Solar Vehicle Market Projcted to Grow at a CAGR of 36.4%

Solar Vehicle Market Projcted to Grow at a CAGR of 36.4%

Solar Vehicle Market
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

The Global Solar Vehicle Market is projected to grow at a CAGR of 36.4% during the forecast period to reach 107,380 units by 2030 from projected 8,955 units by 2022. A solar vehicle is an electric vehicle integrated with solar panels. Generally, solar panels consist of photovoltaic cells which help to convert solar energy into electric energy. The propulsion of these vehicles is usually offered through solar energy, and the efficiency of solar modules defines the propulsive force of the vehicle.

The major solar vehicle market players include Sono Motors (Germany), Volkswagen (Germany), Toyota (Japan), Ford (US), Mahindra (India), Nissan (Japan), GM (US), Cruise Car (US), and Solar Electric Vehicle Company (US), among others.

Recent Developments:

  • In January 2019, Sono Motors partnered with Bosch to provide the Sion’s central control unit and a software-based solution for its intelligent networking. The electric car with solar integration, the first ever to go into series production, is designed with maximum efficiency for the user, offering car, ride, and power-sharing.

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By Battery: Lithium-ion battery is expected to be the largest segment in the solar vehicle market

The lithium-ion battery segment is anticipated to register the largest growth during the forecast period. This type of battery offers all the suitable characteristics required for the operation of these vehicles. The battery provides high energy density with rapid discharging capability, thereby enabling a smooth charging cycle. Furthermore, with the highest power conversion ratio, this battery offers maximum efficiency, making it most suitable for these vehicles.

By Vehicle Type: Passenger car segment is expected to dominate the solar vehicle market

The rising sales of passenger cars in the electric vehicle segment is the primary factor responsible for the growth of this segment during the forecast period. The propulsive force needed for passenger cars is lesser than commercial vehicles. Thus, solar panels are integrated into passenger cars which accomplish the objective of lower emissions. The commercial vehicle segment is expected to gain gradual growth during the forecast period.

By solar-powered charging stations: the Asia Pacific is expected to grow at the fastest rate during the forecast period.

A majority of these vehicle sales and EV charging station installations in the Asia Pacific are expected to be driven by the huge demand in countries such as China and Japan. The Asia Pacific is one of the largest markets for electric vehicles and likely to become the same for these vehicles. Furthermore, South Korea and India are taking initiatives to reduce greenhouse gas emissions by increasing the use of electric vehicles. Further, to develop the infrastructure for electric vehicles, government authorities are taking a keen interest in developing charging station infrastructure in the region. Thus, by integrating solar panels over charging stations of electric vehicles, the efficiency of power supply increases and the dependability over electric grid reduces. This factor is responsible for the growth of solar charging stations in the Asia Pacific region.

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Asia Pacific is expected to account for the largest market size during the forecast period

The Asia Pacific region is estimated to be the largest market by 2030. The region comprises some of the fastest developing economies of the world such as China and India. The Asia Pacific region is the largest market for automotive as the growing purchasing power of consumers has triggered the demand for automobiles in the region. Also, the climatic conditions of the Southeast Asian countries are suitable for these vehicles. Moreover, the high demand for passenger cars from emerging countries of the region is likely to drive the growth of the Asia Pacific market during the forecast period.

Europe has been at the forefront in terms of early adoption of electric cars in the world. Thus, it is expected that the adoption of these vehicles in Europe will gain traction during the forecast period. Strict environmental policies and pollution control measures are likely to contribute to the faster adoption of these vehicles in the region. According to a recent report by ING, a leading European financial institution, every new car sold in Europe will be electric in the near future. The integration of solar panels with electric vehicles makes them more efficient, which may lead to higher adoption of these vehicles in the region. Favorable government support, decreasing battery cost, and economies of scale are cited as the primary reason for the stated prediction.

Rest of the World (RoW): Brazil is expected to be the fastest-growing country in the Rest of the World region by 2030

The RoW region is estimated to be the fastest market by 2030. The region comprises some of the developing economies of the world such as Brazil, Dubai, and South Africa. The increasing spending power in countries like Brazil and South Africa among others in the region are contributing to the increasing demand for passenger cars. The rising imbalance of ecology because of excessive emissions by automobiles is generating the need for ecofriendly mobility solutions which will ultimately be responsible for the growth of solar vehicles in the RoW region. Furthermore, the rising electric vehicle sales in the region and their enhanced efficiency by integrating solar panels into it is another factor contributing to the fastest growth of the market in the RoW region.

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Critical Questions:

  • How will the trend of the solar electric vehicle impact the overall EV market in the long term?
  • How will the industry cope with the challenge of operating efficiency of solar vehicles?
  • How do you see the impact of the stringent emission regulations in the solar vehicle market?
  • What are the upcoming trends in the solar vehicle market? What impact would they make in the coming years?
  • What are the key strategies adopted by top players in this market?

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