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
- Three wheelers
- Four wheelers
- UAV or drones
- Passenger cars
- Commercial vehicles
o The U.S.
o Rest of Europe
o South Korea
o Rest of Asia-Pacific
Central & South America (CSA)
o Rest of Central & South America (CSA)
Middle East & Africa (MEA)
o Saudi Arabia
o South Africa
o Rest of Middle East & Africa (MEA)
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