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Global Industry Analysis of Solar-based Electronic Vehicle

 

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.

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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

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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.

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Key Players Operating in Global Market

·         Toyota Motor Corporation

·         Solar Electric Vehicle Company

·         Squad Mobility

·         Lightyear

·         Hyundai

·         Venturi

·         Ford Motor Company

·         Mahindra & Mahindra

·         Nissan Motor Corporation

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