Global Vehicle-Integrated Solar Panels Market: Overview
A solar vehicle is an electric vehicle powered by direct solar energy (photovoltaic cells). The use of various conventional energy sources such as fossil fuels, causes global warming, threatens public health, quickly drains natural resources and damages the environment. Therefore, to deal with these problems of fossil fuels and to have a better alternative in the form of sustainable energy (non-conventional energy sources), it is necessary to adopt solar energy. The vehicle-integrated solar panels or solar vehicles are widely owing to their ecofriendly nature. Solar cars and solar drones are most widely used vehicle-integrated solar panels. 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.
However, lack of adoption of solar energy technology is the major factor that might restrain the market growth of global vehicle-integrated solar panels market.
Global Vehicle-Integrated Solar Panels Market: Segmentation
The global vehicle-integrated solar panels market can be segmented as follows:
Global Vehicle-Integrated Solar Panels Market, by Vehicle Type
Global Vehicle-Integrated Solar Panels Market, by Photovoltaic Sources
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. 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.
Global Vehicle-Integrated Solar Panels Market: Key Players
The key players in global vehicle-integrated solar panels market are
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