Solar Vehicle Market

Solar Vehicle Market by EV (BEV, HEV & PHEV), Vehicle Type (PC & CV), Battery (Lithium-ion, Lead acid, & Lead carbon), Solar Panel (monocrystalline & polycrystalline), Neighborhood vehicles, Charging Stations, and Region - Global Forecast to 2030

Report Code: AT 7052 Apr, 2019, by marketsandmarkets.com

[137 Pages Report] 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 projected 8,955 units by 2022. 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.

Solar Vehicle Market

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    By Battery: Lithium-ion battery is expected to be the largest segment in the solar vehicle market

    The lithium-ion battery segment is anticipated to register the largest growth during the forecast period. This type of battery offers all the suitable characteristics required for the operation of these vehicles. The battery provides high energy density with rapid discharging capability, thereby enabling a smooth charging cycle. Furthermore, with the highest power conversion ratio, this battery offers maximum efficiency, making it most suitable for these vehicles.

    By Vehicle Type: Passenger car segment is expected to dominate the solar vehicle market

    The rising sales of passenger cars in the electric vehicle segment is the primary factor responsible for the growth of this segment during the forecast period. The propulsive force needed for passenger cars is lesser than commercial vehicles. Thus, solar panels are integrated into passenger cars which accomplish the objective of lower emissions. The commercial vehicle segment is expected to gain gradual growth during the forecast period.

    By solar-powered charging station: Asia Pacific is expected to grow at the fastest rate during the forecast period.

    A majority of these vehicles sales and EV charging station installations in Asia Pacific are expected to be driven by the huge demand in countries such as China and Japan. Asia Pacific is one of the largest markets for electric vehicles and likely to become the same for these vehicles. Furthermore, South Korea and India are taking initiatives to reduce greenhouse gas emissions by increasing the use of electric vehicles. Further, to develop the infrastructure for electric vehicles, government authorities are taking a keen interest in developing charging station infrastructure in the region. Thus, by integrating solar panels over charging stations of electric vehicles, the efficiency of power supply increases and the dependability over electric grid reduces. This factor is responsible for the growth of solar charging stations in the Asia Pacific region.

    Solar Vehicle Market

    Asia Pacific is expected to account for the largest market size during the forecast period

    The Asia Pacific region is estimated to be the largest the 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, 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 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. Favorable government support, decreasing battery cost, and economies of scale are cited as the primary reason for the stated prediction.

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    Scope of the Report

    Report Metric

    Details

    Market size available for years

    2022–2030

    Base year considered

    -

    Forecast period

    2022–2030

    Forecast units

    Volume (Units)

    Segments covered

    By EV, Vehicle Type, Battery, Solar Panel, Charging Station, Neighborhood Vehicle, and Region

    Geographies covered

    Asia Pacific, Europe, North America, and Rest of the World

    Companies covered

    Volkswagen (Germany), Toyota (Japan), Ford (US), Mahindra (India), Nissan (Japan), GM (US), Sono Motors (Germany), Cruise Car (US), Solar Electric Vehicle Company (US)

    This research report categorizes the market based on EV type, vehicle type, battery, solar panel, charging station, neighborhood vehicle, and region

    On the basis of electric vehicle type, the market has been segmented as follows:

    • BEV
    • HEV
    • PHEV

    On the basis of vehicle type, the market has been segmented as follows:

    • Passenger Cars
    • Commercial Vehicles

    On the basis of battery, the market has been segmented as follows:

    • Lithium-ion
    • Lead-Acid
    • Lead carbon

    On the basis of solar panel, the market has been segmented as follows:

    • Monocrystalline
    • Polycrystalline

    On the basis of charging station, the market has been segmented as follows:

    • Asia Pacific
    • Europe
    • North America
    • Rest of the World

    On the basis of neighborhood vehicle, the market has been segmented as follows:

    • Commercial Turf Utility Vehicles
    • Industrial Utility Vehicles
    • Golf Cars
    • Personnel Carriers

    On the basis of region, the market has been segmented as follows:

    • Asia Pacific
      • China
      • India
      • Japan
      • South Korea
      • Thailand
      • Malaysia
    • Europe
      • France
      • Germany
      • Norway
      • The Netherlands
      • UK
    • North America
      • US
      • Canada
    • RoW
      • Brazil
      • Dubai
      • South Africa

    Critical Questions:

    • How will the trend of solar electric vehicle will 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?

    Key Market Players

    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. These companies have strong distribution networks at a global level. In addition, these companies offer an extensive product range. The key strategies adopted by these companies to sustain their market position are new product developments, collaborations, and contracts & agreements. For Instance, in March 2019, Sono Motors showcased its first solar electric vehicle in Germany. The vehicle is mounted with solar cells over the roof capable of generating power worth 34 km in a day. The operating range of this vehicle is around 255 km with an extended range of 34 km on a sunny day.

    To speak to our analyst for a discussion on the above findings, click Speak to Analyst

    Table of Contents

    1 Introduction (Page No. - 16)
        1.1 Objectives of the Study
        1.2 Market Definition
        1.3 Market Scope
        1.4 Years Considered for the Study
        1.5 Currency & Pricing
        1.6 Package Size
        1.7 Limitations
        1.8 Stakeholders

    2 Research Methodology (Page No. - 20)
        2.1 Research Data
               2.1.1 Secondary Data
                        2.1.1.1 Key Secondary Sources
                        2.1.1.2 Key Data From Secondary Sources
               2.1.2 Primary Data
               2.1.3 Sampling Techniques & Data Collection Methods
               2.1.4 Primary Participants
        2.2 Market Size Estimation
               2.2.1 Bottom-Up Approach
               2.2.2 Top-Down Approach
        2.3 Market Breakdown and Data Triangulation
        2.4 Assumptions

    3 Executive Summary (Page No. - 28)

    4 Premium Insights (Page No. - 32)
        4.1 Attractive Opportunities in the Solar Vehicle Market
        4.2 Solar Vehicle Market Share, By Country
        4.3 Solar Vehicle Market, By EV Type
        4.4 Solar Vehicle Market, By Vehicle Type
        4.5 Solar Vehicle Market, By Battery
        4.6 Solar Vehicle Market, By Solar Panel
        4.7 Solar Vehicle Market, By Charging Station
        4.8 Solar Vehicle Market, By NEV
        4.9 Solar Vehicle Market, By Region

    5 Market Overview (Page No. - 37)
        5.1 Introduction
        5.2 Market Dynamics
               5.2.1 Drivers
                        5.2.1.1 Growing Concern About Environmental Pollution
                        5.2.1.2 Government Funding, Subsidies, and Incentives to Encourage Eco-Friendly Vehicles
                        5.2.1.3 Increasing Investments in R&D Activities By Oems to Develop Zero-Emission Vehicles
               5.2.2 Restraints
                        5.2.2.1 Less Operational Efficiency of Solar Vehicles Coupled With High Cost
                        5.2.2.2 Lack of Standardization
               5.2.3 Opportunities
                        5.2.3.1 EV Charging Stations Powered By Solar Panels
                        5.2.3.2 Use of Vehicle-To-Grid (V2g) EV Charging Stations for Electric Vehicles
               5.2.4 Challenges
                        5.2.4.1 Low Efficiency Resulting in Short Distance Operation of Associated Solar Vehicles

    6 Industry Trends (Page No. - 45)
        6.1 Introduction
        6.2 Technology Overview
               6.2.1 Batteries Used in Solar Vehicles
                        6.2.1.1 Lead–Acid Battery
                                   6.2.1.1.1 Advantages of Lead–Acid Battery
                                   6.2.1.1.2 Disadvantages of Lead–Acid Battery
                        6.2.1.2 Lead Carbon Battery
                                   6.2.1.2.1 Advantages of Lead Carbon Battery
                                   6.2.1.2.2 Disadvantages of Lead Carbon Battery
                        6.2.1.3 Lithium–Ion Battery
                                   6.2.1.3.1 Advantages of Lithium–Ion Battery
                                   6.2.1.3.2 Disadvantages of Lithium–Ion Battery
                        6.2.1.4 Solid State Battery (SSB)
               6.2.2 Photovoltaics Panels (Monocrystalline) Solar Vehicles
        6.3 Porter’s 5 Forces Analysis

    7 Solar Vehicle Market, By Vehicle Type (Page No. - 50)
        7.1 Introduction
               7.1.1 Research Methodology
        7.2 Passenger Car
               7.2.1 High Adoption of Electric Vehicles and Increasing Demand for Eco-Friendly Vehicles are Driving the Growth of Passenger Car Segment
        7.3 Commercial Vehicle
               7.3.1 Increasing Concern Towards Environmental Pollution is Expected to Drive the Commercial Vehicle Solar Market

    8 Solar Vehicle Market, By EV Type (Page No. - 56)
        8.1 Introduction
               8.1.1 Research Methodology
        8.2 Battery Electric Vehicle (BEV)
               8.2.1 Growing Demand to Improve the Efficiency of Electric Vehicles is Expected to Drive the BEV Segment
        8.3 Hybrid Electric Vehicle (HEV)
               8.3.1 High Impact of Carbon Footprint of Automobiles is the Primary Factor Driving the Growth of HEV Segment
        8.4 Plug-In Hybrid Electric Vehicle (PHEV)
               8.4.1 Government Funding and Subsidies to Encourage Eco-Friendly Vehicles Have Triggered the Grwoth of PHEV Segment

    9 Solar Vehicle Market, By Battery (Page No. - 63)
        9.1 Introduction
        9.2 Lithium-Ion Battery
               9.2.1 Owing to Suitable Technical Properties for Solar Technology, Lithium-Ion Battery is Expected to Lead the Market During the Forecast Period
        9.3 Lead-Acid
        9.4 Lead Carbon

    10 Solar Vehicle Market, By Solar Panel (Page No. - 67)
         10.1 Introduction
         10.2 Monocrystalline Solar Panel
                 10.2.1 Monocrystalline Panel Offers Highest Efficiency in Terms of Conversion for Solar Energy Into Electrical Energy
         10.3 Polycrystalline Solar Panel

    11 Solar Vehicle Market, By Charging Station (Page No. - 70)
         11.1 Introduction
                 11.1.1 Research Methodology
         11.2 Residential
         11.3 Commercial
                 11.3.1 Asia Pacific
                            11.3.1.1 High Adoption Rate of EVs in China, Japan and Others Solar Charging Stations are Expected to Increase in the Coming Years in Asia Pacific Region
                 11.3.2 Europe
                            11.3.2.1 Stringent Emission Norms Leading to Increase in EV Sales is Expected to Boost the Solar Charging Station in Europe Region
                 11.3.3 North America
                            11.3.3.1 Growing Focus on Renewable Energy Sources Like Solar, EV Infrastructure Providers are Likely to Install Solar Panels on EV Charging Stations in North America Region

    12 Solar Vehicle Market, By Neighborhood Electric Vehicles (NEV) (Page No. - 76)
         12.1 Introduction
                 12.1.1 Research Methodology
         12.2 Commercial Turf Utility Vehicles
                 12.2.1 Many EV Manufacturers are Focusing to Get Rid of Fossil Fuels and Emphasizing on to Install Solar Cell Over Utility Vehicles
         12.3 Industrial Utility Vehicles
                 12.3.1 Industrial Utility Vehicles are Expected to Be Integrated With Solar Panels Due to the Requirement of High Efficiency for Heavy Application
         12.4 Golf Carts
                 12.4.1 Numerous Golf Clubs in the US Have Adopted Solar Powered Golf Carts Due to Its Cost Effectiveness
         12.5 Personnel Carrier
                 12.5.1 the Sale of Solar Personnel Carriers is Expected to Increase Owing to Rise in Gated Communities, and Tourist Places.

    13 Solar Vehicle Market, By Region (Page No. - 80)
         13.1 Introduction
         13.2 Asia Pacific
                 13.2.1 China
                            13.2.1.1 China is the Largest Market of EVs and May Witness Exponential Growth for Solar Vehicles
                 13.2.2 India
                            13.2.2.1 Emission Norms in India Will Propel the Growth of the Solar Vehicle Market
                 13.2.3 Japan
                            13.2.3.1 The BEV Segment is Projected to Be the Fastest Growing Segment in the Japanese Market
                 13.2.4 South Korea
                            13.2.4.1 Korean Automakers See Solar Technology as Better Alternative to Enhance Efficiency
                 13.2.5 Thailand
                            13.2.5.1 High Number of Initiatives Adopted By Thai Government to Promote Zero Emission Vehicles Will Fuel the Growth of Solar Vehicles
                 13.2.6 Malaysia
                            13.2.6.1 Government Policies to Reduce Carbon Emission Would Boost the Demand for Solar Vehicle in Malaysia
         13.3 Europe
                 13.3.1 France
                            13.3.1.1 Rising Number of PHEV Models Due to Higher Efficiency is Likely to Garner the Growth of PHEV Segment of Solar Vehicle Market
                 13.3.2 Germany
                            13.3.2.1 Increased Investments in R&D By German Automakers are Expected to Improve the Operating Range of Eco-Friendly Vehicles
                 13.3.3 Norway
                            13.3.3.1 Rise in the Sales of Eco-Friendly Vehicles is Expected to Boost the Market for Solar Vehicle
                 13.3.4 the Netherlands
                            13.3.4.1 Large EV Fleet and High Demand for Eco-Friendly Cars are Expected to Propel the Growth of Solar Vehicles
                 13.3.5 UK
                            13.3.5.1 Heavy Investments By Oems Such as Jaguar Land Rover, Nissan, and Honda are Expected to Be the Primary Growth Factor
         13.4 North America
                 13.4.1 Canada
                            13.4.1.1 The Canadian Auto Industry is One of the Largest “Green Tech” Sectors in the World
                 13.4.2 US
                            13.4.2.1 The US Automotive Industry is Highly Inclined Toward Innovation, Technology, and the Development of High-Performance and Fuel-Efficient Vehicles
         13.5 Rest of the World
                 13.5.1 Brazil
                            13.5.1.1 The Brazilian Market for Solar Vehicle Will Be Driven By the Initiatives Taken By Oems and Tier 1 Suppliers in the Country
                 13.5.2 United Arab Emirates
                            13.5.2.1 The BEV Segment is Projected to Be the Largest Solar Vehicle Market in United Arab Emirates
                 13.5.3 South Africa
                            13.5.3.1 The Few Oem and Tier 1 Suppliers are Extending Their Reach in African Countries

    14 Competitive Landscape (Page No. - 104)
         14.1 Overview
         14.2 Market Ranking Analysis
         14.3 Competitive Situations and Trends
                 14.3.1 New Product Developments
                 14.3.2 Expansions
                 14.3.3 Partnerships/Supply Contracts/Collaborations/ Joint Ventures/Agreements/Mergers & Acquisitions
         14.4 Competitive Leadership Mapping
                 14.4.1 Visionary Leaders
                 14.4.2 Innovators
                 14.4.3 Dynamic Differentiators
                 14.4.4 Emerging Companies

    15 Company Profiles (Page No. - 110)
    (Business Overview, Products Offered, Recent Developments & SWOT Analysis)* 
         15.1 Volkswagen
         15.2 Toyota
         15.3 Ford
         15.4 Mahindra & Mahindra
         15.5 Nissan
         15.6 General Motors
         15.7 Sono Motors
         15.8 Hanergy Thin Film Power Group
         15.9 Cruise Car
         15.10 Solar Electric Vehicle Company
         15.11 Jinko Solar
         15.12 Trina Solar
         15.13 Other Key Regional Players
                 15.13.1 Asia Pacific
                            15.13.1.1 Weifang Guangsheng New Energy Co., Ltd.
                            15.13.1.2 Sikco
                            15.13.1.3 Surat Exim Pvt. Ltd.
                            15.13.1.4 Jj Pv Solar
                 15.13.2 Europe
                            15.13.2.1 Alke
                            15.13.2.2 Lightyear
                 15.13.3 North America
                            15.13.3.1 Solarrolla
    *Details on Business Overview, Products Offered, Recent Developments & SWOT Analysis Might Not Be Captured in Case of Unlisted Companies. 

    16 Appendix (Page No. - 131)
         16.1 Insights From Industry Experts
         16.2 Discussion Guide
         16.3 Knowledge Store: Marketsandmarkets’ Subscription Portal
         16.4 Available Customizations
         16.5 Related Reports
         16.6 Author Details


    List of Tables (44 Tables)

    Table 1 Impact of Market Dynamics
    Table 2 Government Incentive Programs, 2018
    Table 3 Solar Vehicle Market, By Vehicle Type, 2022–2030 (Units)
    Table 4 Passenger Car: Solar Vehicle Market, By Region, 2022–2030 (Units)
    Table 5 Commercial Vehicles: Solar Vehicle Market, By Region, 2022–2030 (Units)
    Table 6 Solar Vehicle Market, By EV Type, 2022–2030 (Units)
    Table 7 BEV: Market, By Region, 2022–2030 (Units)
    Table 8 HEV: Market, By Region, 2022–2030 (Units)
    Table 9 PHEV: Market, By Region, 2022–2030 (Units)
    Table 10 Lithium-Ion: Solar Vehicle Market, By Region, 2022–2030 (Units)
    Table 11 Lithium-Ion: Solar Vehicle Market, By Region, 2022–2030 (Units)
    Table 12 Charging Station: Solar Vehicle Market, By Region, 2020–2030 (Units)
    Table 13 Charging Station: Asia Pacific Market, By Country, 2020–2030 (Units)
    Table 14 Charging Station: Europe Market, By Country, 2020–2030 (Units)
    Table 15 Charging Station: North America Market, By Country, 2020–2030 (Units)
    Table 16 US: Solar Vehicle Market, By NEV, 2018–2030 (Units)
    Table 17 Solar Vehicle Market, By Region, 2022–2030 (Units)
    Table 18 Asia Pacific: Market, By Country, 2022–2030 (Units)
    Table 19 Asia Pacific: Market, By EV Type, 2022–2030 (Units)
    Table 20 China: Solar Vehicle Market, By EV Type, 2022–2030 (Units)
    Table 21 India: Solar Vehicle Market, By EV Type, 2022–2030 (Units)
    Table 22 Japan: Solar Vehicle Market, By EV Type, 2022–2030 (Units)
    Table 23 South Korea: Solar Vehicle Market, By EV Type, 2022–2030 (Units)
    Table 24 Thailand: Solar Vehicle Market, By EV Type, 2022–2030 (Units)
    Table 25 Malaysia: Solar Vehicle Market, By EV Type, 2022–2030 (Units)
    Table 26 Europe: Market, By Country, 2022–2030 (Units)
    Table 27 Europe: Market, By EV Type, 2022–2030 (Units)
    Table 28 France: Solar Vehicle Market, By EV Type, 2022–2030 (Units)
    Table 29 Germany: Solar Vehicle Market, By EV Type, 2022–2030 (Units)
    Table 30 Norway: Solar Vehicle Market, By EV Type, 2022–2030 (Units)
    Table 31 Netherlands: Solar Vehicle Market, By EV Type, 2022–2030 (Units)
    Table 32 UK: Solar Vehicle Market, By EV Type, 2022–2030 (Units)
    Table 33 North America: Market, By Country, 2022–2030 (Units)
    Table 34 North America: Market, By EV Type, 2022–2030 (Units)
    Table 35 Canada: Solar Vehicle Market, By EV Type, 2022–2030 (Units)
    Table 36 US: Solar Vehicle Market, By EV Type, 2022–2030 (Units)
    Table 37 RoW: Solar Vehicle Market, By Country, 2022–2030 (Units)
    Table 38 RoW: Solar Vehicle Market, By EV Type, 2022–2030 (Units)
    Table 39 Brazil: Solar Vehicle Market, By EV Type, 2022–2030 (Units)
    Table 40 United Arab Emirates: Solar Vehicle Market, By EV Type, 2022–2030 (Units)
    Table 41 South Africa: Solar Vehicle Market, By EV Type, 2022–2030 (Units)
    Table 42 New Product Developments, 2014–2019
    Table 43 Expansions, 2018
    Table 44 Partnerships/Supply Contracts/Collaborations/Joint Ventures/ Agreements/Mergers & Acquisitions, 2017–2019


    List of Figures (52 Figures)

    Figure 1 Segments Covered
    Figure 2 Research Design
    Figure 3 Research Methodology Model
    Figure 4 Breakdown of Primary Interviews
    Figure 5 Market Size Estimation Methodology for the Solar Vehicle: Bottom-Up Approach
    Figure 6 Market Size Estimation Methodology for the Solar Vehicle: Top-Down Approach
    Figure 7 Data Triangulation
    Figure 8 Solar Vehicle: Market Dynamics
    Figure 9 Solar Vehicle Market, By Region, 2022–2030 (Units)
    Figure 10 Solar Vehicle Market, By EV Type, Market Share, 2030
    Figure 11 Growing Concern Towards Environmental Pollution and R&D Activities to Enhance the Efficiency of EV are Expected to Boost the Growth of Solar Vehicle Market From 2022 to 2030
    Figure 12 Brazil is Expected to Be the Fastest Growing Market From 2022 to 2030
    Figure 13 BEV Segment is Expected to Be the Largest Solar Vehicle Market By 2030
    Figure 14 Passenger Car Segment is Expected to Be the Largest Market By 2030
    Figure 15 Asia Pacific Region for Lithium-Ion Battery is Expected to Be the Largest Solar Vehicle Market, By Battery, 2022 vs. 2030
    Figure 16 Asia Pacific Region is Expected to Have the Largest Market of Solar Vehicle Market, By Solar Panel, 2022–2030
    Figure 17 Asia Pacific is Expected to Hold the Largest Share of this Market, By Charging Station, 2020–2030
    Figure 18 Golf Cart is Expected to Be the Largest Segment of Solar Vehicle Market in the US, 2022 vs. 2030
    Figure 19 Asia Pacific is Expected to Be the Largest Solar Vehicle Market By 2030
    Figure 20 Solar Vehicle: Market Dynamics
    Figure 21 Working of V2g Charging Station
    Figure 22 Types of Electric Vehicle Battery
    Figure 23 High Threat of Substitutes Due to Increasing Adoption Rate of Electric Vehicles
    Figure 24 Passenger Car Segment is Expected to Dominate the Solar Vehicle Market, 2022 vs. 2030 (Units)
    Figure 25 Key Primary Insights
    Figure 26 BEV Segment is Expected to Be the Largest Market During the Forecast Period (2022–2030)
    Figure 27 Key Primary Insights
    Figure 28 Solar Vehicle Market, Lithium-Ion Battery, 2022 vs 2030 (Units)
    Figure 29 Solar Vehicle Market, Monocrystalline Solar Panel, 2022 vs 2030 (Units)
    Figure 30 Charging Station: Solar Vehicle Market, By Region, 2022 vs. 2030 (Units)
    Figure 31 US: Solar Vehicle Market, By NEV, 2022 vs. 2030 (Units)
    Figure 32 Solar Vehicle Market, By Region, 2022 vs. 2030
    Figure 33 Asia Pacific: Market Snapshot
    Figure 34 Europe: Market, By Country, 2022 vs. 2030 (Units)
    Figure 35 North America: Market Snapshot
    Figure 36 RoW: Market, By Country, 2022 vs. 2030 (Units)
    Figure 37 Key Developments By Leading Players in the Solar Vehicle Market, 2014–2018
    Figure 38 Volkswagen Led the Solar Vehicle Market in 2018
    Figure 39 Solar Vehicle Market (Global): Competitive Leadership Mapping, 2018
    Figure 40 Volkswagen: Company Snapshot
    Figure 41 Volkswagen: SWOT Analysis
    Figure 42 Toyota: Company Snapshot
    Figure 43 Toyota: SWOT Analysis
    Figure 44 Ford: Company Snapshot
    Figure 45 Ford: SWOT Analysis
    Figure 46 Mahindra & Mahindra: Company Snapshot
    Figure 47 Mahindra & Mahindra: SWOT Analysis
    Figure 48 Nissan: Company Snapshot
    Figure 49 Nissan: SWOT Analysis
    Figure 50 General Motors: Company Snapshot
    Figure 51 Hanergy: Company Snapshot
    Figure 52 Jinko Solar: Company Snapshot

    The study involved 4 major activities in estimating the market size for solar vehicles. Exhaustive secondary research was done to collect information on the market, peer market, and parent market. The next step was to validate these findings, assumptions, and sizing with industry experts across value chains through primary research. Both top-down and bottom-up approaches were employed to estimate the complete market size. Thereafter, market breakdown and data triangulation were used to estimate the market size of segments and subsegments.

    Secondary Research

    In the secondary research process, various secondary sources such as company annual reports/presentations, press releases, industry association publications Sustainable Energy Association, National Motorists Association, National Automobile Dealers Association, International Human Powered Vehicle Association, European Photovoltaic Industry Association, Malaysian Photovoltaic Industry Association, China Photovoltaic Industry Association (CPIA), British Photovoltaic Association (BPVA), South African Photovoltaic Industry Association (SAPVIA), Korea Photovoltaic Industry Association (KOPIA), Solar Energy Industries Association (SEIA), European Automotive Research Partners Association (EARPA), China Association Of Automoblie Manufacturers (CAAM)], automotive magazine articles, directories, technical handbooks, World Economic Outlook, trade websites, technical articles, and databases (Marklines and Factiva) have been used to identify and collect information useful for an extensive commercial study of the global market.

    Primary Research

    Extensive primary research has been conducted after acquiring an understanding of the market scenario through secondary research. Several primary interviews have been conducted with market experts from the demand- and supply-side OEMs [(in terms of component supply), country-level government associations, and trade associations] and component manufacturers across 4 major regions, namely, Asia Pacific, Europe, North America, and Rest of the World. Approximately 23% and 77% of primary interviews have been conducted from the demand and supply side, respectively. Primary data has been collected through questionnaires, emails, and telephonic interviews. In the canvassing of primaries, we have strived to cover various departments within organizations, such as sales, operations, and administration, to provide a holistic viewpoint in our report.

    After interacting with industry experts, we have also conducted brief sessions with highly experienced independent consultants to reinforce the findings from our primaries. This, along with the in-house subject-matter expert’s opinions, has led us to the findings as described in the remainder of this report.

    Solar Vehicle Market

    To know about the assumptions considered for the study, download the pdf brochure

    Market Size Estimation

    Both top-down and bottom-up approaches were used to estimate and validate the total size of the market. These methods were also used extensively to estimate the size of various subsegments in the market. The research methodology used to estimate the market size includes the following:

    • The key players in the industry and markets have been identified through extensive secondary research
    • The industry’s supply chain and market size, in terms of volume, have been determined through primary and secondary research processes
    • All percentage shares, splits, and breakdowns have been determined using secondary sources and verified through primary sources

    Data Triangulation

    After arriving at the overall market size-using the market size estimation processes as explained above-the market was split into several segments and subsegments. To complete the overall market engineering process and arrive at the exact statistics of each market segment and subsegment, data triangulation and market breakdown procedures were employed, wherever applicable. The data was triangulated by studying various factors and trends from both demand and supply sides.

    Report Objectives

    • To analyze and forecast the market, in terms of volume (units), from 2022 to 2030
    • To provide detailed information regarding the major factors influencing the growth of the market (drivers, restraints, opportunities, and industry-specific challenges)
    • To analyze the regional markets for growth trends, prospects, and their contribution to the overall market
    • To segment and forecast the market, by volume, on the basis of region (Asia Pacific, Europe, North America, and Rest of the World)
    • To segment and forecast the market, by volume, on the basis of battery (lithium-ion, lead-acid, and lead carbon)
    • To segment and forecast the market, by volume, on the basis of solar panel (monocrystalline and polycrystalline)
    • To segment and forecast the market, by volume, on the basis of electric vehicle (BEV, HEV, and PHEV)
    • To segment and forecast the market, by volume, on the basis of vehicle type (passenger cars (PC) and commercial vehicle (CV))
    • To segment and forecast the market, by volume, on the basis of regional solar-powered charging station (Asia Pacific, Europe, and North America)
    • To segment and forecast the market, by volume, on the basis of neighborhood vehicles (commercial turf utility vehicles, industrial utility vehicles, golfs cars, and personnel carriers)
    • To analyze opportunities for stakeholders and the competitive landscape for market leaders
    • To strategically profile key players and comprehensively analyze their respective market share and core competencies

    To track and analyze competitive developments such as joint ventures, mergers & acquisitions, new product launches, expansions, and other activities undertaken by the key industry participants

    Available Customizations

    • Solar Vehicle Market, By vehicle type at regional level

    Company Information

    • Profiling of Additional Market Players (Up to 3)
      COVID-19

      Get in-depth analysis of the COVID-19 impact on the Solar Vehicle Market

      Benchmarking the rapid strategy shifts of the Top 100 companies in the Solar Vehicle Market

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      Report Code
      AT 7052
      Published ON
      Apr, 2019
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