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Solar Vehicle Market Size May Hit US$ 5.26 billion by 2030

The solar vehicle market size is expected to reach around US$ 5.26 billion by 2030, growing at a CAGR of 32.2% every year, according to a 2022 study by Precedence Research, the Canada-based market Insight Company.

Solar Vehicle Market Size 2020 to 2030

The base year for the study has been considered 2021, the historic year 2017 and 2020, the forecast period considered is from 2022 to 2030. The solar vehicle market is analyzed on the basis of value (US$ Million), volume (Unit), and price (US$/Unit).

The global solar vehicle market is expected to witness a significant growth rate during the forecast period owing to the increasing demand for the fuel efficient and eco-friendly transportation solutions. The stringent government regulations to curb the emission of greenhouse gases is encouraging the customers to opt for solar vehicles across the globe. The rising investments of the vehicle manufacturers in the production of solar vehicles and the government subsidies sanctioned to them is boosting the overall growth of the global solar vehicle market.

The technological advancements and increasing government investments in the development of clean transportation for public is driving the sales of electric buses that utilize solar energy as fuel. Moreover, the rising awareness among the population regarding the deteriorating environmental conditions due to the rising pollution levels is encouraging them to demand for the solar vehicles, especially in the developed markets like Europe and North America. The oil reserves are depleting rapidly across the globe. Government of various nations are heavily investing towards the development of the renewable energy sources. Hence, the solar vehicle market is estimated to grow at a rapid pace during the forecast period.

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Solar Vehicle Market Scope
Report Coverage Details
Market Size In 2020 USD 328.4 Million
Growth Rate From 2021 to 2030 CAGR of 32.2%
Largest Market Europe
Base Year 2021
Forecast Period 2021 to 2030
Segments Covered Vehicle Type, Electric Vehicle Type, Battery Type, Region
Solar Vehicle Market Report Highlights
  • Based on the vehicle type, the passenger vehicle segment dominated the global solar vehicle market in 2020. The rising disposable income, desire for emission free vehicles, and increased environment consciousness among the population has significantly fostered the adoption of various passenger vehicles. Moreover, changing demographics of the consumers and shifting preferences of the consumers towards eco-friendly fuel is further expected to drive the segment growth during the forecast period.
  • Based on the electric vehicle type, the BEV segment is estimated to be the most opportunistic segment during the forecast period. This is due to the rising investments in building charging stations and service care points at various locations to serve the solar vehicle breakdowns and fuel exhaustion issues.
  • Based on the battery type, the lithium-ion is the dominant and the fastest-growing segment during the forecast period. This is attributed to the increased installation of the lithium-ion batteries in the EVs owing to its cost-efficiency, light-weight, and longer range. Moreover, rising sales of the solar vehicle is expected to boost the adoption of this battery in the forthcoming years.
Solar Vehicle Market Regional Snapshot

Europe was the dominatingsolar vehicle market in 2020. The increased income levels of the consumers and increased awareness regarding the negative effects of rising pollution levels on the environment is encouraging the people to opt for alternative fuel vehicles to curb the vehicle emissions. Moreover, the rising pollution levels owing to rapid industrialization in the economies like Germany, Italy, and France has forced the government to take necessary steps to curb the carbon emissions. Hence, the government regulations to restrict the vehicle emission is playing an exceptional role in the growth of the solar vehicle market.

On the other hand, Asia Pacific is expected to be the fastest-growing market. The rising disposable income of the consumers coupled with the rising awarenessregarding the sustainable and eco-friendly products is fostering the demand for the solar vehicles. The government in nations like China, Japan, and India are playing a significant role by enforcing appropriate laws regarding the vehicle emission, which is anticipated to drive the market growth during the forecast period.

Solar Vehicle Market Dynamics

Driver

The stringent government regulations concerning vehicle emission

The enforcement of vehicle emission laws in the prominent nations like China, Germany, U.S., and Italy have encouraged the manufacturers to ramp up the production of the solar vehicles. The rising popularity of the zero emission vehicle is boosting the sales of the electric powered and fuel-cell powered vehicles. Hence, the government regulations is expected to play a crucial role in driving the growth of the solar vehicle market.

Restraints

High cost of thesolar and electric vehicles

The cost of buying solar vehicles is high. Therefore, its adoption is limited in the low and middle income countries. The consumers in the low and middle income countries, especially the middle class consumers are expected to resist the adoption of the costly solar vehicles owing to their low affordability.

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Opportunities

Product launches and various developmental strategies to drive the market growth

The solar vehicle market is fragmented owing to the presence of numerous big market players. The various developmental strategies adopted by them such as new product launches, acquisitions, and partnerships are expected to significantly drive the market growth in the forthcoming years. For instance, in July 2021, Lightyear and Valmet Automotive entered into an agreement to manufacture solar vehicles together and agreed to produce around 1,000 solar vehicles per year.

Challenges

Lack of adequate infrastructure in the underdeveloped regions

The lack of proper infrastructure in the underdeveloped and developing nations is hampering the penetration of the solar vehicles. The lack of the adequate number of charging stations and other alternative fuel stations may slow down the adoption. Further, the lack of proper government regulations regarding the vehicle emissions is a major challenge to the market players.

Some of the prominent players in the global solar vehicle market include:
  • Volkswagen
  • Toyota
  • Lightyear
  • Ford Motor Company
  • Fiat Chrysler Automobiles
  • America Cruise Car
  • Venturi Automobiles
  • Hanergy
  • Mahindra
  • The Solar Electric Vehicle Company

Segments Covered in the Report

By Vehicle Type

  • Passenger
  • Commercial

By Electric Vehicle Type

  • BEV
  • HEV
  • Plug-in HEV

By Battery Type

  • Lithium Ion
  • Lead Acid
  • Lead Carbon

By Solar Panel

  • Monocrystalline
  • Polycrystalline

By Geography

  • North America
    • U.S.
    • Canada
  • Europe
    • U.K.
    • Germany
    • France
  • Asia Pacific
    • China
    • India
    • Japan
    • South Korea
  • Rest of the World

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