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Sunlight is the primary or main source of energy for solar-powered vehicles, where solar panels are used to generate electricity, which is then utilized to run vehicle. Growing competition amongst solar-powered vehicle manufacturers, stringent environment regulations, and the government support regarding solar-based electric vehicles (EVs) has encouraged manufacturers to design the system as per the government regulations across different regions, which is considered as one of the key factors responsible for the growth of this market. Furthermore, the rising uses of lithium-ion battery in the EVs is likely to drive the Solar-Powered Vehicle Industry during the study period.
The global Solar-Powered Vehicle Industry is expected to witness 21% CAGR during the period, 2019–2025.
The increasing production and sales of battery and hybrid electric vehicle in countries such as China, Germany, Norway, and Japan drive the growth of Solar-Powered Vehicle Industry.
Market Research Analysis
In terms of region, the global market for solar-powered vehicles is segmented into North America, Europe, Asia-Pacific, and the rest of the world. Asia-Pacific is estimated to hold the highest market share during the forecast period owing to the growing production and sales of electric vehicles from China and Japan. Moreover, the climatic conditions of countries such as China and India, both receive an average of more than 290 days of sunlight, which is suitable for these solar-based vehicles. Hence, the demand for solar cars is growing in China and India.
North America is estimated to grow at a significant rate in Solar-Powered Vehicle Industry during forecast period owing to the growing demand for environmentally-friendly vehicles and the presence of key playes such as Ford Motor Company, Cruise Car, and The Solar Electric Vehicle Company.
In Europe, Germany is the largest Solar-Powered Vehicle Industry, whereas the UK, France, Italy, Spain, Belgium, and the Netherlands are the other major countries in Europe that are also contributing towards the growth of this market. In the Middle East & Africa, the UAE, Iran, and South Africa are major Solar-Powered Vehicle Industrys, whereas in Latin America, Brazil and Argentina play an important role in the growth of this market.
Key Players
The major players considered for the study of global Solar-Powered Vehicle Industry are Guangzhou Jcar Industrial Company Ltd. (China), Hanergy Holding Group (China), Venturi Eclectic (France), Sono Motors GmbH (Germany), Ford Motor Company (US), Mahindra & Mahindra (India), Cruise Car (US), The Solar Electric Vehicle Company (US), Kiira Motors Corporation (KMC) (Uganda), and Immortus (Australia).
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