Press release
Vehicleintegrated Solar Panels Market Steady Growth to be Witnessed by 2026
A modern Hybrid Electric Vehicle (HEV) is equipped with a number of devices such as batteries, clocks, cigarette lighters, security systems, automatic diagnostic systems, power windows, lights, windshield wipers, radio, vent fans, entertainment systems, ignition systems, etc. The advantages of adoption of HEV or EV (Electric Vehicle) assisted by photovoltaic (PV) cells are reduction of the environmental pollution, reduction of fuel consumption and energy saving. The global vehicle-integrated solar panels market is projected to grow at a healthy CAGR during the forecast period.
Global Vehicle-Integrated Solar Panels Market: Drivers and Restraints
Increasing government initiatives to augment the usage of solar panels, significant increase in the global prices of petroleum based fuel, lesser energy utilization and continuous technological developments in the solar vehicles are the major factors contributing to the growth of the global vehicle-integrated solar panels market. Furthermore, decreasing cost of photovoltaic panels is another key driver for the global vehicle-integrated solar panels market.
Global Vehicle-Integrated Solar Panels Market: Regional Outlook
Geographically, the global vehicle-integrated solar panels market can be divided into seven regions, namely North America, Latin America, Western Europe, Eastern Europe, Asia Pacific Excluding Japan (APEJ), Japan and the Middle East and Africa (MEA). North America is the market leader in terms of value in the global vehicle-integrated solar panels market and is expected to register significant growth rates owing to the growing demand for vehicle-integrated solar panels.
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Eastern Europe and Western Europe are the second major contributors to the global vehicle-integrated solar panels market due to the presence of major automobile manufacturer such as Nissan Motor Corporation, Ltd. which is focusing on establishment of solar farms to manufacture solar vehicles. Also, growing electric vehicle manufacturing in Germany is anticipated to boost growth of Western Europe vehicle-integrated solar panels market. APEJ is significantly contributing to the global vehicle-integrated solar panels market owing to the presence of solar powered vehicle manufacturers along with increasing solar PV installations majorly in China. Latin America is expected to be another major contributor due to the recent developments in the regional market such as collaborations among the companies to reduce air emissions with integration of solar energy in the vehicles. MEA is at a nascent stage in the global vehicle-integrated solar panels market owing to increasing renewable energy integration in South Africa.
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