Global Solar Vehicle Market Size, Share & Trends Analysis Report, By Vehicle Type (Passenger Vehicles and Commercial Vehicles), By Battery Type (Lithium Ion, Lead Acid, and Others), By Solar Panel (Monocrystalline and Polycrystalline), By Region (North America, Europe, APAC, and Others), and Segment Forecasts, 2024 – 2032
  • Published Date: Jan, 2024
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  • Pages: 200
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  • Segmentation
  • Methodology
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Global Solar Vehicle Market was valued at USD 456.6 million by 2023 and is expected to reach USD 1,658.6 million by 2032 growing at a CAGR of 20.2% during the forecast period 2024 – 2032.

Solar energy provides the greatest portion of propulsion. While energy-efficient vehicles do harness solar power, their conversion of that electric current is simple: Solar panels are set discretely into the vehicle structure. Propelled by the sun are a wide range of vehicles, including automobiles and motor cycles as well as watercraft. Wheel propulsion Under normal circumstances a solar-powered electric motor drives the vehicle.

Even after existing for quite a long time, there have been no solar cars in actual use. This is due to the relatively low power and poor efficiency of such panels as well. New developments in solar panel technology, along with improvements to battery storage systems mean that performances by many previous entrants fall far short of the actual capabilities possible today. Solar-powered vehicles, because they rely entirely on renewable solar energy and do not produce exhaust of any kind, are considered as one of the most sustainable and environmentally friendly types. But they are limited by the amount and quality of sunlight that is available; thus, in overcast regions or on days without many hours of brilliant sunshine, they may be absolutely worthless.. For this reason, most solar-powered vehicles are designed for specific applications like racing or commuter car use of short distances. The increased consciousness about the ecological consequences of fossil fuels has fanned a wave of interest in green sources for energy such as solar power. Therefore, the potential market for solar-powered vehicles has increased and they are beginning to look like a reasonable alternative—and eco-friendly substitute--to petroleum fuelled cars.

The Solar Vehicle Market Trend Analysis

Battery storage and solar panel technology is driving market growth.

In recent years, improved efficiencies of solar panels have thus increased the amount of electricity generated per unit area. With the development of solar cell technology, it is highly likely that in the future such vehicles will become practical. Moving in step with this is battery storage technology, which keeps more energy compactly and lightweight stored up inside batteries. This is especially true of automobiles, which when the sun isn't shining run on battery power. Electric vehicles are also gaining popularity because of people's worries about air pollution and global warming. Given consumer trends toward environmentalism in transportation, this may also affect the solar panel industry.

In order to facilitate the rapid development of renewable energy and electric vehicles, governments around the world are taking various steps: It is offering tax incentives for promoting cars. So the product's price will almost certainly be reduced by increased demand for it. New designs in these categories of vehicles are extending their range of practical and functional applications. For example, solar-powered vehicles and buses have been designed for cargo transport as well as public transportation. All of these elements play a positive role in market expansion.

Segmentation Analysis of the Solar Vehicle Market

By Vehicle Type Analysis

In 2022, owing to the growing need for fuel-efficient cars, passengers dominated the market.

By car type, the market can be divided into passenger cars and commercial vehicles.In 2022, the passenger vehicles segment continued to dominate. Yet there is some growth consistency when it comes to contrasting PHEVs, BEVs and HEVS with each other. Money is being channelled into research on both solar panels and energy storage in order to increase the range and applicability of all-solar passenger vehicles by some enterprises. Moreover, interest is growing among consumers for cars with environmental awareness. This may expand the potential market for solar-powered vehicles still further.

In February 2020, for example, a small group of private investors invested about $8.84 million to relaunch the solar vehicle Lightyear ll. Now that hybrid-type solar electric vehicles are becoming common, the need for solar passenger cars is likely to increase. These vehicles combine solar power with such alternative energy sources as petroleum or diesel so that they are guaranteed adequate power whatever the weather. This can help to reduce some of the limitations on range and performance for vehicles powered entirely by solar energy.

As global sales of commercial electric vehicles rise, this segment is forecast to witness rapid growth. Solar-powered buses designed for integration into urban logistics systems are an emerging segment of the solar powered commercial vehicle market. In October 2021, the concept of 100 percent green energy became a reality in India when it introduced 386 solar-powered vehicles. Solar-powered commercial vehicles are also becoming an object of investment and interest. The areas with the highest increase in demand include urban transportation, delivery services or food transport. They are cheaper to run, less toxic and much quieter than their gasoline or diesel cousins.

By Battery Type Analysis

The increasing sales of electric vehicles has brought about the rising demand for lithium-ion batteries, which supports market expansion.

By battery type: lead acid, lithium ion and others. The high growth potential of the market throughout the forecast period is seen in its expected 73 % share to be claimed by that segment (the lion's share) with respect to total revenue generated for this factor alone will have a major effect on overall theater performance. Demand for lithium ion is rising rapidly with the spread of electric vehicles. Besides having a remarkably large energy storage capacity, lithium-ion batteries also feature robustness and long service life as well as good driving performance. These tiny, low-weight batteries can improve the efficiency and performance of electric vehicles powered by solar energy.

The application of lead acid batteries is becoming more and more popular. These batteries are considered the best way to store solar energy. Since lead acid batteries are cheaper than other battery types, they represent a valid option for the solar-powered vehicle. There is expected to be rising demand in the segment since more and more vehicle manufacturers are demanding lead acid batteries so that they can produce cheaper cars.

By Solar Panel Analysis

One reason for the ascendancy of monocrystalline solar panels is their ability to generate power that can be used in manufacturing a U-shape.

In principle, the market for solar panels can be divided into monocrystalline and polycrystalline components.

In 2022, the monocrystalline segment also maintained its leading market share. Because of their longer life expectancy and high efficiency, monocrystalline solar panels are used in all orientations. Compared with other types of solar panel on the market, however, these panels boast such excellent performance characteristics that they have persuaded many car owners to go in search However, they produce much more electricity from an equivalent amount of sunlight--their efficiency is higher than that of alternative solar photovoltaic cell arrays. Furthermore, monocrystalline solar panels have a much longer life span than other types of solar panel. But extremely desirable for a vehicle-mounted energy source that must be durable and reliable. These factors are thought to give support for the monocrystalline segment.

When it comes to solar-powered cars, clearly monocrystalline panels are better than polycrystalline ones. Therefore polycrystal might not be as durable or productive in this respect but these depend on the model of car. It turns out that monocrystalline solar panels aren't as efficient or economical than polycrystalline ones, so if one is planning on installing an energy-saving panel on top of a building (especially the roof) or over a car bonnet, it may be more prudent to use the cheaper and less conspicuous looking polyc Even with a lower efficiency rating than monocrystalline solar panels, the ability to produce electricity is not diminished.

Regional Analysis of the Solar Vehicle Market

In 2022, the solar vehicle market share was greatest in North America. There are several reasons why this region's market share is so high: increasing demand for solar panels in hybrid electric vehicles and low battery costs being among the most important. An additional factor driving the growth of North American solar vehicle market is increasing technological development in the automotive industry.

A high level of Electric Vehicles (EVs) can be credited to proactive emission regulations and government subsidies in this region. For example, the Dutch government cut registration fees for plug-in hybrids by almost 7 percent and plans to sell only zero emission vehicles by 2030. It's obvious that when solar panels are integrated with electric vehicles, they consume less fuel. If this assumption is correct then these kinds of car could truly become a household name in Europe by the end of our forecast period.

Asia-Pacific is estimated to grow at a CAGR of 23.4% during the forecast period. In coming years, the market is expected to grow impressively in Asia Pacific. This tendency is related to the growing concerns about air pollution over recent years, requirement for climate change mitigation and government encouragement in promoting electric vehicles or solar-powered cars. Most of all, China has been a powerful engine driving market growth in the Asia-Pacific area. The Chinese government has a number of policies and initiatives aimed at promoting solar-powered vehicles or electric cars. These include consumer subsidies, manufacturer incentives and tax breaks. As a result, electric and solar-powered vehicles in China have boomed into production and adoption. In the coming years, a number of other Asia-Pacific nations--India in particular as well as South Korea and Japan--are expected to see their markets expand. Besides, these countries have implemented policies and undertakings aimed at promoting the use of solar-powered vehicles and electric cars. What is more, people's interest in using them has also risen sharply.

Top Key Players

  • Sono Motors GmbH (Germany)
  • Lightyear (Netherlands)
  • VENTURI (Monaco)
  • Nissan (Japan)
  • Mahindra & Mahindra Limited (India)
  • Toyota Motor Corporation (Japan)
  • Ford Motor Company (U.S.)
  • Volkswagen AG (Germany)
  • Daimler AG (Germany)
  • Tesla, Inc (U.S.)

Key Industry Developments in the Solar Vehicle Market

  • In January 2023, Sono Group N.V., a leader in solar mobility solutions, landed USD1.61 million of financing from CINEA (European Climate, Infrastructure and Environment Executive Agency). The money will be used to continue the development of solar technology.
  • In June 2022, Bridgestone will team up with Lightyear to produce the world's first long-range solar car. Based on Lightyear's and Bridgestone's joint work during the 2015 and 2017 editions of the Bridgestone World Solar Challenge, this partnership is a natural consequence for two organizations with sustainable development at their core.
  • Now the market leader in solar-powered vehicles, Sono Motors plans to time its entrance into the refrigerated trailer industry for January of 2022. Solar will continue as a core business area and through an exclusive patented technology to reduce fossil fuel emissions--Sono Solar Technology--it can expand solarly under this new brand name.
  • In July 2021, the solar technology industry's leading brand Lightyear co-signed a collaborative agreement with Valmet Automotive (a contract vehicle manufacturer of prominent stature) for manufacturing and fabricating the production series model cars known as "Lightyear One".
  • In May 2021, a joint venture was set up by Man Truck and Sono Motors to evaluate the technical feasibility and commercial potential of integrating solar technology into Man vehicles.

Report Components Details
Base Year 2022
Forecast Period 2023-2030
Quantitative Units Revenue in US $
Segments Covered By Vehicle Type: Passenger Vehicle, Commercial Vehicle By Battery Type: Lithium Ion, Lead Acid, Others By Solar Panel Type: Monocrystalline, Polycrystalline
Countries Covered U.S. and Canada in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the APAC, Others include Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA), Brazil, Argentina, Mexico, and Rest of South America as part of South America
Market Players Covered Sono Motors GmbH (Germany), Lightyear (Netherlands), VENTURI (Monaco), Nissan (Japan), Mahindra & Mahindra Limited (India), Toyota Motor Corporation (Japan), Ford Motor Company (U.S.), Volkswagen AG (Germany), Daimler AG (Germany), Tesla, Inc (U.S.)

Table of Contents

  1. Introduction Of Global Solar Vehicle Market
    1. Overview of the Market
    2. Scope of Report
    3. Assumptions
  2. Executive Summary
  3. Research Methodology
    1. Data Mining
    2. Validation
    3. Primary Interviews
    4. List of Data Sources
  4. Global Solar Vehicle Market Outlook
    1. Overview
    2. Market Dynamics
      1. Drivers
      2. Restraints
      3. Opportunities
    3. Porters Five Force Model
      1. Bargaining Power of Suppliers
      2. Threat of New Entrants
      3. Threat of Substitutes
      4. Competitive Rivalry
      5. Bargaining Power among Buyers
    4. Value Chain Analysis
  5. Global Solar Vehicle Market, By Vehicle Type
    1. Overview
    2. Passenger Vehicle
    3. Commercial Vehicle
  6. Global Solar Vehicle Market, By Battery Type
    1. Overview
    2. Lithium Ion
    3. Lead Acid
    4. Others
  7. Global Solar Vehicle Market, By Solar Panel Type
    1. Overview
    2. Monocrystalline
    3. Polycrystalline
  8. Global Solar Vehicle Market, By Region
    1. North America
      1. U.S.
      2. Canada
    2. Europe
      1. Germany
      2. U.K.
      3. France
      4. Rest of Europe
    3. Asia Pacific
      1. China
      2. Japan
      3. India
      4. South Korea
      5. Singapore
      6. Malaysia
      7. Australia
      8. Thailand
      9. Indonesia
      10. Philippines
      11. Rest of Asia Pacific
    4. Others
      1. Saudi Arabia
      2. U.A.E.
      3. South Africa
      4. Egypt
      5. Israel
      6. Rest of Middle East and Africa (MEA)
      7. Brazil
      8. Argentina
      9. Mexico
      10. Rest of South America
  9. Company Profiles
    1. Sono Motors GmbH (Germany)
      1. Company Overview
      2. Key Executives
      3. Operating Business Segments
      4. Product Portfolio
      5. Financial Performance (As per availability)
      6. Key News
    2. Lightyear (Netherlands)
      1. Company Overview
      2. Key Executives
      3. Operating Business Segments
      4. Product Portfolio
      5. Financial Performance (As per availability)
      6. Key News
    3. VENTURI (Monaco)
      1. Company Overview
      2. Key Executives
      3. Operating Business Segments
      4. Product Portfolio
      5. Financial Performance (As per availability)
      6. Key News
    4. Nissan (Japan)
      1. Company Overview
      2. Key Executives
      3. Operating Business Segments
      4. Product Portfolio
      5. Financial Performance (As per availability)
      6. Key News
    5. Mahindra & Mahindra Limited (India)
      1. Company Overview
      2. Key Executives
      3. Operating Business Segments
      4. Product Portfolio
      5. Financial Performance (As per availability)
      6. Key News
    6. Toyota Motor Corporation (Japan)
      1. Company Overview
      2. Key Executives
      3. Operating Business Segments
      4. Product Portfolio
      5. Financial Performance (As per availability)
      6. Key News
    7. Ford Motor Company (U.S.)
      1. Company Overview
      2. Key Executives
      3. Operating Business Segments
      4. Product Portfolio
      5. Financial Performance (As per availability)
      6. Key News
    8. Volkswagen AG (Germany)
      1. Company Overview
      2. Key Executives
      3. Operating Business Segments
      4. Product Portfolio
      5. Financial Performance (As per availability)
      6. Key News
    9. Daimler AG (Germany)
      1. Company Overview
      2. Key Executives
      3. Operating Business Segments
      4. Product Portfolio
      5. Financial Performance (As per availability)
      6. Key News
    10. Tesla, Inc (U.S.)
      1. Company Overview
      2. Key Executives
      3. Operating Business Segments
      4. Product Portfolio
      5. Financial Performance (As per availability)
      6. Key News

Global Solar Vehicle Market Segmentation

Solar Vehicle by Vehicle Type: Market Size & Forecast 2024-2032

  • Passenger Vehicle
  • Commercial Vehicle

Solar Vehicle by Battery Type: Market Size & Forecast 2024-2032

  • Lithium Ion
  • Lead Acid
  • Others

Solar Vehicle by Solar Panel Type: Market Size & Forecast 2024-2032

  • Monocrystalline
  • Polycrystalline

Solar Vehicle by Geography: Market Size & Forecast 2024-2032

  • North America (USA, Canada, Mexico)
  • Europe (Germany, UK, France, Russia, Italy, Rest of Europe)
  • Asia-Pacific (China, Japan, South Korea, India, Southeast Asia, Rest of Asia-Pacific)
  • South America (Brazil, Argentina, Columbia, Rest of South America)
  • Middle East and Africa (Saudi Arabia, UAE, Egypt, Nigeria, South Africa, Rest of MEA)

Major Players:

  • Sono Motors GmbH (Germany)
  • Lightyear (Netherlands)
  • VENTURI (Monaco)
  • Nissan (Japan)
  • Mahindra & Mahindra Limited (India)
  • Toyota Motor Corporation (Japan)
  • Ford Motor Company (U.S.)
  • Volkswagen AG (Germany)
  • Daimler AG (Germany)
  • Tesla, Inc (U.S.)

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