Asia Solar Powered Car Market: Sustainability Concerns Push Sales across Japan, China and South Korea
DUBAI--(Korea Newswire) June 03, 2021 -- Majority of solar powered vehicles sales and electric vehicle (EV) charging station installation in Asia are expected to drive the huge demand in countries such as Japan, China and South Korea, forecasts award winning market research firm Fact.MR.
According to a study by Fact MR, solar powered car market in Asia is one of the largest markets for solar powered and electric vehicles. Additionally, South Korea is taking initiatives to reduce greenhouse gas emissions by increasing the use of EV.
Furthermore, the Chinese government is investing heavily to develop the infrastructure for electric vehicles, the government authorities in Japan and South Korea are taking keen interests in developing the infrastructure for solar powered charging station, bolstering the market growth in Asia.
Globally, the solar powered car market is poised to expand at an impressive growth of over 20% CAGR through 2021 and beyond. Asia’s market is likely to cover a major chuck of market share during the forecast period. Faster transition toward adopting clean energy across Japan and China is anticipated to further the adoption of solar powered cars in Asia.
“Surging concerns about environment pollution have compelled the Japan and China’s leading manufacturers to increase the production of solar powered cars with an adoption of various technologies. Thus, it widens the growth opportunities,” says a lead analyst at Fact.MR.
Japan: The Fastest Growing Solar Powered Car Market in Asia
According to Fact.MR’s analysis, Japan will be the fastest growing market for solar powered car in Asia. Factors such as increasing concerns about environment pollution have bolstered the demand of EV in Japan.
Rising oil prices at an alarming rate and consumers shifting toward energy-efficient alternatives such as solar powered cars in the region are pushing the manufacturers to expand their investment and production.
For instance, due to the increased purchase of EV, a leading manufacturer in Japan, Itochu - Tokyo based company, and Electric Power Development initiated a project to install EV charging station at retail stores and supermarkets.
The presence of such EV charge station increased the usage and demand of solar powered cars in Japan. Hence, the Japanese automakers such as Nissan and Toyota are seeking to increase the unit sales of solar powered and electric vehicles.
Technological Advancements and Extensive Research of Wireless Technologies
In addition to the government push, less operational cost and integration of advanced technology are likely to push sales of solar powered car in countries such as China, and South Korea. .
Leading manufacturers are forging tie-ups with telecommunications and network companies such as Nokia and Google to incorporate wireless charging system that uses microwave or laser beam technology for compatible charging devices.
According to Fact.MR, extensive research for various technological advancements of wireless technologies across China, Japan and South Korea is likely to boost the solar powered car market.
Fact.MR study has profiled leading players in the solar powered car market include:
· Audi AG
· Toyota Motor Corp
· Ford Motor Company
· Sono Motors GmbH
· Mahindra & Mahindra Limited
· General Motors
· Volkswagen AG.
· Cruise Car Inc.
· Solar Electric Vehicle Company
· Hanergy Holding Group
· Clenergy TeamArrow
Key Questions Answered by the Report
· What is the Asia solar powered car market size?
· How will demand for solar powered car grow in Asia?
· Who are the leading solar powered car manufactures and what is their strategy?
· Which countries in Asia Pacific are prime for investment in solar powered car market?
· What is the Covid-19 impact on global solar powered car market?
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