As the automotive industry moves toward electrification, it faces a huge challenge of adapting to a market that renders most of its internal combustion engine vehicle products obsolete. The growing environmental concerns have stimulated the global automotive industry's strategic shift toward green/renewable energy sources. Innumerable issues are plaguing the planet, and natural resources (especially fossil fuels) are declining rapidly. This has consequently led the government bodies, environmental agencies, and automobile manufacturers to develop different modes of transport that run on alternate means leading to a cleaner environment. The transportation industry is marching in the right direction. Several industry players are coming forward to combine clean energy such as solar with electric vehicles.
Read Report Overview: Solar Panel Market for Electric Vehicles and Chargers
The research study focuses on putting forward a clear picture of the current consumption and future growth potential of different solar-based electric vehicle systems, focusing on the solar-based EV charging systems and solar-based electric vehicles. Numerous leading automotive original equipment manufacturers (OEMs) have partnered with solar panel manufacturers to develop solar technologies in their electric vehicles. As governments across the world are starting to implement plans toward increasing electric vehicle sales and phasing out IC engine vehicles in their countries, the market for solar panels for electric vehicles is also bound to expand.
Passenger Vehicles Demand for Solar Panels for Electric Vehicles Expected to be Dominant Over Commercial Vehicles and Two and Three-Wheeler Vehicles
Application for solar panels for electric vehicles are mainly categorized into three types of an EVs − passenger vehicles, commercial vehicles, and electric two-wheelers and three-wheelers. Commercial vehicles considered for this report consists of light electric vehicles, heavy buses, and heavy trucks. Production and sales of passenger vehicles is anticipated to be higher than that of commercial vehicles, as more users are rapidly adapting EVs and exchanging their IC engine vehicles for EVs due to its cost efficiency and various government subsidies, among others. Passenger vehicle segment is expected to lead the market as the sales of passenger electric vehicles is anticipated to increase globally.
Monocrystalline Solar Panels Expected to Dominate the Global Solar Panel Market for Electric Vehicles and Chargers
The prominent types of materials being developed for applications in solar panels in EV are expansion valve, monocrystalline, polycrystalline, and others. Monocrystalline solar panels dominate the market as these types of material are utilized in various applications, such as EV and chargers, as they have higher efficiency, higher lifespan, and high temperature coefficient, among others.
China to Witness Fastest Growth in Global Solar Panel Market for Electric Vehicles and Chargers
The demand for solar panels for electric vehicle and chargers varies according to various geographical regions. Asia-Pacific is currently the largest region in the solar panel for electric vehicles and chargers market. Government regulations, technological advancements, extensive investments for dedicated R&D facilities, and presence of areas with high sunlight are some of the major drivers that are propelling the growth of the market in the region.
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Competitive Landscape
To gain market share, major solar panel companies are making various kinds of strategic moves. Some key highlights from our research w.r.t manufacturers of solar panels for EVs and chargers are:
- Electrify America, Beam Global and Empower Solar, amongst others, are some of the leading players globally.
- Hyundai, Lightyear One, and Sono Motors, among others are some of the emerging solar electric vehicle manufacturers.
- Partnerships, joint ventures, collaborations, and alliances are the most preferred strategy.
- Apart from product launches, expanding business, and mergers and acquisitions are the other strategies being implemented.
- Most of the players have tie-ups with various electric vehicle charger manufacturers OEMs and Tier 1 suppliers.
Technological innovation in the transportation industry encompasses a comprehensive range of mobility methods delivering a broad range of products to the industry.
Today's consumer is well-connected and well-informed, and as a result, this is leading the major operating players to research, develop, and technologically evolve continuously to safeguard their position in the ecosystem.
Transportation system regulations are primarily designed around demographic needs based on the government policy framework.
Some of the essential criteria which are taken into consideration while creating a policy regulation for a specific region are- the socio-economic conditions, commuter lifestyle, degree of technology acceptance, demographic terms, infrastructure availability, and global economic conditions.Public transportation is the basic and most common form of mobility in any economy, which can further facilitate transportation of people and goods on a daily basis at subsidized costs and in a secured manner.
Currently, a major gap in the adoption of public transportation is in the form of last mile connectivity, that is, from home to station or bus stop, and vice versa.Micro mobility has the potential to provide first- and last-mile connectivity for commuters.Mobility as a service (MaaS) providers have established a strong foundation for the development shared mobility ecosystem, which has the potential to ensure high resource utilization rate unlike the conventional method of personal vehicle ownership model.
The foundation also leads to an essential fact that there are gaps in MaaS and end-to-end connectivity; and here, micro mobility performs as a bridge between shared services and their end-to-end connectivity.
the Technique is dictated by policy decision, therefore, will be the Continental to strangle the development of many of the components of internal combustion engines.
The German giant, is associated with with their tires, but the Continental also supplies components to the automotive industry through its divisions, Powertrain, Chassis & Safety and Interior & Telematics.
for Now, the company has agreed with all of the focus and the capital to be placed in the eldrivlinor, which the company believes is the future.
At this, the group's customers are increasingly betting on hybrid solutions and battery-operated vehicles.
" We have long been a technology leader in the field of electronic control units with the associated software.
in Order to keep up with the pace of our customers and the markets we are focusing is now faster and more systematically to our strengths, with the aim of applying our wide-ranging and successful applied experience in the future of electric mobility, " says Andrew Wolf, in a news release.
