Solar-Powered Vehicle Market Size| COVID-19 Analysis

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The market is predominantly driven by growing government initiatives and subsidies to encourage continued expansion of solar-powered vehicles. Moreover, increasing long-distance driving ranges of electric cars and the rising demand for environment-friendly vehicles fosters the growth of the market.

Regional Analysis

The Asia Pacific region is forecasted to hold the largest share in the global Solar-Powered Vehicle Market Size during the forecast period. Increasing production and sales of batteries and hybrid electric vehicles in China and Japan is propelling the growth of the regional market. Besides, the increase in the demand for solar-powered electric bus led by government initiatives is estimated to boost the market in this region.

Competitive Analysis  

Well-established, the Solar-Powered Vehicle Market Size appears to be competitive and fragmented due to the presence of several large players. They incorporate strategic initiatives such as acquisition, collaboration, expansion, and product launch to gain a competitive advantage in this market. They emphasize on the product innovation and new manufacturing processes, which, in turn, would fuel the already intensified competition during the forecast period.

Solar-Powered Vehicle Market Size demonstrates high growth prospect, which attracts several new entrants to the market, further intensifying the market competition. Battery-makers operating in the market are increasingly turning to nickel to help the sales of solar-powered cars. Manufacturers strive to offer expansive IT expertise that supports rechargeable batteries, as well as, new energy vehicles, solar farming, and other energy storage options.

Major Players:

Players leading the global Solar-Powered Vehicle Market Size include Hanergy Holding Group (China), Guangzhou Jcar Industrial Company Ltd (China), Venturi Eclectic (France), Ford Motor Company (US), Sono Motors GmbH (Germany), Mahindra & Mahindra (India), The Solar Electric Vehicle Company (US), Cruise Car (US), Immortus (Australia), and Kiira Motors Corporation (KMC) (Uganda), among others.

Industry/ Innovation/ Related News:

July 15, 2019 --- Toyota Motor Corp (Japan), a car manufacturing giant, announced the beginning of testing of its solar-powered and self-charging car – Prius. The new version of Prius hybrid car, with up to 860 watts of thin solar film will be able to charge its “solar battery” as it drives, and add more than 50kms to its fossil fuel-free driving range. The 1kW output from solar panels on the car is a potential game-changer for not just hybrids, but also full battery electric vehicles.