(EMAILWIRE.COM, April 27, 2020 ) 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.

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.

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The Asia Pacific region is estimated to be the largest market by 2030. The region comprises some of the fastest developing economies of the world such as China and India. The Asia Pacific region is the largest market for automotive as the growing purchasing power of consumers has triggered the demand for automobiles in the region. Also, the climatic conditions of the Southeast Asian countries are suitable for these vehicles. Moreover, the high demand for passenger cars from emerging countries of the region is likely to drive the growth of the Asia Pacific market during the forecast period.

Europe has been at the forefront in terms of early adoption of electric cars in the world. Thus, it is expected that the adoption of these vehicles in Europe will gain traction during the forecast period. Strict environmental policies and pollution control measures are likely to contribute to the faster adoption of these vehicles in the region. According to a recent report by ING, a leading European financial institution, every new car sold in Europe will be electric in the near future. The integration of solar panels with electric vehicles makes them more efficient, which may lead to higher adoption of these vehicles in the region. Favorable government support, decreasing battery cost, and economies of scale are cited as the primary reason for the stated prediction.

The RoW region is estimated to be the fastest market by 2030. The region comprises some of the developing economies of the world such as Brazil, Dubai, and South Africa. The increasing spending power in countries like Brazil and South Africa among others in the region are contributing to the increasing demand for passenger cars. The rising imbalance of ecology because of excessive emissions by automobiles is generating the need for ecofriendly mobility solutions which will ultimately be responsible for the growth of solar vehicles in the RoW region. Furthermore, the rising electric vehicle sales in the region and their enhanced efficiency by integrating solar panels into it is another factor contributing to the fastest growth of the market in the RoW region.

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Developments:

• In January 2019, Sono Motors partnered with Bosch to provide the Sion’s central control unit and a software-based solution for its intelligent networking. The electric car with solar integration, the first ever to go into series production, is designed with maximum efficiency for the user, offering car, ride, and power-sharing.

• In November 2018, Hanergy’s US-based subsidiary, Global Solar Energy Inc. (Hanergy GSE) inked a cooperation agreement with TAM-Europe Company, a subsidiary of China Hi-Tech Group Corporation. The two parties collaborated to develop solar car roof system solutions and manufacture solar vehicles in the future, which rely solely on solar energy.

• In March 2017, The Japanese version of Toyota Prius Prime was integrated with solar panels over the roof by Panasonic. With this development, Panasonic's new setup is capable of generating up to 180 W. Toyota claimed that the solar roof could provide the Toyota Prius Prime PHEV with about 6 km of range a day when parked outside. Notably, the panel did not change the shape of the Prius Prime’s roof, while the contours and drag coefficient also remained the same.

• In December 2017, Nissan partnered with solar installers to promote solar energy with new electric vehicle purchases. The company has a strong reputation among solar installers being the pioneer in electric vehicles integrated with solar panels.

• In April 2015, Mahindra aimed at developing solar panel integrated passenger cars by modifying the Mahindra Reva and Mahindra e2o electric cars. Mahindra Reva sells solar-powered charging systems to power electric cars and thus runs on clean energy.