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 an estimated 8,955 units by 2022. The forecast period is from 2022 to 2030. Factors such as growing concerns over environmental pollution coupled with heavy investments in R&D by automakers would drive the growth of the market globally.
The major market players include Volkswagen (Germany), Toyota (Japan), Ford (US), Mahindra (India), Nissan (Japan), GM (US), Sono Motors (Germany), Cruise Car (US), and Solar Electric Vehicle Company (US), among others. These players have adopted various growth strategies such as partnerships, agreements, and collaborations; and new product launches, to further expand their presence in the global market. Partnerships and new product launches have been the most dominating strategies adopted by major players from 2014 to 2019, which helped them innovate on their offerings and broaden their customer base.
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Sono Motors is one of the leading innovators in the global market. The company offers a developed technology which enables to integrate the solar cells with the electric vehicle exterior. In March 2019, the company introduced the first electric car capable of charging its battery through solar power. The exterior body of the car is integrated with solar cells which extend the operating range of the vehicle by 34 km on a sunny day and lowers the range to 3–11 km on a cloudy sky. The company claimed that with the power of 35 kWh, the solar car could go up to 255 km. Also, in April 2019, the company announced that its solar electric cars would be produced in National Electric Vehicle Sweden (NEVS) at the Saab factory. The production is likely to start by the second half of 2020.
In the solar vehicle market, Nissan is the major vehicle manufacturer offering energy efficient mobility solutions. The company is highly focused on sustainable energy solutions for automobiles to curb harmful emissions. In December 2017, the company established a relationship with solar panel installers to encourage solar energy consumption among consumers on purchase of electric vehicles. The company began with the sale of new 2018 Leaf in Japan. With this development, Nissan may go on to hold a strong grip in the market in the coming years.
Toyota, the world’s largest automobile manufacturer, is also leading in the market race. The company offers electric vehicles with enhanced technologies. Due to the challenge associated with charging time, Toyota integrated solar panels on the roof of Prius’ PHEV variant. The company launched this variant in February 2017. Also, in March 2017, Panasonic developed solar panels for Toyota Prius Prime PHEV which extends the operating range by 6 km. Such advancements by the company in solar technology are likely to fuel the growth of the 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
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