Environmental Factors:

Over the past decade more and more people have been switching from normal gas-powered vehicles to more environmentally friendly vehicles that use electricity instead of fossil fuels. However there have not been any cars that run off solar power that have entered the market so far. With how technology has advanced over the years it has become possible to fuel a car with just the power of the sun. While you may not be able to drive from east coast to west coast only using the sun it will greatly decrease the amount time you need to spend charging the car along the way. With solar panel technology today, we can safely assume it would take anywhere from 5-7 solar panels to fully charge an EV ([email protected], How many solar panels do I need to charge an EV? 2021), while we can’t fit 5, we can fit approximately 2.5 solar panels on the cars surface which can account for anywhere from 30%-40% of the cars power.

Along with our car, the “Sun Strider” there are a few other cars being developed that will lead to stiff competition in the future such as Fisker’s “Ocean one”, and Lightyears “0”. This will cause us to have to be innovative and constantly improve our product as time goes on to compete with these other vehicles. ((Hunt, 2023)) This being a relatively new market with multiple companies fighting for their vehicles to be the dominant force on the market much will have to be done to solidify the Sun Strider as the best option such as rigorous advertising, a world class team of sales representatives, and having the best technology available to improve the product for this product and any future Sun Strider variations that we decide to develop.

Many people who drive electric or hybrid cars take pride in the fact that they have an electric car and encourage others to do the same if they have the means. While some people don’t care much for electric cars it has become much more socially acceptable recently, especially with more consumers taking the environment into account. Consumers are beginning to accept that electric cars are the future of driving and not just a niche thing that will pass with time. As time goes on EV’s will be more widely accepted and maybe even the preferred vehicle type for the majority of consumers in America.

President Biden’s Inflation Reduction act is adding more tax credits for consumers who purchase new or used EV’s which will allow more consumers the ability to purchase and EV and may give more incentive to people who were already considering purchasing one. (Colato & Ice, 2023) This act also invests billions of dollars into EV charging stations for people to use as well as more critical materials required for the batteries that power the EVs. This should also lead to the public’s increased willingness to purchase an EV. (Colato & Ice, 2023) The Federal Highway Administration has also enacted a plan that states that all EV chargers built from have at least 55% of the materials produced domestically. ( Fact sheet: Biden-Harris Administration announces new standards and major progress for a made-in-america National Network of Electric Vehicle Chargers 2023) This might give consumers another push to purchase an EV as their tax dollars will be put to good use and they can benefit from it as well as helping build Americas economy.

With every product comes strengths, opportunities, weaknesses and threats. Opportunities of the EV market includes the rate at which the market is growing with more and more US citizens being interested in EV’s as well as the federal government giving many tax breaks and other benefits to consumers who purchase EVs as well as manufacturers who make the EVs. Strengths of this market/product include the fact that it is the most environmentally friendly method of transportation outside of biking and walking, as well as electricity being cheaper than gas. Weaknesses with this product include that it is a new product so there are many things that need to be improved over time such as the efficiency of the solar panels when comparing how much surface area vs how much power gained. Threats of this product include that these EV batteries use Cobalt, Lithium, and Nickel which may not be entirely rare, but they are not as abundant as other natural resources so, there could end up being a shortage if EV’s take off in popularity in the future. There have also been some questions about the ethical practices of the places where these metals are mined. A lot of these materials come from third world countries and in turn lead to poor human rights and worker environment. (contributor et al., Electric vehicles, batteries, cobalt, and rare earth metals  2022) this could lead to problems in the future.

Marketing Strategy:

The specific unmet need that our product addresses is an alternative to gas powered vehicles so that the consumer can save on gas, while also innovating with solar power to further help the consumer save money on charging their vehicle as well as innovating solar power in general so that in the future a car could run solely off the power of solar panels. Not only does this help the consumer save money but solar power is completely emission free and is the best way to use power without causing problems with the environment, so the people who drive a lot in cities and during the day while also caring for the environment can get the most bang for their buck and have all their needs met.

The target market that we are going after are middle to upper class, somewhat wealthy Americans who also care about the environment. The ideal consumer is someone who not only cares about the environment but would be willing to take the extra step, such as switching out their old gas guzzling vehicles for a new environmentally friendly EV. Typically, the younger generations tend to care more for the environment so the range would be anywhere from 18 years old to 45 years old. However, since this isn’t necessarily an expensive car, it’s not very cheap either (priced around $40,000-$50,000) so we can say our target market is someone a little bit older that has already begun their career or is deep in their career. So, we can say that the age range is from 25 years old to 45 years old. Our target market is also comprised of people who live in or close by major metropolitan cities such as New York, Los Angeles, Miami, etc. as they would have more access to the chargers required for EVs. Consumers In these big cities from also get more use out of the vehicle’s innovations due to the amount of city driving they so and how much money they would save from only having to charge their EV about half as much as other EVs due to the power of the sun.

There are people that are not entirely open to the idea of giving up their gas-powered vehicles, which may lead to a stagnant market however from 2019 to 2020 there was a large increase in electric vehicle purchases (76% increase for hybrids, 83% increase in completely electric vehicles) so, this shows a rapidly increasing market share of vehicles which will only continue to increase. There were over 300,000 EV’s purchased in the United States alone in 2018 and with that number increasing there will be plenty of room for growth. (Hawley, 2023) We would also be looking to expand into the international scene after the launch in the united states if all goes well.

The European market is very big on electric vehicles so this is a market we would like to enter with time. 6 countries in Europe (Netherlands, Finland, Denmark, Sweden, Iceland, and Norway) all had over 30% of all vehicles purchased in 2021 being EVs. Norway and Iceland being exceptionally large market share with a whopping 86% and 72%. (Olano, 2022) So, there is much room on the international market for our Sun Strider after the initial United States launch.

The way we would like to position our product is that it is a vehicle that is a little bit more on the expensive side but not too expensive, as well as being one of the more environmentally friendly vehicles on the market.

High Cost

· Bugatti

Tesla

Sun Strider

Not very Environmentally friendly Environmentally friendly

Prius

1996 Honda accord

Low Cost

As the perceptual map shows we’re going to be marketing the car as the most environmentally friendly vehicle that would be on the current market. It also would be cheaper than your average tesla although not by much. However, the benefit of choosing Sun Strider over a cheaper option such as the Prius is that not only is it better for the environment in general it also has more luxury features that a normal Prius would so if you want a mix of good for the environment as well as luxury sun strider is the way to go.

Works Cited:

Hunt, J. (2023, February 21). Solar panel cars: The Future of Sustainable Transportation?. Environment+Energy Leader. https://www.environmentalleader.com/2023/02/solar-panel-cars/

Hawley, D. (2023, April 3). What percent of US car sales are electric? – J.D. power and associates. What Percent Of US Car Sales Are Electric?

Olano, M. V. (2022, September 2). Chart: Which countries buy the most evs?. Canary Media. https://www.canarymedia.com/articles/electric-vehicles/chart-which-countries-buy-the-most-evs

contributor, J. G. F., Goldman, J., contributor, F., Analyst, J. D. S., Dunn, J., Analyst, S., Analyst, S. W. S. V., Wilson, S., Analyst, S. V., Engineer, D. R. S., Reichmuth, D., & Engineer, S. (2022, October 19). Electric vehicles, batteries, cobalt, and rare earth metals . The Equation. https://blog.ucsusa.org/josh-goldman/electric-vehicles-batteries-cobalt-and-rare-earth-metals/

[email protected]. (2021, November 8). How many solar panels do I need to charge an EV?. Good Energy Solutions. https://goodenergysolutions.com/how-many-solar-panels-do-i-need-to-charge-an-ev/

The United States Government. (2023, February 15). Fact sheet: Biden-Harris Administration announces new standards and major progress for a made-in-america National Network of Electric Vehicle Chargers. The White House. https://www.whitehouse.gov/briefing-room/statements-releases/2023/02/15/fact-sheet-biden-harris-administration-announces-new-standards-and-major-progress-for-a-made-in-america-national-network-of-electric-vehicle-chargers/

Colato, J., & Ice, L. (2023, February). Factors contributing to a growing electric vehicle market. U.S. Bureau of Labor Statistics. https://www.bls.gov/opub/btn/volume-12/charging-into-the-future-the-transition-to-electric-vehicles.htm