Global Vehicle-Integrated Solar Panels Market Size, Share, Forecast Report 2025

The global vehicle-integrated solar panels market is expected to witness a CAGR of 29.0% over the next seven years. Various favorable government initiatives towards renewable energy along with significant energy efficiency offered by vehicle-integrated solar panels are set to accelerate the market demand over the forecast period. Moreover, decreasing costs of photovoltaic panels is expected to further drive the market.

Commonly known as vehicle-integrated photovoltaics (VIPV), these solar panels are integrated into vehicles that help convert solar energy into electric energy. The solar cells may be embedded into panels exposed to sunlight, such as the hood, roof or the trunk, depending on the vehicles’ design. The propulsion of these vehicles is offered through solar energy, and the efficiency of these panels defines the propulsive force of such vehicles.

Furthermore, the increasing adoption of electric vehicles across the globe is likely to fuel the market demand over the coming years. Key players such as Ford, Nissan, Hanergy and Sono Motors have adopted solar energy in order to power their electric vehicles. Solar powered electric vehicles generally comprise of nickel-metal hydride/nickel-cadmium/lithium polymer/lithium ion batteries, mounted on top of the car to generate energy from the sun. The excess electricity stored by these solar batteries can also be used during night or on a cloudy day.

In addition, significant shift towards renewable sources of energy owing to the growing environmental concerns regarding the use of conventional fuels is expected to foster the market demand. This in turn has promoted the market players to integrate solar panels in their electric vehicles. Sono Motors, a German based manufacturer is one of the leading players in the field of solar based vehicles. According to the World Economic Forum, the company is already taking pre-orders for its solar-powered Sion model. The company is planning to launch it this year in the European market.

Moreover, rising advancements in the solar cell technology is expected to boost the market demand over the forecast period. Alta Devices, a major player achieved a new efficiency record of 29.1% for its single junction solar cell. The company’s solar cell technology is an ideal fit for powering small satellites, UAVs, and autonomous vehicles. However, limited storage capacity of vehicle-integrated solar panels may hinder the market growth.

Thin film technology is set to offer market opportunities during the forecast period

Thin film technology presents significant opportunities for the photovoltaic (PV) industry owing to its low production costs and environmental footprint along with better performance under high temperature.  Also, the physical & design flexibility together with its lightweight makes thin film cells ideal for vehicle integration as well as for other emerging segments. Further, the rising adoption of thin film technology for solar vehicle integration is likely to create future growth prospects, while making it the fastest growing segment over the coming years.

Vehicle-integrated solar panels market – Regional insight

Europe dominated the global market for vehicle-integrated solar panels in 2017, and is projected to maintain its dominance over the next seven years. The aforementioned growth can be primarily attributed to the stringent environmental policies along with various pollution control measures fostering rapid adoption of solar integrated vehicles in the region. However, Asia-Pacific is expected to emerge as the fastest growing region owing to the presence of key markets such as China, and India as well as growing automotive industry in the region. Moreover, the climatic conditions of Southeast Asian countries are an ideal fit for these vehicles.F

RESEARCH METHODOLOGY

The research and analysis are based on data and information obtained from various primary and secondary sources. The data obtained is validated by interacting with the companies of the concerned domain. The steps involved in the research methodology are;

• Obtaining historical data of the market based on news, articles, publications, annual reports, white papers, surveys and other secondary sources
• Interacting with key opinion leaders of the market and developing data points based on interaction with them
• Study of past trends in the market and their year on year impact on the market size and share
• Analyzing the collected data points
• Bridging the data points to calculate the vehicle-integrated solar panels market and its various segments
• Anticipating potential risks
• Analyzing market forces such as drivers, restraints, and opportunities to assess new growth areas for the market
• Finalizing the overall size and share for the global market

The years used for the assessment are as follows;

• Historical year : 2015, 2016 and 2017
• Base year  : 2018
• Forecast period: 2019 – 2025

OBJECTIVES:

• To classify global vehicle-integrated solar panels market into segments on the basis of photovoltaic source, vehicle type, application, and region to analyze their growth prospects individually
• To analyze market trends, opportunities, drivers and restraints associated with vehicle-integrated solar panels
• Profiling key companies operating in the global market
• To study market response with respect to the mergers and acquisitions in the industry