A recent report published by Infinium Global Research on solar vehicle market provides in-depth analysis of segments and sub-segments in the global as well as regional solar vehicle market. The study also highlights the impact of drivers, restraints, and macro indicators on the global and regional solar vehicle market over the short term as well as long term. The report is a comprehensive presentation of trends, forecast and dollar values of the global solar vehicle market. According to the report, the global solar vehicle market is projected to grow at a CAGR of 38.62% over the forecast period of 2019-2025.
The growing pollution levels and depleting fossil fuel reservoirs have compelled the automakers and the buyers to switch to renewable energy sources for the vehicles. Solar energy is one of the promising renewable energy sources due to its abundance. Solar energy is harnessed for generating electricity, which can be stored and later used to propel the vehicle. The solar vehicle has solar panels integrated into the vehicle itself that generates energy, which is used for the propulsion of vehicle right there and then. The solar vehicle market is relatively new and fragmented in nature. Well established automakers such as Hyundai has launched their solar vehicle in the market. While the small scale player Lightyear launched its solar vehicle Lightyear One in the market.
The major factor contributing to the growth of the solar vehicle market is the declining prices of solar panels. Technological development along with the subsidies granted by the governments are making the solar panels more affordable. Moreover, the rise in demand for fuel-efficient and eco-friendly vehicles is likely to increase the demand for solar vehicles. The rising pollution levels due to emissions has led to the development of fuel-efficient and lower emission vehicles. Furthermore, the number of government initiatives to encourage the consumer to buy solar-powered vehicles is anticipated to boost the growth of the solar vehicle market. However, the low performance of the vehicles is projected to be a key restraining factor for the solar vehicle market. Nevertheless, the R&D activities for developing advanced technologies to harness solar energy is projected to offer lucrative opportunities to the market players.
In terms of geography, Asia Pacific held the highest market share, dominating the global solar vehicle market. The dominance of the Asia Pacific market attributed to the growing purchasing power of consumers, stringent emission regulations and government initiatives to promote solar-powered vehicles. Moreover, the frequency of summers and the availability of around 300 days of sunlight throughout the year is expected to boost the growth of the solar vehicle market in this region.
The report on global solar vehicle market covers segments such as hybridization, vehicle type, and solar panel type. On the basis of hybridization, the sub-markets include bev, hev, and phev. On the basis of vehicle type, the sub-markets include passenger vehicle, and commercial vehicle. On the basis of solar panel type, the sub-markets include monocrystalline, and polycrystalline.
The report provides profiles of the companies in the market such as Toyota Motor Corp, Volkswagen AG, Ford Motor Company, Mahindra & Mahindra Limited, Nissan Motor Co., Ltd., Atlas Technologies B.V., Cruise Car America, Venturi Automobiles, Sono Motors GmbH, Hanergy Holding Group, and Other Companies.
The report provides deep insights into the demand forecasts, market trends, and micro and macro indicators. In addition, this report provides insights into the factors that are driving and restraining the growth in this market. Moreover, The IGR-Growth Matrix analysis given in the report brings an insight into the investment areas that existing or new market players can consider. The report provides insights into the market using analytical tools such as Porter's five forces analysis and DRO analysis of solar vehicle market. Moreover, the study highlights current market trends and provides forecast from 2019-2025. We also have highlighted future trends in the market that will affect the demand during the forecast period. Moreover, the competitive analysis given in each regional market brings an insight into the market share of the leading players.