Opportunities in the Solar Vehicle Market

A solar vehicle is an electric vehicle integrated with solar panels. Generally, solar panels consist of photovoltaic cells which help to convert solar energy into electric energy. The propulsion of these vehicles is usually offered through solar energy, and the efficiency of solar modules defines the propulsive force of the vehicle.

The global Solar Vehicle Market is projected to grow at a CAGR of 36.4% during the forecast period to reach 107,380 units by 2030 from the projected 8,955 units by 2022.

Growth Drivers:

• Growing Concern About Environmental Pollution
• Government Funding, Subsidies, and Incentives to Encourage Eco-Friendly Vehicles
• Increasing Investments in R&D Activities By OEMs to Develop Zero-Emission Vehicles

Restraints:

• Less Operational Efficiency of Solar Vehicles Coupled With High Cost
• Lack of Standardization

Opportunities:

• EV Charging Stations Powered By Solar Panels
• Use of Vehicle-To-Grid (V2g) EV Charging Stations for Electric Vehicles

Challenges:

• Low Efficiency Resulting in Short Distance Operation of Associated Solar Vehicles

The major solar vehicle market players include Sono Motors (Germany), Volkswagen (Germany), Toyota (Japan), Ford (US), Mahindra (India), Nissan (Japan), GM (US), Cruise Car (US), and Solar Electric Vehicle Company (US), among others. 

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The Asia Pacific region is estimated to be the largest market by 2030. The region comprises some of the fastest developing economies of the world such as China and India. The Asia Pacific region is the largest market for automotive as the growing purchasing power of consumers has triggered the demand for automobiles in the region. Also, the climatic conditions of the Southeast Asian countries are suitable for these vehicles. Moreover, the high demand for passenger cars from emerging countries of the region is likely to drive the growth of the Asia Pacific market during the forecast period.

Europe has been at the forefront in terms of the early adoption of electric cars in the world. Thus, it is expected that the adoption of these vehicles in Europe will gain traction during the forecast period. Strict environmental policies and pollution control measures are likely to contribute to the faster adoption of these vehicles in the region. According to a recent report by ING, a leading European financial institution, every new car sold in Europe will be electric in the near future. The integration of solar panels with electric vehicles makes them more efficient, which may lead to higher adoption of these vehicles in the region. Favourable government support, decreasing battery cost, and economies of scale are cited as the primary reason for the stated prediction.

Critical Questions:

• How will the trend of solar electric vehicles impact the overall EV market in the long term?
• How will the industry cope with the challenge of operating efficiency of solar vehicles?
• How do you see the impact of the stringent emission regulations in the solar vehicle market?
• What are the upcoming trends in the solar vehicle market? What impact would they make in the coming years?
• What are the key strategies adopted by top players in this market?

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