The automotive industry is undergoing a transformative shift towards sustainability, and one of the promising innovations on the horizon is the integration of solar technology into electronic vehicles (EVs). Solar-based electronic vehicles harness the power of the sun through photovoltaic panels, converting radiant energy into electricity to propel the vehicle. This article explores the key drivers, restraints, market segmentation, and regional dynamics shaping the global solar-based electronic vehicle market.
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Key Drivers:
The International Renewable Energy Agency predicts a substantial increase in the number of electric passenger cars, reaching 200 million by 2030. Two- and three-wheeled electric vehicles are expected to dominate, with up to 900 million on the roads by the same year. The surge in electric vehicle sales, accounting for 2.6% of global car sales in 2019, is set to grow, as per the International Energy Agency. This growth is propelled by increasing environmental awareness and governmental support.
However, a major challenge lies in designing photovoltaic panels that can withstand the vibrations of mobile applications while generating enough energy to power the vehicle efficiently. Achieving this delicate balance is crucial for the widespread adoption of solar-based EVs.
COVID-19 Impact:
The global solar-based electronic vehicle market has faced setbacks due to the COVID-19 pandemic. Stringent lockdowns and disruptions in economic activities have hindered the development of the technological infrastructure required for EV setups. Factory closures and showroom shutdowns have further impeded market growth.
Market Segmentation:
- Electric Vehicle Type:
- Battery Electric Vehicles (BEV)
- Hybrid Electric Vehicles (HEV)
- Plug-in Hybrid Electric Vehicles (PHEV)
- Vehicle Segment Type:
- Passenger
- Commercial
- Solar Panel:
- Monocrystalline Solar Panel
- Polycrystalline Solar Panel
Regional Dynamics:
- North America:
- The U.S. and Canada are expected to witness increased adoption of solar-based EVs as environmental consciousness rises and governments incentivize electric vehicle adoption.
- Europe:
- Europe has surpassed China in EV growth, with a significant increase in the share of battery electric vehicles and plug-in hybrid electric vehicles from 3.3% in 2019 to 10.2% in 2020. Governmental policies and subsidies have played a pivotal role in achieving this milestone.
- Asia Pacific:
- China continues to lead in both passenger and commercial electronic vehicle sales, driven by bans on internal combustion engine-powered two-wheelers in many cities.
- Latin America:
- Governmental policies supporting electric vehicle adoption, along with the banning of internal combustion engine vehicles, have facilitated the growth of solar-based EVs in this region.
- Middle East & Africa:
- The Middle East & Africa region is witnessing a slow but steady growth in the solar-based electronic vehicle market, with the GCC countries showing increasing interest in sustainable transportation solutions.
Key Players:
Several key players are contributing to the growth of the global solar-based electronic vehicle market, including Toyota Motor Corporation, Solar Electric Vehicle Company, Squad Mobility, Lightyear, Hyundai, Venturi, Ford Motor Company, Mahindra & Mahindra, and Nissan Motor Corporation.