Solar Powered Vehicles Market by Electric Vehicle, Vehicle Type, Type, Growth, Demand Forecast, 2013-2023

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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. Solar powered vehicles use photovoltaic cells to convert solar energy into electrical energy (stored in a battery), to power the vehicle.

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 The increasing emphasis by the governments of major economies to reduce vehicular pollution is a major driver of the solar powered vehicles market. For example, the European Union targets to reduce carbon dioxide emission by 20% by 2020, from the emission levels recorded in the year 2008. Similarly, many countries have also proposed regulations on motor vehicle fuel efficiency or carbon emission, benefiting the solar powered vehicles market.

 The increasing emphasis by the governments of major economies to reduce vehicular pollution is a major driver of the solar powered vehicles market. For example, the European Union targets to reduce carbon dioxide emission by 20% by 2020, from the emission levels recorded in the year 2008. Similarly, many countries have also proposed regulations on motor vehicle fuel efficiency or carbon emission, benefiting the solar powered vehicles market.

 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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