The rapidly evolving automotive industry has provided advanced solutions in transport applications. The inception of solar and electric vehicles has proven to be the best alternative to shift from fossil fuel cars. Also, the mass production of electric vehicles by OEMs due to the high adoption rate across the globe has led to the rapid development of solar panels to be integrated over vehicles.
The global Solar Vehicle Market shows significant projected growth at a CAGR of 36.4% from 8,955 units by 2022 to reach 107,380 units by 2030.
The demand for zero-emission vehicles is growing, resulting in higher growth due to improvements in battery technology, charging technology, and vehicle range. Currently, solar power in vehicles is utilized as a supplementary power to decrease the load on conventional supply. The increasing demand for zero-emissions vehicles is likely to boost electric vehicle sales, which will ultimately boost the market of these vehicles globally.
According to MarketsandMarkets analysis, the market, by volume, is estimated to grow exponentially and is projected to grow at an incremental CAGR during the forecast period. The major factors driving this growth are growing concerns over environmental pollution and government funding, subsidies, and incentives to encourage eco-friendly vehicles. Also, a large number of R&D activities by OEMs to develop zero-emission vehicles would further drive the market.
The growth of this market is primarily driven by the sales of electric vehicles globally, as the solar panels are mostly integrated into electric vehicles to enhance battery life. Solar and electric vehicles emit less amount of greenhouse gases than ICE vehicles. The use of solar panels would ensure even lesser greenhouse emissions resulting in green transportation. Therefore, the use of renewable energies like solar for charging electric vehicles further helps in minimizing carbon emissions. Thus, the wide adoption of electric vehicles integrated with PV modules could significantly reduce carbon emissions. These factors are primarily responsible for the growth of the market. The passenger car segment of this market is expected to dominate during the forecast period. The electric vehicle segment is most suitable to be integrated with solar cells because of simple electrical architecture. As a result, the electric vehicle segment is expected to be the largest market during the forecast period.
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The lithium-ion battery segment is expected to be the largest market during the forecast period. It is the best rechargeable battery for vehicles. The battery offers several advantages such as a long lifecycle and high efficiency which makes it more suitable for the electrical architecture of solar vehicles. In addition to this, the battery also provides high power and energy density along with fast discharge capabilities for vehicular applications. However, the cost of lithium-ion batteries is on the higher side compared to other types of batteries, which is expected to lower with the increasing demand in the coming years.
Asia Pacific market is estimated to be the largest during the forecast period. The anticipated high sales of electric vehicles in the region to cater to the consistently increasing demand for vehicles is highly responsible for the growth of the market. The availability of sunlight in subcontinental countries such as India, China, and Indonesia is the driving factor for the leading position of Asia Pacific in this market. China is the largest producer of automobiles in the world. Recent infrastructure developments have boosted the light-duty and electric vehicle markets in China, thereby pushing the demand for energy-efficient mobility solutions. Furthermore, nearly all major OEMs inclined toward low emission passenger vehicles have invested in the Chinese market. There has been an increase in the concerns over the ecological imbalance caused by vehicle emissions over the past decade in countries like India, China, Malaysia, and Thailand. This factor has forced major vehicle manufacturers to shift their focus on developing zero-emissions vehicles. Hence, Asia Pacific is expected to show incremental growth in the market during the forecast period.
The monocrystalline solar panel segment is estimated to be the largest. To accumulate solar rays and subsequently convert it to electrical energy, the efficiency of the photovoltaic cell plays a crucial role. Monocrystalline panels are the most efficient and dependable modules to power the wheels of automobiles. Advantages such as longevity, installation cost, and high heat resistance make it the most suitable panel for vehicular applications. The market for monocrystalline solar panels is expected to be the largest during the forecast period.
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Critical Questions:
1. How will the trend of the solar electric vehicle impact the overall EV market in the long term?
2. How will the industry cope with the challenge of operating efficiency of solar vehicles?
3. How do you see the impact of the stringent emission regulations in the solar vehicle market?
4. What are the upcoming trends in the solar vehicle market? What impact would they make in the coming years?
5. What are the key strategies adopted by top players in this market?
