Solar Vehicle Market In Covid-19: Implications And Business Opportunities For Growth Globally

Global Solar Vehicle Market: Introduction

Solar vehicle is an electric vehicle integrated with solar panels. Usually, these vehicle comprise of photovoltaic cells that enable to change solar energy into electric. The vehicles are mainly run by solar energy, where the efficiency of solar panels decides re force of the automobile.

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Global Solar Vehicle Market: Novel Developments

In January 2019, Sono Motors collaborated with Bosch to give the Sion’s product based solutions and a key control unit for its intelligent systems administration. The electric vehicle with solar panels, the first ever to go into series range, is planned with most extreme proficiency for the client, offering rise, car and power sharing.

In November 2018, US subsidiary of Hanergy, Global Solar Energy Inc. (Hanergy GSE) collaborated with TAM-Europe Company, China Hi-Tech Group Corporation subsidary. The two firms teamed up to create solar vehicle rooftop framework solutions and production solar vehicles later on, which depend exclusively on solar energy.

In March 2017, Panasonic coupled with the Japanese variant of Toyota Prius Prime with solar boards over the rooftop. With this improvement, Panasonic’s new setup is fit for producing up to 180 W. Toyota guaranteed that the solar rooftop would furnish the Toyota Prius Prime PHEV with around 6 km of range multi day when kept in open outside. Strikingly, the board did not change the state of the Prius Prime’s rooftop, while the shapes and drag coefficient additionally continued as before.
In December 2017, Nissan with solar installers to advance solar energy with new electric vehicle buys. The organization has a solid popualrity among solar installers being the pioneer in electric vehicles coordinated with solar boards.
Mahindra, in April 2015, planned to develop a passenger car integrated with solar panels by modifying Mahindra e2O and Mahindra Reva, their two newly launched e-cars. Now, Mahindra Reva aimed at developing solar panel integrated passenger cars by modifying the Mahindra Reva and Mahindra e2o electric cars.

The key players operating in global solar vehicle market are Volkswagen (Germany), Sono Motors (Germany), Toyota (Japan), Mahindra (India), Ford (US), GM (US), Nissan (Japan), Cruise Car (US), and Solar Electric Vehicle Company (US). These firms posses a solid distribution channel at international scale. Moreover, these firms provide a wide range of products to choose from, which furls their lead and help sustaining their position in the global solar vehicle market.

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Global Solar Vehicle Market Dynamics:

Cost Effective Nature of Solar Vehicles to Propel Market Growth

One of the key factors propelling the demand in global solar vehicle market is these vehicles are cost effective in long run. The batteries gets exhausted in a few years, and rates of fuel and gas is surging day by day. However, solar vehicles will not have to undergo this complications. Moreover, these vehicles can be used as grids to power the houses as well in future years. Hybrid vehicles is the another factor stimulating the growth in global solar vehicle market.

Asia Pacific to Dominate Solar Vehicle Market Globally

Regionally, Asia Pacific is foreseen to emerge as the biggest market by 2030. The region consist of economies for example India and China which are among the fastest growing nations across the globe. The region is the biggest market for automobiles owing to the rising purchasing abilities among the consumers. This has catalyzed the demand regarding solar vehicle as well in the market. Besides, Environmental changes in Southeast Asian countries are compatible with such vehicles. the increasing demand for passenger vehicles in developing nations is estimated to fuel the development of Asia Pacific solar vehicle market in future.

Apart from this, Europe region is developing gradually owing to the early adoption of e-vehicles. As a result, the popularity of solar vehicle is foreseen to gain traction in the mentioned region in the forthcoming years. In addition, stringent government regulations and improved pollution control measures are estimated to support the growth of solar vehicle market.

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