The global vehicle-integrated photovoltaics market is likely to ascend at a CAGR of 30.5% over the forecast period (2020-2027) according to QuantAlign Research. The growth can be primarily attributed to the decreasing costs of photovoltaic panels across the globe, along with presence of various government initiatives to promote renewable energy.

Additionally, the increasing adoption of electric vehicles across the globe is expected to fuel the market demand over the coming years. Key players such as Ford, Nissan, Hanergy and Sono Motors are focusing on technological advancements in order to deliver efficient product performance over their competitors. Such advances in solar technologies are primarily expected to be driven by the growing demand for lightweight, high power solutions in electric vehicles for road, rail, marine and air transportation. Hence, increased focus on decarbonization is fueling the need for reduced emissions in the transport sector, with significant emphasis on integrated PVs.

Furthermore, growing advancements in the solar cell technology is likely to promote 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 solar cell technology is an ideal fit for powering small satellites, UAVs, and autonomous vehicles. However, limited storage capacity of vehicle-integrated photovoltaics may deter the market growth.

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Global Vehicle-Integrated Photovoltaics (VIPV) Market Perspective, Demand Outlook, Trend Analysis, Intelligence & Industry Estimates To 2027 –  “https://quantalignresearch.com/global-vehicle-integrated-photovoltaics-market-report/ “

Key insights: 

• Thin film cells segment is likely to witness significant CAGR over the forecast period
• Passenger car segment dominated the market in 2019, and the trend is likely to continue over the coming years
• Asia-Pacific is expected to grow at the fastest CAGR over the forecast period.

Key players operating in the market include Toyota Motor Corporation; Cruise Car, Inc.; Ford Motor Company; Hanergy Thin Film Power Group; Sono Motors; Lucintech Inc.; Hyundai Motor Group; Hermans Techniglaz; Volkswagen AG; & Nissan; among others.