A Solar Vehicle is an electric vehicle that is powered completely or partly by solar energy. Generally, photovoltaic (PV) cells present in Solar Panels convert the energy from the Sun directly into electric energy. Solar Vehicles are predicted to bring a huge revolution in the Automobile Industry by using renewable energy. The Automobile Industry is developing new and innovative technologies for producing vehicles to meet the demand for cleaner and greener vehicles. —
Another important factor responsible for the growth of Solar Vehicle is the fall in the price of Solar Panels. New technologies are introduced for low-cost, energy-efficient, and low maintenance solar-powered cars that are long-lasting.
Governments, across the world, are encouraging people to adopt renewable energy vehicles due to worsening air quality and rampant land & noise pollution. Governments are taking the initiative to keep a check on energy consumption and to reduce emissions. The Solar-powered vehicle works very efficiently as it offers no emission, less maintenance, easy to charge, and quiet operations. These advantages can help in chalking out of better growth path for the market in the future.
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Study of the global Solar Vehicle market also includes analysis of participants operating in the value chain. It offers an overview on the competitive landscape of the market. This section of the repost covered key developments in the industry, and profiling of key market players along with their recent industry activity and product innovation.
Mahindra & Mahindra
Hanergy Thin Film Power Group
By type of vehicle, the Solar Vehicle market can be segmented into, Passenger Car and Commercial Vehicle. The passenger segment is gaining strong momentum due to the rise in per capita income. Also, various industries are showing a keen interest in incorporating technology to ensure a safe and clean transport system.
By Electric Vehicle type the Electric Vehicle segment is further divided into, Battery Electric Vehicle (BEV), Hybrid Electric Vehicle (HEV), and Plug-In Hybrid Electric Vehicle (PHEV).
By Battery type, the Solar Vehicle market can be segmented into, Lithium-Ion Battery, Lead Acid and Lead Carbon.
By Solar Panel type, the Solar Vehicle market can be segmented into, Monocrystalline Solar Panel and Polycrystalline Solar Panel.
By Charging Station, the Solar Vehicle market can be segmented into, Residential and Commercial.
By Neighbourhood Electric Vehicles (NEV), the Solar Vehicle market can be segmented into, Commercial Turf Utility Vehicles, Industrial Utility Vehicles, Golf Cart, and Personnel Carrier.
In terms of region, the global Solar Vehicle market shows promising potential in Asia-Pacific (APAC), North America, Europe, South America, and the Middle East and Africa (MEA). The region-specific analysis also provides a better glimpse of the demographic challenges, which can be sorted in the future for better market results.
North America and Europe will drive the market due to the high rate of adoption of the latest technologies and also increasing adoption of electric vehicles in the region. Both these regions have strong expenditure capabilities.
The APAC market is also gaining strong traction from the revamping automotive sector. Cost affordable labor and easy access to resources have influenced global players to make a substantial investment in the region. The Global Solar Vehicle Market will show extensive growth with Government initiatives and sanctions in countries across the world.
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