Solar-based Electronic Vehicle: Introduction
- Electric vehicle uses electric motor or traction motor for propulsion. It may be powered through a collector system by electricity from off-vehicle sources; or may convert fuel into electricity with the help of self-contained battery, fuel cells, solar panels, or an electric generator.
- Solar energy is the power source used in solar-based electric vehicles. It works on the principle of photovoltaic effect, wherein solar cells are used to convert sun’s radiant energy into electricity, which helps propel the vehicle.
- Solar panels are mounted on solar-based electronic vehicles. Electricity produced using solar panels is stored into batteries. These batteries are anticipated to drive the motor, which serves as an engine and moves the vehicle.
Key Drivers and Restraints of Solar-based Electronic Vehicle Market
- According to the International Renewable Energy Agency, there exists potential to increase the number of electrical passenger cars from 2 million in 2016 to 200 million in 2030. Electric two- and three-wheeled vehicles are expected to outnumber four-wheeled vehicles, with as many as 900 million on the roads by 2030. The number of electric buses and light-duty vehicles is anticipated to rise to more than 10 million by 2030.
- According to the International Energy Agency, global sales of electric cars stood at 2.1 million in 2019. Electric cars recorded 40% year-on-year increase in the year. Electric car sales contributed to 2.6% of global car sales in 2019 and further growth is anticipated during the forecast period.
- Currently, PV (Photovoltaic) panels are primarily designed for stationary installations. Therefore, PV panels that can withstand vibrations in mobile applications and produce energy equivalent or greater than the energy consumed to propel its weight need to be designed. However, this complicates the design.
COVID-19 Impact Analysis on Productivity
- Governments of several countries across the globe have imposed stringent lockdowns to limit the spread of the coronavirus. Movement of individuals and economic activities, related to goods and services, have come to a halt because of lockdowns. Because of halt in economic activities, governments of many countries are unable to cope up with the technological infrastructure required for electronic vehicle setup. Furthermore, shutting down of factories and showrooms is hampering the global solar-based electronic vehicle market.
Solar-based Electronic Vehicle Market Segmentation
- The global solar-based electronic vehicle market can be segmented based on electric vehicle type, vehicle segment type, and solar panel
- In terms of electric vehicle type, the global solar-based electronic vehicle market can be divided into battery electric vehicles (BEV), hybrid electric vehicles (HEV), and plug-in hybrid electric vehicles (PHEV)
- In terms of vehicle segment type, the global solar-based electronic vehicle market can be classified into passenger and commercial. Electric micro-mobility options have expanded rapidly. Other than cars, demand for electric micro-mobility options (e-scooters and e-mopeds) has been rising. This is boosting the passenger segment of the market.
- In terms of solar panel, the global solar-based electronic vehicle market can be classified into monocrystalline solar panel and polycrystalline solar panel
Solar-based Electronic Vehicle Market: Regional Segmentation
- In terms of region, the global solar-based electronic vehicle market can be split into Middle East & Africa, Latin America, Asia Pacific, Europe and North America
- China continues to lead in terms of passenger and commercial electronic vehicle sales in Asia Pacific. According to the International Energy Agency, two wheelers with internal combustion engines are banned in many cities in China. Thus, about 3,80,000 light commercial vehicles are in circulation as part of the company or public authority vehicle fleet.
- According to Electric Vehicle World Sales database, Europe surpassed China in terms of EV growth. Share of battery electric vehicles and plug-in hybrid electric vehicles in Europe increased from 3.3% in 2019 to 10.2% in 2020. Enactment of governmental policies with subsidized rates for electronic vehicles and ban on vehicles with internal combustion engine have helped to achieve this milestone.
Key Players Operating in Global Market
- Toyota Motor Corporation
- Solar Electric Vehicle Company
- Squad Mobility
- Ford Motor Company
- Mahindra & Mahindra
- Nissan Motor Corporation
Global Solar-based Electronic Vehicle Market: Research Scope
Global Solar-based Electronic Vehicle Market, by Electric Vehicle type
- Battery Electric Vehicle (BEV)
- Hybrid Electric Vehicle (HEV)
- Plug-in Hybrid Electric Vehicle (PHEV)
Global Solar-based Electronic Vehicle Market, by Vehicle Segment type
Global Solar-based Electronic Vehicle Market, by Solar Panel
Global Solar-based Electronic Vehicle Market, by Region
- North America
- Russia & CIS
- Rest of Europe
- Asia Pacific
- New Zealand
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.