Global Solar Vehicle Market to 2027

Global Solar Vehicle Market to 2027

Global Solar Vehicle Market to 2027

Market Overview

Solar vehicle is the type of electric vehicle which is run on only power from the sun. These vehicles are equipped with photovoltaic cell, which is installed in solar panels, and they are responsible to convert solar energy to electric energy. In a solar vehicle electrical energy is stored into battery of vehicle. Basically, solar panels are made up with silicone, which absorbs heat and that heat is convert into electrical energy. Rise in adoption of advanced technology for vehicles, the demand for solar vehicles is increased which is expected to grow the solar vehicle market growth, across the globe.

Market Drivers

Increase in environmental concerns has resulted in rise in acceptance of eco-friendly vehicles is the key driving factor, which is expected to boost the global solar vehicle market growth. Furthermore, rise in government initiatives, and investments are expected to propel the global solar vehicle market growth. Also, decreased prices of components used in integration and development of solar vehicles will have the positive impact on growth of global solar vehicle market, over the forecast period. Moreover increase in product launch activities is expected to fuel the market growth. For instance, in August 2019, Hyundai hand launched its new vehicle with roof based solar charging technology. In which roof of the vehicle is equipped with solar panels.

Market Restraints

However, less operation efficiency and solar vehicles coupled with high cost and lack of standardization are the challenging factor for market growth which are expected to hamper the global solar vehicle market, during this forecast period.

Market Segmentation

Global Solar Vehicle Market is segmented into electric vehicle such as Plug-in Hybrid Electric Vehicle (PHEV), Hybrid Electric Vehicle (HEV), and Battery Electric Vehicle, by battery type such as Lead Carbon, Lead Acid, and Lead Ion. Further, Global Solar Vehicle Market is segmented into solar panel such as Polycrystalline, and Monocrystalline, by vehicle type such as Passenger Vehicle, and Commercial Vehicle.

Also, Global Solar Vehicle Market is segmented into five regions such as North America, Latin America, Europe, Asia Pacific, and Middle East & Africa.

Market Key Players

Various key players are discussed in this report such as Hyundai Motor Company, Lightyear, Alke, Solar Electric Vehicle Company, Hanergy Thin Film Power Group, Sono motors,

Mahindra & Mahindra, Ford, Toyota Motor Corporation, and Volkswagen AG.

Market Taxonomy

By Electric Vehicle

• Plug-in Hybrid Electric Vehicle (PHEV)
• Hybrid Electric Vehicle (HEV)
• Battery Electric Vehicle

• Lead Carbon
• Lead Acid,
• Lead Ion

• Polycrystalline
• Monocrystalline

• Passenger Vehicle
• Commercial Vehicle

• North America
• Latin America
• Europe
• Asia Pacific
• Middles East & Africa