. Executive Summary
2. Scope Of TheReport
2.1. Market Definition
2.2. Scope Of TheStudy
2.2.1. Definition
2.2.2. ResearchObjective
2.2.3. Assumptions
2.2.4. Limitations
2.3. Research Process
2.3.1. PrimaryResearch
2.3.2. SecondaryResearch
2.4. Market SizeEstimation
2.5. Forecast Model
3. Market Landscape
3.1. Porter’s FiveForces Analysis
3.1.1. Threat Of NewEntrants
3.1.2. BargainingPower Of Buyers
3.1.3. Threat OfSubstitutes
3.1.4. Segment Rivalry
3.1.5. BargainingPower Of Buyers
3.2. ValueChain/Supply Chain Analysis
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