Solar Vehicle Market Scope
A solar vehicle is the type of vehicle, which runs completely by direct solar energy. Generally, photovoltaic cells contained in solar panels convert the sun’s energy directly into electric energy. The term solar vehicle usually implies that solar energy is employed to power all parts of vehicle propulsion. Solar power is also used to provide power for control, communications, and other auxiliary functions. Owing to the increasing favorable government guidelines & policies are expected to witness rapid growth in solar vehicles during the forecast period.
According to AMA, the Global Solar Vehicle market is expected to see growth rate of 35.5%
Research Analyst at AMA estimates that German Vendors will contribute to the maximum growth of Global Solar Vehicle market throughout the predicted period.
Tesla, Inc. (United States), Nissan Motor (Japan), BYD Auto (China), BMW (Germany), Volkswagen (Germany), Toyota (Japan), Ford (United States), Volvo (Sweden), Daimler AG (Germany) and Hyundai (South Korea) are some of the key players that are part of study coverage. Additionally, the Vendors which are also part of the research are Honda (Japan), Continental AG (Germany), ZF Friedrichshafen (Germany) and Schaeffler (Germany).
About Approach
The research aims to propose a patent-based approach in searching for potential technology partners as a supporting tool for enabling open innovation. The study also proposes a systematic searching process of technology partners as a
preliminary step to select the emerging and key players that are involved in implementing market estimations. While patent analysis is employed to overcome the aforementioned data- and process-related limitations, as expenses occurred in that technology allows us to estimate the market size by evolving segments as target market from total available market.
Segmentation Overview
The study have segmented the market of Global Solar Vehicle market and Region with country level break-up.
On the basis of geography, the market of Solar Vehicle has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico).
Market Leaders and their expansionary development strategies
On 17 Dec 2018, Lightyear partnered with LeasePlan NL to deliver first AWD solar-powered family car. The car is expected to release in the year 2020.
Recently, Sono Motors (Germany) has released the production design of its Sion solar/electric car. While the solar panels don’t do much to differentiate it from other cars, it does have some features that make it an interesting competitor in the EV marketplace. From the ground up, it’s designed to be the Swiss Army Knife of electric vehicles.
Market Trend
- Utilization of Solar Power
Market Drivers
- Favorable Government Policies and Subsidies
- Heavy Investments from Automakers in Evs
- Growing Concern about Environmental Pollution
- Increased Vehicle Range per Charge
Opportunities
- Use of Vehicle-To-Grid (V2g) EV Charging Stations for Solar Vehicles
- EV Charging Stations Powered By Solar Panels
Restraints
Challenges
- High Cost of Evs in Comparison With Ice Vehicles
- Stringent Rules for Installation of Charging Stations
- Small Distance Covered By Evs
Key Target Audience
Solar Vehicles Manufacturers, Technology Investors, Solar Vehicles Sub Component Manufacturers, Solar Vehicles Traders/Distributors, Solar Vehicles Importer/Exporter, Regulatory & Government Bodies and Downstream Vendors