Solar Vehicle Market 2020 Global Insights and Business Scenario – Ford, FCA, Volkswagen, General Motors and Toyota
The Global Solar Vehicle market is expected to grow at a CAGR of around 12.5% over the forecast period.
The automotive industry is currently experiencing a sea of changes with new technologies and innovations drastically transforming how vehicles are being designed and manufactured. Auto manufacturing companies are now shifting their interests towards vehicles that are not dependent on fossil fuels and ones that run on clean, renewable energy sources. One such disruptive technology is the solar and solar assisted vehicle. Currently, solar vehicles can be classified as a type of hybrid electric vehicles (HEVS).
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The report presents the market competitive landscape and a corresponding detailed analysis of the major vendor/key players in the market. Top Companies in the Global Solar Vehicle Market: Ford, FCA, Volkswagen, General Motors and Toyota and others.
Stringent vehicle emission norms and regulations driving the demand for hybrid vehicles
The automobile regulatory frameworks around the world have been instrumental in creating a sustainable environment in the automobile industry. In December 2018, the EU set new regulations for carbon dioxide emissions for new passenger cars and commercial vehicles. The agreed-upon targets aim to reduce average CO2 emissions from new passenger cars by 15% in 2025 and by 37.5% in 2030, both relative to the 2021 base-figure. Also, with respect to the CAF standards, average fuel economy in vehicles in the US were expected to reach 35.5 mpg in 2016, and go up to 54.5 mpg in 2025.
Hybrid vehicles are helping manufacturers achieve these targets and governments are awarding appropriate subsidies and rebates for the same. For instance, the Dutch government reduced the registration fees up to 7% for a plug-in hybrid vehicle. Similarly, Dubai’s Roads and Transport Authority has also announced ambitious plans for half of the emirate’s cabs to be hybrid vehicles by 2021. Even the Moroccan government has announced that it would remove customs duties for hybrid and electric vehicles, as part of a package of changes aimed at promoting eco-friendly cars. All these initiatives are expected to boost the solar vehicle market over the forecast period.
Passenger cars segment expected to show high growth rate
The research towards solar vehicles is more prominent with the passenger cars segment. Manufacturers are constantly unveiling prototypes and demo cars, which are soon expected to become production models. Lightyear, a Dutch startup has developed the Lightyear One a solar electric car with panels on the roof and bonnet which charge the vehicle. The car is expected to go on sale from 2021 at a price of around US$ 149,000.
Sono Motors, another start-up based out of Germany unveiled the design of its solar electric car in January 2019. The company announced its plans to start manufacturing the car by the end of 2019. In 2019, Hyundai released a version of its Sonata hybrid sedan that has solar film embedded on its roof to help charge the battery. 60% of the total power for the car's battery could be gathered if the solar roof is used for 6 hours a day. This power salvaged is enough to propel the vehicle for around 1,300km (800miles) a year. All these developments are expected to help this segment grow considerably till 2026.
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Regional Analysis For Solar Vehicle Market:
For comprehensive understanding of market dynamics, the global Solar Vehicle market is analyzed across key geographies namely:
North America (United States, Canada and Mexico)
Europe (Germany, France, UK, Russia and Italy)
Asia-Pacific (China, Japan, Korea, India and Southeast Asia)
South America (Brazil, Argentina, Colombia)
Middle East and Africa (Saudi Arabia, UAE, Egypt, Nigeria and South Africa)
Each of these regions is analyzed on basis of market findings across major countries in these regions for a macro-level understanding of the market.
Solar Vehicle Market research report delivers a close watch on leading competitors with strategic analysis, micro and macro market trend and scenarios, pricing analysis and a holistic overview of the market situations in the forecast period. It is a professional and a detailed report focusing on primary and secondary drivers, market share, leading segments and geographical analysis. Further, key players, major collaborations, merger and acquisitions along with trending innovation and business policies are reviewed in the report. The report contains basic, secondary and advanced information pertaining to the Market global status and trend, market size, share, growth, trends analysis, segment and forecasts from 2020–2026.
Following are major Table of Content of Solar Vehicle Market:
- Global Market Overview, Drivers, Restraints and Opportunities, Segmentation overview
- Global Market competition by top Players
- Analysis by Regions
- Consumption by Regions
- Consumption, By Types, Revenue and Market share by Types
- Consumption, By Applications, Market share (%) and Growth Rate by Applications
- Complete profiling and analysis of Players
- Industrial Chain, Sourcing Strategy and Downstream Buyers
- Marketing Strategy Analysis, Distributors/Traders
- Global Market Effect Factors Analysis
- Global Market Forecast
- Global Market Research Findings and Conclusion, Appendix, methodology and data source
Finally, all aspects of the Global Market are quantitatively as well qualitatively assessed to study the Global as well as regional market comparatively. This market study presents critical information and factual data about the market providing an overall statistical study of this market on the basis of market drivers, limitations and its future prospects. The report supplies the international economic competition with the assistance of Porter’s Five Forces Analysis and SWOT Analysis.
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