Energy and Power

Solar Vehicle Market to Grow Nearly 32.2% through 2030 | Potential Opportunity Is Opening in the Coming Years

In 2022, the solar vehicle market study by Precedence Research provides crucial information on market share, market size, growth rate analysis Y-O-Y, production, consumption, and sales analysis for the forecast period 2021 to 2030. The report contains 150+ pages with detailed analysis.

The global solar vehicle market size is forecasted to reach from US$ 426 million in 2021 to US$ 5.26 billion by 2030 and is anticipated to grow at compounded annual growth rate (CAGR) of 32.2% from 2021 to 2030.

The base year for the study has been considered 2021, the historic year 2017 to 2020, the forecast period considered is from 2021 to 2030. The solar vehicle market is analyzed on the basis of value (US$ Million), volume (Unit), and price (US$/Unit). The report offers exclusive insights to help companies make informed decisions to sustain growth through the assessment period.

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Solar vehicle is an electric vehicle that is equipped with photovoltaic cells in the solar panels that converts the solar energy into electric energy. The technological advancements and growing adoption of innovative technologies in the automotive industry has fostered the growth of the global solar vehicle market. The higher dependence on the biofuels and the rising levels of air pollution owing to the carbon emissions has resulted in the adoption of the solar vehicles across the global markets.

The automotive is a huge industry and the significant adoption of the vehicles among the population had highlighted the concerns over the depleting non-renewable energy sources. Therefore, the increased need to shift towards the renewable sources of energy and fuel is a prominent driver of the global solar vehicle market. The government initiatives to reduce carbon footprint and the rising investments on the research and development of the eco-friendly and renewables sources of energy have encouraged the growth of the solar vehicle market. Solar or electric vehicle is gaining rapid surge in the popularity among the global consumers which is expected to drive the growth of the global solar vehicle market.

Scope of the Solar Vehicle Market

Report Coverage Details
Market Size In 2021 USD 426 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 Trends:

The global solar vehicle market is primarily driven by the growing concerns pertaining to the rising pollution levels across the globe. This has created an increasing need for energy-efficient vehicles that do not contribute to vehicular emissions. Consequently, manufacturers are now focusing on the development of sustainable automobiles that utilize renewable sources of energy for propulsion. This, along with continual technological advancements in the automotive sector, is providing a boost to the demand for solar vehicles. It is further supported by the stringent environmental regulations implemented by the governments of several countries to reduce air and noise pollution levels.

Apart from this, the rising trend of solar car racing is acting as a major growth-inducing factor. This has not only contributed to an increase in the uptake of these vehicles but has also resulted in extensive research and development (R&D) activities conducted by students and academic professionals to develop efficient models with better functionalities. Reduced prices of solar panels are acting as another major growth-inducing factor.

Competitive Landscape Analysis:

Some of the leading companies operating in the solar vehicle market are profiled in the market study. The report also underscores winning strategies adopted over the last few years and gauges impact of the same on growth trajectory exhibited by the market over the last few years.

Major companies operating in this report are

  • 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

Regional Segmentation

– North America (U.S. and Canada)

 – Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)

 – Asia-Pacific (China, Japan, India, Southeast Asia and Rest of APAC)

 – Latin America (Brazil and Rest of Latin America)

– Middle East and Africa (GCC, North Africa, South Africa, Rest of MEA)

FREQUENTLY ASKED QUESTIONS?

  • What is the total market value?
  • What will be the growth in 2030?
  • What are the key trends in the market?
  • What are the major players in the markets?
  • What are the key growth strategies of industry players?
  • Which region would offer a higher growth?
  • What are the countries included in the rest of the word segments?

Why should you invest in this report?

If you are aiming to enter the global solar vehicle market, this report is a comprehensive guide that provides crystal clear insights into this niche market. All the major application areas for solar vehicle are covered in this report and information is given on the important regions of the world where this market is likely to boom during the forecast period of 2021-2030 so that you can plan your strategies to enter this market accordingly.

Besides, through this report, you can have a complete grasp of the level of competition you will be facing in this hugely competitive market and if you are an established player in this market already, this report will help you gauge the strategies that your competitors have adopted to stay as market leaders in this market. For new entrants to this market, the voluminous data provided in this report is invaluable.

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TABLE OF CONTENT

Chapter 1. Introduction

1.1. Research Objective

1.2. Scope of the Study

1.3. Definition

Chapter 2. Research Methodology

2.1. Research Approach

2.2. Data Sources

2.3. Assumptions & Limitations

Chapter 3. Executive Summary

3.1. Market Snapshot

Chapter 4. Market Variables and Scope 

4.1. Introduction

4.2. Market Classification and Scope

4.3. Industry Value Chain Analysis

4.3.1. Raw Material Procurement Analysis

4.3.2. Sales and Distribution Channel Analysis

4.3.3. Downstream Buyer Analysis

Chapter 5. COVID 19 Impact on Solar Vehicle Market 

5.1. COVID-19 Landscape: Solar Vehicle Industry Impact

5.2. COVID 19 – Impact Assessment for the Industry

5.3. COVID 19 Impact: Global Major Government Policy

5.4. Market Trends and Opportunities in the COVID-19 Landscape

Chapter 6. Market Dynamics Analysis and Trends

6.1. Market Dynamics

6.1.1. Market Drivers

6.1.2. Market Restraints

6.1.3. Market Opportunities

6.2. Porter’s Five Forces Analysis

6.2.1. Bargaining power of suppliers

6.2.2. Bargaining power of buyers

6.2.3. Threat of substitute

6.2.4. Threat of new entrants

6.2.5. Degree of competition

Chapter 7. Competitive Landscape

7.1.1. Company Market Share/Positioning Analysis

7.1.2. Key Strategies Adopted by Players

7.1.3. Vendor Landscape

7.1.3.1. List of Suppliers

7.1.3.2. List of Buyers

Chapter 8. Global Solar Vehicle Market, By Vehicle

8.1. Solar Vehicle Market, by Vehicle Type, 2021-2030

8.1.1. Passenger

8.1.1.1. Market Revenue and Forecast (2019-2030)

8.1.2. Commercial

8.1.2.1. Market Revenue and Forecast (2019-2030)

Chapter 9. Global Solar Vehicle Market, By Electric Vehicle

9.1. Solar Vehicle Market, by Electric Vehicle, 2021-2030

9.1.1. BEV

9.1.1.1. Market Revenue and Forecast (2019-2030)

9.1.2. HEV

9.1.2.1. Market Revenue and Forecast (2019-2030)

9.1.3. Plug-in HEV

9.1.3.1. Market Revenue and Forecast (2019-2030)

Chapter 10. Global Solar Vehicle Market, By Battery Type 

10.1. Solar Vehicle Market, by Battery Type, 2021-2030

10.1.1. Lithium Ion

10.1.1.1. Market Revenue and Forecast (2019-2030)

10.1.2. Lead Acid

10.1.2.1. Market Revenue and Forecast (2019-2030)

10.1.3. Lead Carbon

10.1.3.1. Market Revenue and Forecast (2019-2030)

Chapter 11. Global Solar Vehicle Market, By Solar Panel Type 

11.1. Solar Vehicle Market, by Solar Panel Type, 2021-2030

11.1.1. Monocrystalline

11.1.1.1. Market Revenue and Forecast (2019-2030)

11.1.2. Polycrystalline

11.1.2.1. Market Revenue and Forecast (2019-2030)

Chapter 12. Global Solar Vehicle Market, Regional Estimates and Trend Forecast

12.1. North America

12.1.1. Market Revenue and Forecast, by Vehicle (2019-2030)

12.1.2. Market Revenue and Forecast, by Electric Vehicle (2019-2030)

12.1.3. Market Revenue and Forecast, by Battery Type (2019-2030)

12.1.4. Market Revenue and Forecast, by Solar Panel Type (2019-2030)

12.1.5. U.S.

12.1.5.1. Market Revenue and Forecast, by Vehicle (2019-2030)

12.1.5.2. Market Revenue and Forecast, by Electric Vehicle (2019-2030)

12.1.5.3. Market Revenue and Forecast, by Battery Type (2019-2030)

12.1.5.4. Market Revenue and Forecast, by Solar Panel Type (2019-2030)

12.1.6. Rest of North America

12.1.6.1. Market Revenue and Forecast, by Vehicle (2019-2030)

12.1.6.2. Market Revenue and Forecast, by Electric Vehicle (2019-2030)

12.1.6.3. Market Revenue and Forecast, by Battery Type (2019-2030)

12.1.6.4. Market Revenue and Forecast, by Solar Panel Type (2019-2030)

12.2. Europe

12.2.1. Market Revenue and Forecast, by Vehicle (2019-2030)

12.2.2. Market Revenue and Forecast, by Electric Vehicle (2019-2030)

12.2.3. Market Revenue and Forecast, by Battery Type (2019-2030)

12.2.4. Market Revenue and Forecast, by Solar Panel Type (2019-2030)

12.2.5. UK

12.2.5.1. Market Revenue and Forecast, by Vehicle (2019-2030)

12.2.5.2. Market Revenue and Forecast, by Electric Vehicle (2019-2030)

12.2.5.3. Market Revenue and Forecast, by Battery Type (2019-2030)

12.2.5.4. Market Revenue and Forecast, by Solar Panel Type (2019-2030)

12.2.6. Germany

12.2.6.1. Market Revenue and Forecast, by Vehicle (2019-2030)

12.2.6.2. Market Revenue and Forecast, by Electric Vehicle (2019-2030)

12.2.6.3. Market Revenue and Forecast, by Battery Type (2019-2030)

12.2.6.4. Market Revenue and Forecast, by Solar Panel Type (2019-2030)

12.2.7. France

12.2.7.1. Market Revenue and Forecast, by Vehicle (2019-2030)

12.2.7.2. Market Revenue and Forecast, by Electric Vehicle (2019-2030)

12.2.7.3. Market Revenue and Forecast, by Battery Type (2019-2030)

12.2.7.4. Market Revenue and Forecast, by Solar Panel Type (2019-2030)

12.2.8. Rest of Europe

12.2.8.1. Market Revenue and Forecast, by Vehicle (2019-2030)

12.2.8.2. Market Revenue and Forecast, by Electric Vehicle (2019-2030)

12.2.8.3. Market Revenue and Forecast, by Battery Type (2019-2030)

12.2.8.4. Market Revenue and Forecast, by Solar Panel Type (2019-2030)

12.3. APAC

12.3.1. Market Revenue and Forecast, by Vehicle (2019-2030)

12.3.2. Market Revenue and Forecast, by Electric Vehicle (2019-2030)

12.3.3. Market Revenue and Forecast, by Battery Type (2019-2030)

12.3.4. Market Revenue and Forecast, by Solar Panel Type (2019-2030)

12.3.5. India

12.3.5.1. Market Revenue and Forecast, by Vehicle (2019-2030)

12.3.5.2. Market Revenue and Forecast, by Electric Vehicle (2019-2030)

12.3.5.3. Market Revenue and Forecast, by Battery Type (2019-2030)

12.3.5.4. Market Revenue and Forecast, by Solar Panel Type (2019-2030)

12.3.6. China

12.3.6.1. Market Revenue and Forecast, by Vehicle (2019-2030)

12.3.6.2. Market Revenue and Forecast, by Electric Vehicle (2019-2030)

12.3.6.3. Market Revenue and Forecast, by Battery Type (2019-2030)

12.3.6.4. Market Revenue and Forecast, by Solar Panel Type (2019-2030)

12.3.7. Japan

12.3.7.1. Market Revenue and Forecast, by Vehicle (2019-2030)

12.3.7.2. Market Revenue and Forecast, by Electric Vehicle (2019-2030)

12.3.7.3. Market Revenue and Forecast, by Battery Type (2019-2030)

12.3.7.4. Market Revenue and Forecast, by Solar Panel Type (2019-2030)

12.3.8. Rest of APAC

12.3.8.1. Market Revenue and Forecast, by Vehicle (2019-2030)

12.3.8.2. Market Revenue and Forecast, by Electric Vehicle (2019-2030)

12.3.8.3. Market Revenue and Forecast, by Battery Type (2019-2030)

12.3.8.4. Market Revenue and Forecast, by Solar Panel Type (2019-2030)

12.4. MEA

12.4.1. Market Revenue and Forecast, by Vehicle (2019-2030)

12.4.2. Market Revenue and Forecast, by Electric Vehicle (2019-2030)

12.4.3. Market Revenue and Forecast, by Battery Type (2019-2030)

12.4.4. Market Revenue and Forecast, by Solar Panel Type (2019-2030)

12.4.5. GCC

12.4.5.1. Market Revenue and Forecast, by Vehicle (2019-2030)

12.4.5.2. Market Revenue and Forecast, by Electric Vehicle (2019-2030)

12.4.5.3. Market Revenue and Forecast, by Battery Type (2019-2030)

12.4.5.4. Market Revenue and Forecast, by Solar Panel Type (2019-2030)

12.4.6. North Africa

12.4.6.1. Market Revenue and Forecast, by Vehicle (2019-2030)

12.4.6.2. Market Revenue and Forecast, by Electric Vehicle (2019-2030)

12.4.6.3. Market Revenue and Forecast, by Battery Type (2019-2030)

12.4.6.4. Market Revenue and Forecast, by Solar Panel Type (2019-2030)

12.4.7. South Africa

12.4.7.1. Market Revenue and Forecast, by Vehicle (2019-2030)

12.4.7.2. Market Revenue and Forecast, by Electric Vehicle (2019-2030)

12.4.7.3. Market Revenue and Forecast, by Battery Type (2019-2030)

12.4.7.4. Market Revenue and Forecast, by Solar Panel Type (2019-2030)

12.4.8. Rest of MEA

12.4.8.1. Market Revenue and Forecast, by Vehicle (2019-2030)

12.4.8.2. Market Revenue and Forecast, by Electric Vehicle (2019-2030)

12.4.8.3. Market Revenue and Forecast, by Battery Type (2019-2030)

12.4.8.4. Market Revenue and Forecast, by Solar Panel Type (2019-2030)

12.5. Latin America

12.5.1. Market Revenue and Forecast, by Vehicle (2019-2030)

12.5.2. Market Revenue and Forecast, by Electric Vehicle (2019-2030)

12.5.3. Market Revenue and Forecast, by Battery Type (2019-2030)

12.5.4. Market Revenue and Forecast, by Solar Panel Type (2019-2030)

12.5.5. Brazil

12.5.5.1. Market Revenue and Forecast, by Vehicle (2019-2030)

12.5.5.2. Market Revenue and Forecast, by Electric Vehicle (2019-2030)

12.5.5.3. Market Revenue and Forecast, by Battery Type (2019-2030)

12.5.5.4. Market Revenue and Forecast, by Solar Panel Type (2019-2030)

12.5.6. Rest of LATAM

12.5.6.1. Market Revenue and Forecast, by Vehicle (2019-2030)

12.5.6.2. Market Revenue and Forecast, by Electric Vehicle (2019-2030)

12.5.6.3. Market Revenue and Forecast, by Battery Type (2019-2030)

12.5.6.4. Market Revenue and Forecast, by Solar Panel Type (2019-2030)

Chapter 13. Company Profiles

13.1. Volkswagen

13.1.1. Company Overview

13.1.2. Product Offerings

13.1.3. Financial Performance

13.1.4. Recent Initiatives

13.2. Toyota

13.2.1. Company Overview

13.2.2. Product Offerings

13.2.3. Financial Performance

13.2.4. Recent Initiatives

13.3. Lightyear

13.3.1. Company Overview

13.3.2. Product Offerings

13.3.3. Financial Performance

13.3.4. Recent Initiatives

13.4. Ford Motor Company

13.4.1. Company Overview

13.4.2. Product Offerings

13.4.3. Financial Performance

13.4.4. Recent Initiatives

13.5. Fiat Chrysler Automobiles

13.5.1. Company Overview

13.5.2. Product Offerings

13.5.3. Financial Performance

13.5.4. Recent Initiatives

13.6. America Cruise Car

13.6.1. Company Overview

13.6.2. Product Offerings

13.6.3. Financial Performance

13.6.4. Recent Initiatives

13.7. Venturi Automobiles

13.7.1. Company Overview

13.7.2. Product Offerings

13.7.3. Financial Performance

13.7.4. Recent Initiatives

13.8. Hanergy

13.8.1. Company Overview

13.8.2. Product Offerings

13.8.3. Financial Performance

13.8.4. Recent Initiatives

13.9. Mahindra

13.9.1. Company Overview

13.9.2. Product Offerings

13.9.3. Financial Performance

13.9.4. Recent Initiatives

13.10. The Solar Electric Vehicle Company

13.10.1. Company Overview

13.10.2. Product Offerings

13.10.3. Financial Performance

13.10.4. Recent Initiatives

Chapter 14. Research Methodology

14.1. Primary Research

14.2. Secondary Research

14.3. Assumptions

Chapter 15. Appendix

15.1. About Us

15.2. Glossary of Terms

Thanks for reading you can also get individual chapter-wise sections or region-wise report versions such as North America, Europe, or the Asia Pacific.

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