Solar Vehicles Market to Gain Steady Traction Driven by Increasing Regulatory Support
Solar vehicles rely on photovoltaic cells to harness solar energy to create electrical energy that is stored in batteries to either fully power or complement the vehicle’s propulsion. The ones that solely rely on photovoltaic cells to power the vehicle are called Battery Electric Vehicles (BEV), while those that employ an internal combustion engine along with solar charged battery are called Hybrid Electric Vehicle (HEV). Until a few years ago, solar powered vehicles were considered to be impractical, mainly due to inefficient photovoltaic cells and exorbitant pricing of solar panels.
In the recent past though, the solar vehicles market has gained major impetus for growth from various governments across the globe, especially in emerging economies. This is part of the global initiative to reduce carbon footprint and adopt electric vehicles. For instance, the Indian government’s Union Budget 2019 made special provisions for major tax rebate on interest paid on loans to purchase electric vehicles. This creates a highly conducive environment for growth of the overall electric vehicles segment in one of the fastest growing markets in the world, in turn fuelling growth of the solar vehicles market. Moreover, drastic reduction in prices of photovoltaic cells, various government subsidies, and rapid improvements in solar power technology are further driving adoption of solar powered vehicles.
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The noted participants of the market have been studied in details in this report for covering an in-depth share analysis of the Solar vehicles market. The analysis includes an assessment of the growth strategies implemented by these players in the market. Some of these strategies are mergers & acquisition, collaboration, rising investments, partnership, product portfolio development, etc. In addition, the increasing research & development activities are further expected to impact the growth of the Solar vehicles market favorably in the forthcoming years.
Mahindra & Mahindra
Hanergy Thin Film Power Group
The global solar vehicles market has been categorized on the basis of the following to provide a comprehensive understanding of market dynamics, current and future trends, and other factor influencing the market:
Battery Electric Vehicle (BEV)
Hybrid Electric Vehicle (HEV)
The hybrid electric vehicle segment dominates the market, as solar cells currently being mass produced aren’t very efficient.
Currently, most true solar powered vehicles are mainly in the prototype stage and assist in functions of vehicles, rather than power the entire vehicle.
Middle East & Africa
North America and Europe are the largest markets for solar vehicles. Asia Pacific is fast emerging as the most lucrative market for solar vehicles, given favourable government regulations promoting electric vehicles in the China and India. Major vehicle manufacturers such as Ford and Audi have announced plans to integrate solar panels in their future generations of electric and hybrid vehicles. Hyundai recently launched its Sonato car with a solar panel. This, however, can only provide enough power for a little over 2 miles on a single ‘day out in the sun.’ The technology is far from perfect, but given various favourable government regulations and increasing investment in R&D by big players should pave the way for efficient solar cars in future. The market is still very much in the nascent stage, and is expected to witness exponential growth in the not-so-distant future, given the rising global effort towards moving away from using fossil fuels.
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