Solar vehicle are a form of electric vehicles which are equipped with a solar panel on the vehicle and are used to capture the solar energy which is used to charge the battery of the vehicle. Different types of solar panels such as monocrystalline and polycrystalline solar panels are available which capture the solar energy and converts it to electric energy. Since the solar energy is an unlimited form of energy, hence it is widely used as a fuel type for the propulsion of the vehicles. Currently solar vehicles are in development phase due to the developing infrastructure for electric vehicles and solar power based vehicles. Also, solar vehicles are not easily available for transportation but is currently seen as a demonstration vehicle which is to be launched in near future.
Solar vehicles have a wider application in passenger and commercial vehicles due to the developing infrastructure for electric vehicles across the globe. Numerous developments and inventions are being carried out for the development of solar vehicles to be implemented across the globe which fuels the growth of solar vehicle market.
Solar vehicles are expected to register a significant growth during the forecast period due to the growing concern about environment pollution and an increase in demand for energy-efficient sources as an alternative to fuel. Also, excessive research in far-field wireless charging technologies and technological advancements supplements the solar vehicle market growth across the globe.
The solar vehicle market is segmented based on the electric vehicle type, battery type, solar panel type, vehicle type and region. Based on electric vehicle type, the solar vehicle market report has been categorized into Battery Electric Vehicle (BEV), Hybrid Electric Vehicle (HEV) and Plug-in Hybrid Electric Vehicle (PHEV). Based on battery type, the solar vehicle market report has been classified into lithium ion, lead acid and lead carbon batteries. Monocrystalline and Polycrystalline are the different types of solar panels which have a wider application in solar vehicles. Based on vehicle type, the report has been classified into passenger vehicles and commercial vehicles which finds a major application of solar vehicles. Based on region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The key players analyzed in the solar vehicle market include Volkswagen AG, Toyota Motor Corporation, Ford, Mahindra & Mahindra, Sono Motors, Hanergy Thin Film Power Group, Solar Electric Vehicle Company, Alke, Lightyear, and Hyundai Motor Company.
KEY BENEFITS FOR STAKEHOLDERS
KEY MARKET SEGMENTS
By Electric Vehicle
By Battery Type
By Solar Panel
By Vehicle Type
By Region
KEY PLAYERS
Solar vehicles have a wider application in passenger and commercial vehicles due to the developing infrastructure for electric vehicles across the globe. Numerous developments and inventions are being carried out for the development of solar vehicles to be implemented across the globe which fuels the growth of solar vehicle market.
Solar vehicles are expected to register a significant growth during the forecast period due to the growing concern about environment pollution and an increase in demand for energy-efficient sources as an alternative to fuel. Also, excessive research in far-field wireless charging technologies and technological advancements supplements the solar vehicle market growth across the globe.
The solar vehicle market is segmented based on the electric vehicle type, battery type, solar panel type, vehicle type and region. Based on electric vehicle type, the solar vehicle market report has been categorized into Battery Electric Vehicle (BEV), Hybrid Electric Vehicle (HEV) and Plug-in Hybrid Electric Vehicle (PHEV). Based on battery type, the solar vehicle market report has been classified into lithium ion, lead acid and lead carbon batteries. Monocrystalline and Polycrystalline are the different types of solar panels which have a wider application in solar vehicles. Based on vehicle type, the report has been classified into passenger vehicles and commercial vehicles which finds a major application of solar vehicles. Based on region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The key players analyzed in the solar vehicle market include Volkswagen AG, Toyota Motor Corporation, Ford, Mahindra & Mahindra, Sono Motors, Hanergy Thin Film Power Group, Solar Electric Vehicle Company, Alke, Lightyear, and Hyundai Motor Company.
KEY BENEFITS FOR STAKEHOLDERS
- This study presents analytical depiction of the global solar vehicle market along with the current trends and future estimations to depict the imminent investment pockets.
- The overall market potential is determined to understand the profitable trends to enable stakeholders gain a stronger foothold in the market.
- The report presents information related to key drivers, restraints, and opportunities with a detailed impact analysis.
- The current market is quantitatively analyzed from 2023 to 2030 to highlight the financial competency of the market.
- Porter’s five forces analysis illustrates the potency of the buyers and suppliers.
KEY MARKET SEGMENTS
By Electric Vehicle
- Battery Electric Vehicle (BEV)
- Hybrid Electric Vehicle (HEV)
- Plug-in Hybrid Electric Vehicle (PHEV)
By Battery Type
- Lithium Ion
- Lead Acid
- Lead Carbon
By Solar Panel
- Monocrystalline
- Polycrystalline
By Vehicle Type
- Passenger Vehicle
- Commercial Vehicle
By Region
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- France
- UK
- Italy
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Rest of Asia-Pacific
- LAMEA
- Latin America
- Middle East
- Africa
KEY PLAYERS
- Volkswagen AG
- Toyota Motor Corporation
- Ford
- Mahindra & Mahindra
- Sono motors
- Hanergy Thin Film Power Group
- Solar Electric Vehicle Company
- Alke
- Lightyear
- Hyundai Motor Company
Table of Contents
CHAPTER 1: INTRODUCTION
CHAPTER 2: EXECUTIVE SUMMARY
CHAPTER 3: MARKET OVERVIEW
CHAPTER 4: SOLAR VEHICLE MARKET, BY VEHICLE TYPE
CHAPTER 5: SOLAR VEHICLE MARKET, BY ELECTRIC VEHICLE TYPE
CHAPTER 6: SOLAR VEHICLE MARKET, BY BATTERY TYPE
CHAPTER 7: SOLAR VEHICLE MARKET, BY SOLAR PANEL
CHAPTER 8: SOLAR VEHICLE MARKET, BY REGION
CHAPTER 9: COMPANY PROFILES
Executive Summary
According to the report titled, 'Solar Vehicle Market by Electric Vehicle, Battery Type, Solar Panel, and Vehicle Type: Global Opportunity Analysis and Industry Forecast, 2023-2030,' the global solar vehicle market is expected to be $329.5 million in 2023, and is projected to reach $4,087.5 million by 2030, registering a CAGR of 43.3%.North America is expected to dominate the market, followed by Europe, LAMEA, and Asia-Pacific in terms of revenue.U.S.is expected to dominate the global solar vehicle market share in 2023, whereas Canada is expected to grow at a significant rate in the solar vehicle market during the forecast period.
Solar vehicles are a form of electric vehicles, which are equipped with solar panels on the roof of the vehicle that are used to charge the battery of the vehicle, thereby providing continuous energy supply to the vehicle. They are equipped with monocrystalline and polycrystalline solar panels made up of silicon, which converts solar energy to electric field. Solar vehicles have a wider application in passenger as well as commercial segments. Passenger and commercial solar vehicles have solar panel installed on the roof which convert the solar energy to electric energy to be stored in batteries thereby boosting the solar vehicle industry.
During the forecast period it has been observed that the solar cars accounts to have major share in terms of vehicle type. With the increased demand among consumers, backed by stringency in government regulations to tackle the vehicle emission, is expected to be the driving factors in the growth of solar car market. Also, the demand for electric passenger car is estimated to increase during the forecast period. Electric cars having extended range within a single charge is projected to boost the demand for solar cars as it acts as a range extenders, which eventually leads to the growth of solar car market.
Vehicles equipped with solar panels are designed to charge battery electric vehicle (BEV), hybrid electric vehicle (HEV), and plug-in hybrid electric vehicle (PHEV), which require electric energy for the propulsion of the vehicles. This increased application of solar panels has supplemented the demand for solar car market across the globe. In addition, with the introduction of powerful batteries for vehicles, the need for solar cars has increased to a larger extent, which also supplements the solar vehicle market size across the globe.
Current trend toward the growth of electric vehicles, which have better efficiency as compared to other vehicles has increased the demand for solar cars equipped with efficient solar panels. This increase in demand has enabled the vehicle manufacturers to develop solar cars, which supplements the solar vehicle market trend.
Factors such as surge in concern about environment pollution and increase in demand for energy-efficient sources as an alternative to fuel are driving the growth of the market. However, factors such as less operational efficiency and expensive integration of technology hamper the growth of the market. Conversely, excessive research in far-field wireless charging technologies is expected to create numerous opportunities for the expansion of the market thus providing a better scope for solar vehicle market analysis in the near future.
According to Abhay Singh, Research Analyst, Automotive and Transportation, “Depending on electric vehicle type, the hybrid electric vehicle segment is expected to dominate the global solar vehicle market in 2023, in terms of revenue, and is expected continue this trend throughout the forecast period. By vehicle type, the passenger vehicle segment is anticipated to incur the highest revenue in 2023. However, the lead carbon battery segment is expected to grow at a faster rate during the forecast period. North America is expected to be the highest revenue contributor during the forecast period in terms of revenue, followed by Europe, Asia-Pacific, and LAMEA.”
KEY FINDINGS OF THE STUDY
- By electric vehicle type, the hybrid electric vehicle (HEV)is expected to generate the highest revenue in 2023.
- Depending on vehicle type, the passenger vehicle segment is expected to be the highest revenue contributor in 2023.
- Region wise, North America is expected to contribute the highest market revenue in 2023, followed by Europe, LAMEA, and Asia-Pacific.
- Europe is anticipated to exhibit the highest CAGR during the forecast period.
The key players analyzed in this report are Volkswagen AG, Toyota Motor Corporation, Ford, Mahindra & Mahindra, Sono Motors, Hanergy Thin Film Power Group, Solar Electric Vehicle Company, Alke, Lightyear, and Hyundai Motor Company.
Companies Mentioned
- Volkswagen AG
- Toyota Motor Corporation
- Ford
- Mahindra & Mahindra
- Sono Motors
- Hanergy Thin Film Power Group
- Solar Electric Vehicle Company
- Alke
- Lightyear
- Hyundai Motor Company.
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
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