Solar Powered Electric Vehicle Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2018 - 2026
- Transparency Market Research
- Electric Vehicle
Solar powered electric vehicle is an electric vehicle that uses solar energy as a power source. It is an eco-friendly vehicle that utilizes solar cells to convert the Sun's radiant energy into electricity and works on the principle of the photovoltaic effect. Solar panels are mounted on the solar powered electric vehicle that contains photovoltaic cells which convert solar energy into electric energy and help to power the vehicle. Electricity produced using the solar panels is stored in batteries, and these charged batteries are employed to drive the motor, which serves here as an engine and moves the vehicle. There is no mixing of fuel, as it uses solar energy as a mode of fuel; subsequently, there is no combustion of fuel in solar powered electric vehicles. Solar powered electric vehicles are expected emphasize the need for utilizing renewable energy in the automotive industry.
Growing concern regarding carbon emissions by global regulatory bodies is a major factor that is estimated to drive the solar powered electric vehicle market during the forecast period. Solar powered electric vehicle is an answer to environmental degradation and energy shortages. It makes the vehicle more efficient and economical, as compared to fuel vehicles. All kinds of conventional sources of fuel are on the verge of exhaustion, which in turn is estimated to lead to an increase in demand for solar powered electric vehicles during the forecast period. It also helps vehicle owners to comply with state regulations regarding emissions from fuel systems. Solar powered electric vehicles offer numerous benefits such as no pollution, less maintenance, easy to charge, noise-free operation and increased vehicle efficiency, which in turn is expected to provide lucrative opportunities for the market during the forecast period. A solar powered electric vehicle is the best option, which provides the most comprehensive answer to the present issue of urban pollution in a simple, economic, and inoffensive manner. Solar energy directly relies on the Sun’s rays, which provide energy to the entire vehicle, and hence, change in weather is likely to reduce the power of solar energy. This is expected to hamper the solar powered electric vehicle market.
The global solar powered electric vehicle market can segmented based on solar panel location, vehicle type, vehicle parts, and region. Based on solar panel location, the solar powered electric vehicle market can be divided into three segments. Among which, roof placed solar panel accounts for a major share of the market, as compared to other segments. Roof placed solar panels are designed to absorb direct solar radiant energy and the segment holds a prominent share owing to its larger surface area, which results in increased energy absorption.
Based on vehicle type, the solar powered electric vehicle market can be segregated into two segments. The passenger vehicle segment holds a larger share of the market share as compared to other segments. The passenger vehicle segment can be further sub-segmented into hatchbacks, multi-purpose vehicles, sedans, and sport utility vehicles.
Based on vehicle parts, the solar powered electric vehicle market can be classified into four segments. The solar panel segment dominates the market. This is due to its function of absorbing the Sun’s radiant energy and providing power source to the vehicle.
In terms of geography, the solar powered electric vehicle market can be bifurcated into five regions. Among region, North America and Europe account for a major share of the global solar powered electric vehicle market due to rising environmental concern, less cost, increasing demand for electric vehicles, and expansion of the automotive sector, leading to the increased production of solar powered electric vehicles.
Key players operating in the global solar powered electric vehicle market include EVX Pty Ltd., Toyota Motor Corporation., Solar Electric Vehicle Company, Venturi, Ford Motor Company, and Nissan Motor Corporation.
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- North America (U.S. and Canada)
- Latin America (Mexico, Brazil, Peru, Chile, and others)
- Western Europe (Germany, U.K., France, Spain, Italy, Nordic countries, Belgium, Netherlands, and Luxembourg)
- Eastern Europe (Poland and Russia)
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- Middle East and Africa (GCC, Southern Africa, and North Africa)
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