NEW YORK, June 06, 2019 (GLOBE NEWSWIRE) -- The global vehicle-integrated solar panels market is likely to witness a CAGR of 29.0% over the forecast period. The growth can be primarily attributed to the presence of various government initiatives to promote renewable energy in light of growing environmental concerns. Also, the decreasing costs of photovoltaic panels across the globe is expected to fuel the market growth.
Moreover, rising adoption of electric vehicles among the consumers is further expected to propel the market demand over the forecast period. Photovoltaic panels that are installed on a vehicle is likely to compete with the grid-supplied electricity, while providing additional benefits such as temperature control, modest range extension, and driving comfort. Also, solar vehicles tend to be quieter than vehicles powered by conventional fuels, and do not cause noise pollution.
Key players are focusing on technological advancements in order to deliver efficient product performance over competitors. Such advances in solar technologies are mainly projected to be driven by the growing demand for lightweight, high power solutions in electric vehicles for road, rail, marine as well as air transportation. Therefore, increased focus on decarbonization is fueling the need for reduced emissions in the transport sector, with significant emphasis on integrated PVs.
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Key findings from the report:
- Thin film cells segment is expected to witness significant CAGR over the forecast period
- Four wheelers segment held a considerable share of the market in 2018, and is likely to witness a healthy CAGR during 2019 to 2025
- Passenger car segment accounted for the major share of the market in 2018, and the trend is likely to continue over the next seven years
- Asia-Pacific is expected to grow at the fastest CAGR over the forecast period
- Some of the key companies operating in the industry include Ford Motor Company; Toyota Motor Corporation; Cruise Car, Inc.; Lucintech Inc.; Sono Motors; Hermans Techniglaz; Hyundai Motor Group; Weifang Guangsheng New Energy Co. Ltd; Volkswagen AG; Hanergy Thin Film Power Group; Solar Electric Vehicle Company; Nissan; and NexPower Technology CORP; among others
- As of January 2019, Sono Motors partnered with Bosch to provide the Sion’s central unit and a software-based solution for its intelligent networking. Sion, the electric car with solar integration, has been designed with maximum efficiency for the user, offering car ride and power sharing.
The report provides the market value for the base year 2018 and a yearly forecast till 2025 in terms of revenue (USD Million). The report segments the global vehicle-integrated solar panels market on the basis of photovoltaic source, vehicle type, application, and region.
By Photovoltaic Source
- Mono-crystalline silicon cells
- Multi- crystalline silicon cells
- Thin film cells
By Vehicle Type
- Two wheelers
• Bicycles
• Motorcycles
- Three wheelers
- Four wheelers
- Trains
- UAV or drones
- Others
By Application
- Passenger cars
- Commercial vehicles
By Region
- North America
o The U.S.
o Canada
o Mexico
- Europe
o Germany
o U.K
o Russia
o France
o Spain
o Italy
o Rest of Europe
- Asia-Pacific
o China
o Japan
o India
o South Korea
o Rest of Asia-Pacific
- Central & South America (CSA)
o Brazil
o Rest of Central & South America (CSA)
- Middle East & Africa (MEA)
o UAE
o Saudi Arabia
o South Africa
o Rest of Middle East & Africa (MEA)
Find more research reports on Energy and Power Industry, by Energias Market Research:
- Thin Film PV cells Market - The global thin film PV cells market was valued at USD 13.5 billion in 2017, and is likely to expand to USD 41.2 billion by 2024, witnessing a CAGR of 17.3% over the forecast period. The growth can be primarily attributed to the various government initiatives to promote renewable energy along with the rising demand for energy across the globe. Moreover, thin film PV cells offer superior installation flexibility and excellent performance, which is further expected to propel the demand over the forecast period.
- Electric Vehicle Market - The global electric vehicle market is expected to witness a CAGR of 23.9% and is projected to reach 51.5 million units by 2024. The growth of this market is propelled by shift towards a greener economy by nations across the globe, and due to government policies and incentives supporting EV adoption. Like, other countries, India imports major share of its crude oil, so in order to reduce the dependency on the crude, government of India is trying to move towards electric vehicles. According to the Paris Climate Agreement, India is trying to bring down its share of emissions by 2030.
- Building Integrated Photovoltaics Market - The global building integrated photovoltaics (BIPV) market is likely to expand from USD 6.7 billion in 2017 to USD 32.2 billion by 2024, witnessing a CAGR of 23.4% over the forecast period. The growth can be primarily attributed to the presence of various government initiatives to promote renewable energy in light of growing environmental concerns. In order to deal with issues such as climate change, key regions across the globe are developing policies towards the construction of ultra-low energy buildings. As a result, BIPV technology has emerged as a hotspot of solar PV technology.
- Electric Bus Market- The global electric bus market is expected to grow at a CAGR of 30.2% during 2018 – 2024 and the sale is projected to reach 92,145 units by 2024. Factors propelling the growth of electric bus market include shifting focus towards adoption of electric vehicles, continuous depletion of conventional resources, government initiatives to switch from clean energy buses to zero emission buses, and rising pollution concerns. The report segments the electric bus market by product type (Purely electric, hybrid electric, plug-in electric buses), by technology (autonomous and non autonomous), by size (above 10m, below 10m), by end user (government, fleet owners, others), and by region (North America, Europe, Asia-Pacific, Rest of the world (ROW)). The report studies the global electric bus market over the forecast period (2017-2023).
- Electric Vehicle Charging Station Market - The global electric vehicle charging station market is expected to witness a CAGR of 35.48% and is projected to reach 26.38 million units by 2024. The goal of introducing EV in the market is to reduce the greenhouse gas emissions and tackle ecological scarcities; since these vehicles emit almost half the CO2 emissions, are highly efficient and are cost effective mode of transportation. The government initiatives supporting EV charging stations installation are also promoting the growth of the market. Moreover, huge investments by major players to install the stations infrastructure, is expected to further drive the market.
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