The global vehicle-integrated photovoltaics (VIPV) market is projected to grow at a CAGR of 30.5% over the next eight years. High energy efficiency offered by vehicle integrated solar modules coupled with various government initiatives towards renewable energy are set to drive the market demand over the forecast period. Moreover, increasing adoption of electric vehicles across the globe is likely to further boost the market growth. However, limited storage capacity of these panels may deter the market growth.
Vehicle-integrated solar panels are integrated into vehicles that help convert solar energy into electric energy. These cells are embedded into panels that are 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. Also, solar panels installed on a vehicle is likely to compete with the grid-supplied electricity, that provides additional benefits such as temperature control, modest range extension, and driving comfort. Moreover, solar vehicles tend to be quieter than vehicles powered by conventional fuels, and do not cause noise pollution.
In addition, considerable shift towards renewable sources of energy due to the growing environmental concerns is expected to foster the market demand. This in turn has increased the integration of solar panels with vehicles. According to the World Economic Forum, Sono Motors (one of the leading players in the field of solar based vehicles) has already started taking pre-orders for its solar-powered Sion model. The company is planning to launch it in the European market by 2022.
Segment overview
On the basis of photovoltaic source, the thin film cells segment is expected to witness highest CAGR over the forecast period. The rising adoption of thin film technology for solar vehicle integration is projected to offer growth prospects owing to its low production costs and environmental footprint along with better performance under high temperature. In addition, the design flexibility coupled with its lightweight makes thin film cells ideal for vehicle integration.
On the basis of application, the passenger car segment accounted for the largest share of the global market in 2019, and the trend is expected to continue over the coming years. There has been a significant rise in the sale for solar based passenger cars as these cars require lesser propulsive force than commercial vehicles. This is turn results in lesser carbon footprint, while commercial vehicles segment is likely to experience gradual growth over the coming years.
On the basis of region, Europe dominated the global market for vehicle-integrated photovoltaics in 2019, owing to the presence of stringent environmental policies coupled 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 due to the presence of key markets such as China, and India along with the growing automotive industry in the region. Also, the climatic conditions of Southeast Asian countries are an ideal fit for these vehicles.
The report provides detailed market outlook, and forecast of the “Global Vehicle-Integrated Photovoltaics (VIPV)” market based on photovoltaic source, vehicle type, application, and region.
| Research Attribute | Coverage |
|---|---|
| Years Considered | 2017-2027 |
| Historical Years | 2017 & 2018 |
| Base Year | 2019 |
| Forecast Period | 2020-2027 |
| Units Considered | USD Million |
| Segmentation By Photovoltaic Source |
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| Segmentation by Vehicle Type |
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| Segmentation By Application |
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| Regions Covered |
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| Key Company Profiles | Toyota Motor Corporation, Cruise Car, Inc., Ford Motor Company, Sono Motors, Lucintech Inc., Hermans Techniglaz, Hyundai Motor Group, Volkswagen AG, Hanergy Thin Film Power Group, Nissan, & Solar Electric Vehicle Company, among others. |
CHAPTER 1. Market Scope and Methodology
1.1. Research methodology
1.2. Objectives of the report
1.3. Research scope & assumptions
1.4. List of data sources
CHAPTER 2. Executive Summary
2.1. Vehicle-integrated photovoltaics market – Key industry insights
CHAPTER 3. Market Outlook
3.1. Market definition
3.2. Market segmentation
3.3. Value chain analysis
3.3.1. Raw material trends
3.3.2. Manufacturing trends
3.4. Technological overview
3.5. VIPV market : developed v/s developing countries
3.6. Market opportunities & trends
3.6.1. Significant shift towards renewable sources of energy
3.6.2. Increasing adoption of electric vehicles
3.6.3. Rising technological advancements in solar vehicles
3.7. Market dynamics
3.7.1. Market driver analysis
3.7.1.1. Decreasing costs of photovoltaic panels
3.7.1.2. Growing demand for energy efficiency offered by vehicle-integrated PVs
3.7.1.3. Increasing government initiatives towards renewable energy
3.7.1.4. Impact analysis
3.7.2. Market restraint analysis
3.7.2.1. Limited storage capacity
3.7.2.2. Impact analysis
3.8. Industry analysis – Porter’s
3.8.1. Bargaining power of suppliers
3.8.2. Bargaining power of buyers
3.8.3. Threat of new entrants
3.8.4. Threat of substitutes
3.8.5. Competitive rivalry
3.9. PESTEL analysis
CHAPTER 4. Competitive Outlook
4.1. Competitive framework
4.2. Company market share analysis
4.3. Strategic layout
CHAPTER 5. COVID-19 Implications
5.1. Global industry impact of COVID-19 pandemic
5.1.1. Impact analysis by application
5.1.2. Analyst recommendations
CHAPTER 6. Global Vehicle-Integrated Photovoltaics (VIPV) Market Size and Forecast (2017 - 2027)
6.1. Global Vehicle-Integrated Photovoltaics Market, By Photovoltaic Source (USD Million)
6.1.1. Mono-crystalline silicon cells
6.1.2. Multi- crystalline silicon cells
6.1.3. Thin film cells
6.2. Global Vehicle-Integrated Photovoltaics Market, By Vehicle Type (USD Million)
6.2.1. Two wheelers
6.2.1.1. Bicycles
6.2.1.2. Motorcycles
6.2.2. Three wheelers
6.2.3. Four wheelers
6.2.4. Trains
6.2.5. UAV or drones
6.2.6. Others
6.3. Global Vehicle-Integrated Photovoltaics Market, By Application (USD Million)
6.3.1. Passenger cars
6.3.2. Commercial vehicles
6.3.3. Others
6.4. Global Vehicle-Integrated Photovoltaics Market, By Region (USD Million)
6.4.1. North America
6.4.2. Europe
6.4.3. Asia-Pacific
6.4.4. Central & South America (CSA)
6.4.5. Middle East & Africa (MEA)
CHAPTER 7. Global Vehicle-Integrated Photovoltaics (VIPV) Market Size and Forecast, By Region (2017 - 2027)
7.1. North America Vehicle-Integrated Photovoltaics Market (USD Million)
7.1.1. North America Vehicle-Integrated Photovoltaics Market, By Country (USD Million)
7.1.2. North America Vehicle-Integrated Photovoltaics Market, By Photovoltaic Source (USD Million)
7.1.3. North America Vehicle-Integrated Photovoltaics Market, By Vehicle Type (USD Million)
7.1.4. North America Vehicle-Integrated Photovoltaics Market, By Application (USD Million)
7.1.5. The U.S. Vehicle-Integrated Photovoltaics Market (USD Million)
7.1.5.1. The U.S. Vehicle-Integrated Photovoltaics Market, By Photovoltaic Source (USD Million)
7.1.5.2. The U.S. Vehicle-Integrated Photovoltaics Market, By Vehicle Type (USD Million)
7.1.5.3. The U.S. Vehicle-Integrated Photovoltaics Market, By Application (USD Million)
7.1.6. Canada Vehicle-Integrated Photovoltaics Market (USD Million)
7.1.6.1. Canada Vehicle-Integrated Photovoltaics Market, By Photovoltaic Source (USD Million)
7.1.6.2. Canada Vehicle-Integrated Photovoltaics Market, By Vehicle Type (USD Million)
7.1.6.3. Canada Vehicle-Integrated Photovoltaics Market, By Application (USD Million)
7.1.7. Mexico Vehicle-Integrated Photovoltaics Market (USD Million)
7.1.7.1. Mexico Vehicle-Integrated Photovoltaics Market, By Photovoltaic Source (USD Million)
7.1.7.2. Mexico Vehicle-Integrated Photovoltaics Market, By Vehicle Type (USD Million)
7.1.7.3. Mexico Vehicle-Integrated Photovoltaics Market, By Application (USD Million)
7.2. Europe Vehicle-Integrated Photovoltaics Market (USD Million)
7.2.1. Europe Vehicle-Integrated Photovoltaics Market, By Country (USD Million)
7.2.2. Europe Vehicle-Integrated Photovoltaics Market, By Photovoltaic Source (USD Million)
7.2.3. Europe Vehicle-Integrated Photovoltaics Market, By Vehicle Type (USD Million)
7.2.4. Europe Vehicle-Integrated Photovoltaics Market, By Application (USD Million)
7.2.5. Germany Vehicle-Integrated Photovoltaics Market (USD Million)
7.2.5.1. Germany Vehicle-Integrated Photovoltaics Market, By Photovoltaic Source (USD Million)
7.2.5.2. Germany Vehicle-Integrated Photovoltaics Market, By Vehicle Type (USD Million)
7.2.5.3. Germany Vehicle-Integrated Photovoltaics Market, By Application (USD Million)
7.2.6. The U.K Vehicle-Integrated Photovoltaics Market (USD Million)
7.2.6.1. The U.K Vehicle-Integrated Photovoltaics Market, By Photovoltaic Source (USD Million)
7.2.6.2. The U.K Vehicle-Integrated Photovoltaics Market, By Vehicle Type (USD Million)
7.2.6.3. The U.K Vehicle-Integrated Photovoltaics Market, By Application (USD Million)
7.2.7. France Vehicle-Integrated Photovoltaics Market (USD Million)
7.2.7.1. France Vehicle-Integrated Photovoltaics Market, By Photovoltaic Source (USD Million)
7.2.7.2. France Vehicle-Integrated Photovoltaics Market, By Vehicle Type (USD Million)
7.2.7.3. France Vehicle-Integrated Photovoltaics Market, By Application (USD Million)
7.2.8. Russia Vehicle-Integrated Photovoltaics Market (USD Million)
7.2.8.1. Russia Vehicle-Integrated Photovoltaics Market, By Photovoltaic Source (USD Million)
7.2.8.2. Russia Vehicle-Integrated Photovoltaics Market, By Vehicle Type (USD Million)
7.2.8.3. Russia Vehicle-Integrated Photovoltaics Market, By Application (USD Million)
7.2.9. Italy Vehicle-Integrated Photovoltaics Market (USD Million)
7.2.9.1. Italy Vehicle-Integrated Photovoltaics Market, By Photovoltaic Source (USD Million)
7.2.9.2. Italy Vehicle-Integrated Photovoltaics Market, By Vehicle Type (USD Million)
7.2.9.3. Italy Vehicle-Integrated Photovoltaics Market, By Application (USD Million)
7.2.10. Spain Vehicle-Integrated Photovoltaics Market (USD Million)
7.2.10.1. Spain Vehicle-Integrated Photovoltaics Market, By Photovoltaic Source (USD Million)
7.2.10.2. Spain Vehicle-Integrated Photovoltaics Market, By Vehicle Type (USD Million)
7.2.10.3. Spain Vehicle-Integrated Photovoltaics Market, By Application (USD Million)
7.3. Asia-Pacific Vehicle-Integrated Photovoltaics Market (USD Million)
7.3.1. Asia-Pacific Vehicle-Integrated Photovoltaics Market, By Country (USD Million)
7.3.2. Asia-Pacific Vehicle-Integrated Photovoltaics Market, By Photovoltaic Source (USD Million)
7.3.3. Asia-Pacific Vehicle-Integrated Photovoltaics Market, By Vehicle Type (USD Million)
7.3.4. Asia-Pacific Vehicle-Integrated Photovoltaics Market, By Application (USD Million)
7.3.5. China Vehicle-Integrated Photovoltaics Market (USD Million)
7.3.5.1. China Vehicle-Integrated Photovoltaics Market, By Photovoltaic Source (USD Million)
7.3.5.2. China Vehicle-Integrated Photovoltaics Market, By Vehicle Type (USD Million)
7.3.5.3. China Vehicle-Integrated Photovoltaics Market, By Application (USD Million)
7.3.6. Japan Vehicle-Integrated Photovoltaics Market (USD Million)
7.3.6.1. Japan Vehicle-Integrated Photovoltaics Market, By Photovoltaic Source (USD Million)
7.3.6.2. Japan Vehicle-Integrated Photovoltaics Market, By Vehicle Type (USD Million)
7.3.6.3. Japan Vehicle-Integrated Photovoltaics Market, By Application (USD Million)
7.3.7. India Vehicle-Integrated Photovoltaics Market (USD Million)
7.3.7.1. India Vehicle-Integrated Photovoltaics Market, By Photovoltaic Source (USD Million)
7.3.7.2. India Vehicle-Integrated Photovoltaics Market, By Vehicle Type (USD Million)
7.3.7.3. India Vehicle-Integrated Photovoltaics Market, By Application (USD Million)
7.3.8. South Korea Vehicle-Integrated Photovoltaics Market (USD Million)
7.3.8.1. South Korea Vehicle-Integrated Photovoltaics Market, By Photovoltaic Source (USD Million)
7.3.8.2. South Korea Vehicle-Integrated Photovoltaics Market, By Vehicle Type (USD Million)
7.3.8.3. South Korea Vehicle-Integrated Photovoltaics Market, By Application (USD Million)
7.4. Central & South America (CSA) Vehicle-Integrated Photovoltaics Market (USD Million)
7.4.1. Central & South America (CSA) Vehicle-Integrated Photovoltaics Market, By Country (USD Million)
7.4.2. Central & South America (CSA) Vehicle-Integrated Photovoltaics Market, By Photovoltaic Source (USD Million)
7.4.3. Central & South America (CSA) Vehicle-Integrated Photovoltaics Market, By Vehicle Type (USD Million)
7.4.4. Central & South America (CSA) Vehicle-Integrated Photovoltaics Market, By Application (USD Million)
7.4.5. Brazil Vehicle-Integrated Photovoltaics Market (USD Million)
7.4.5.1. Brazil Vehicle-Integrated Photovoltaics Market, By Photovoltaic Source (USD Million)
7.4.5.2. Brazil Vehicle-Integrated Photovoltaics Market, By Vehicle Type (USD Million)
7.4.5.3. Brazil Vehicle-Integrated Photovoltaics Market, By Application (USD Million)
7.5. Middle East & Africa (MEA) Vehicle-Integrated Photovoltaics Market (USD Million)
7.5.1. Middle East & Africa (MEA) Vehicle-Integrated Photovoltaics Market, By Country (USD Million)
7.5.2. Middle East & Africa (MEA) Vehicle-Integrated Photovoltaics Market, By Photovoltaic Source (USD Million)
7.5.3. Middle East & Africa (MEA) Vehicle-Integrated Photovoltaics Market, By Vehicle Type (USD Million)
7.5.4. Middle East & Africa (MEA) Vehicle-Integrated Photovoltaics Market, By Application (USD Million)
7.5.5. UAE Vehicle-Integrated Photovoltaics Market (USD Million)
7.5.5.1. UAE Vehicle-Integrated Photovoltaics Market, By Photovoltaic Source (USD Million)
7.5.5.2. UAE Vehicle-Integrated Photovoltaics Market, By Vehicle Type (USD Million)
7.5.5.3. UAE Vehicle-Integrated Photovoltaics Market, By Application (USD Million)
7.5.6. Saudi Arabia Vehicle-Integrated Photovoltaics Market (USD Million)
7.5.6.1. Saudi Arabia Vehicle-Integrated Photovoltaics Market, By Photovoltaic Source (USD Million)
7.5.6.2. Saudi Arabia Vehicle-Integrated Photovoltaics Market, By Vehicle Type (USD Million)
7.5.6.3. Saudi Arabia Vehicle-Integrated Photovoltaics Market, By Application (USD Million)
7.5.7. South Africa Vehicle-Integrated Photovoltaics Market (USD Million)
7.5.7.1. South Africa Vehicle-Integrated Photovoltaics Market, By Photovoltaic Source (USD Million)
7.5.7.2. South Africa Vehicle-Integrated Photovoltaics Market, By Vehicle Type (USD Million)
7.5.7.3. South Africa Vehicle-Integrated Photovoltaics Market, By Application (USD Million)
CHAPTER 8. Key Players and Strategic Developments
8.1. Toyota Motor Corporation
8.1.1. Business Overview
8.1.2. Product and Service Offering
8.1.3. Financial Overview
8.1.4. Strategic Developments
8.2. Cruise Car, Inc.
8.2.1. Business Overview
8.2.2. Product and Service Offering
8.2.3. Financial Overview
8.2.4. Strategic Developments
8.3. Ford Motor Company
8.3.1. Business Overview
8.3.2. Product and Service Offering
8.3.3. Financial Overview
8.3.4. Strategic Developments
8.4. Sono Motors
8.4.1. Business Overview
8.4.2. Product and Service Offering
8.4.3. Financial Overview
8.4.4. Strategic Developments
8.5. Lucintech Inc.
8.5.1. Business Overview
8.5.2. Product and Service Offering
8.5.3. Financial Overview
8.5.4. Strategic Developments
8.6. Hermans Techniglaz
8.6.1. Business Overview
8.6.2. Product and Service Offering
8.6.3. Financial Overview
8.6.4. Strategic Developments
8.7. Hyundai Motor Group
8.7.1. Business Overview
8.7.2. Product and Service Offering
8.7.3. Financial Overview
8.7.4. Strategic Developments
8.8. Volkswagen AG
8.8.1. Business Overview
8.8.2. Product and Service Offering
8.8.3. Financial Overview
8.8.4. Strategic Developments
8.9. Hanergy Thin Film Power Group
8.9.1. Business Overview
8.9.2. Product and Service Offering
8.9.3. Financial Overview
8.9.4. Strategic Developments
8.10. Weifang Guangsheng New Energy Co. Ltd.
8.10.1. Business Overview
8.10.2. Product and Service Offering
8.10.3. Financial Overview
8.10.4. Strategic Developments
8.11. Nissan
8.11.1. Business Overview
8.11.2. Product and Service Offering
8.11.3. Financial Overview
8.11.4. Strategic Developments
8.12. Solar Electric Vehicle Company
8.12.1. Business Overview
8.12.2. Product and Service Offering
8.12.3. Financial Overview
8.12.4. Strategic Developments
8.13. NexPower Technology CORP
8.13.1. Business Overview
8.13.2. Product and Service Offering
8.13.3. Financial Overview
8.13.4. Strategic Developments
