Solar-Powered Vehicle Market Growth, 21% of CAGR, Challenges, Research Report and Industry Forecast to 2025 : Global Solar-Powered Vehicle Market Information by Solar Panel (Monocrystalline and Polycrystalline Solar Panel), by Battery Type (Lithium-Ion Battery, Lead-Acid, Lead-Carbon and others), by Propulsion (Battery and Hybrid Electric Vehicle), by Vehicle Type (Passenger Car and Commercial Vehicle) and by Region (North America, Europe, Asia-Pacific and Rest of the World) – Forecast till 2025
Solar-Powered Vehicle Market Overview
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.
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.
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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.
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.
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.
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.
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.
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.
Table Of Contents
- Executive Summary
- Scope Of The Report
2.1. Market Definition
2.2. Scope Of The Study
2.2.2. Research Objective
2.3. Research Process
2.3.1. Primary Research
2.3.2. Secondary Research
2.4. Market Size Estimation
2.5. Forecast Model
- Market Landscape
3.1. Porter’s Five Forces Analysis
3.1.1. Threat Of New Entrants
3.1.2. Bargaining Power Of Buyers
3.1.3. Threat Of Substitutes
3.1.4. Segment Rivalry
3.1.5. Bargaining Power Of Buyers
3.2. Value Chain/Supply Chain Analysis
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