Solar Module for Electric Vehicle Market : Opportunities, Demand and Forecasts, 2019-2027
Solar module for electric vehicle is an assembly of several individual photovoltaic or solar cells connected together in a sealed and weatherproof package for an electric vehicle. The solar or photovoltaic cells convert solar light energy into direct current by the photovoltaic effect and help power the vehicle. Energy produced using the solar module is stored in batteries, and these powered batteries are deployed to drive the motor and in turn, vehicle movement. Solar module for electric vehicles are probable to emphasize the need for operating renewable energy in the automotive industry.
Rising concerns regarding transportation emissions by regulatory bodies around the world is a key factor that is projected to boost the solar module for electric vehicle market during the forecast period. Rising competition among automakers and OEMs to develop advanced, high performance, and efficient equipment have led to numerous developments of the solar module for electric vehicle. Newly introduced and developed solar modules are perfect for electric vehicles, which require power for multiple services including auxiliary functions such as refrigeration. Furthermore, the newly developed solar modules for electric vehicles are lighter, durable, cost-effective, portable, highly efficient, flexible, and reduce the frequency of recharging the vehicle, thereby making them suitable for use in electric transportation. These factors are anticipated to propel the demand for solar module for electric vehicles during the forecast period. Solar energy directly relies on the sunlight that provides energy to power the vehicle and hence, variation in weather is anticipated to restrain the power of solar energy. This is projected to hinder the solar module for electric vehicle market during the forecast period.
The global solar module for electric vehicle market can segmented based on location, vehicle type, sales channel, and region. Based on location, the solar module for electric vehicle market can be bifurcated into three segments. The roof placed segment accounts for a prominent share of the solar module for electric vehicle market, as compared to the other segments. Roof placed solar module is designed to absorb direct solar radiant energy, and the segment accounts for a leading share due to its larger surface area, which results in greater energy absorption.
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In terms of vehicle type, the solar module for electric vehicle market can be segregated into passenger vehicle and commercial vehicle. The passenger vehicle segment holds a prominent share of the market share, as compared to the commercial vehicle segment. The passenger vehicle segment can be further sub-segmented into hatchbacks, sedans, and utility vehicles. Based on sales channel, the solar module for electric vehicle market can be split into OEMs and aftermarket. The OEM segment dominates the solar module for electric vehicle market. It is likely to continue the trend during the forecast period, owing to an increase in the demand for solar powered vehicles due to emission concerns.
In terms of geography, the solar module for electric vehicle market can be bifurcated into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. Europe and Asia Pacific are likely to account for prominent share of the global solar module for electric vehicle market. This is majorly due to growing environmental concern, need for cost-effective solutions, rising demand for electric vehicles, and presence of well-established of the automotive sector, resulting in a surge in the production of solar module for electric vehicles.
Prominent players operating in the global solar module for electric vehicle market include Waaree Energies Ltd., Panasonic Corporation, EVX Pty Ltd., Solar Electric Vehicle Company, GIH, Inc., Shri Shakti Alternative Energy Limited., Sono Motors GmbH, and Venturi.
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