Global Industry Insight: Solar Powered Vehicles Market Development and Demand Forecast to 2023
The solar powered vehicles market size is expected to witness a notable growth during the forecast period, majorly driven by increased emphasis by governments of various countries to promote environment-friendly vehicles. Moreover, the declining prices of solar panels and technological advancements in the industry would continue to benefit the solar powered vehicles market during the forecast period.
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On the basis of electric vehicle type, the global solar powered vehicles market is categorized as hybrid electric vehicles and fully electric vehicles. Hybrid electric vehicles use both internal combustion engine (ICE) and battery to propel the vehicle. Full electric vehicles do not have ICE and use only the power generated by battery.
On the basis of vehicle type, the market is segmented into passenger cars and commercial vehicles. On the basis of type, the market is segmented into three wheelers and four wheelers.
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The solar powered vehicles market is at a nascent stage, and is characterized by the presence of many small companies, such as Weifang Guangsheng New Energy Co., Ltd. Some of the key international automotive companies in the market include Ford Motor Company and Toyota Motor Corporation and Audi AG. In 2017, Audi announced its partnership with Alta Devices Inc, to embed solar cells into the roof glass of passenger cars. During the same year, Panasonic Corporation showcased the solar roof (capable of producing 180 Watts of output) for the Toyota Prius Prime, for the Japanese market.
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