Solar Vehicle Market

Global Solar Vehicle Market Size (2024 to 2029):

The global solar vehicle market size is expected to reach USD 0.52 billion in 2024 and reach USD 2.98 billion by 2029 growing at a CAGR of 41.57% from 2024 to 2029.

Solar vehicles are electric vehicles that run on solar energy as a type of fuel for their propulsion. Solar vehicles are equipped with photovoltaic cells, which are installed inside solar panels and are responsible for converting solar energy into electricity, which is stored directly in the vehicle's battery. These solar panels are made of silicon, which absorbs heat and converts it into electricity. With the increasing adoption of the latest vehicle technologies, the demand for solar vehicles has increased, resulting in the expansion of the solar vehicle market worldwide.

The global solar vehicle market is anticipated to grow at a compound annual rate of 36.4% during the forecast period 2022 - 2027. The solar vehicle is an electric vehicle integrated with solar panels. In general, solar panels contain photovoltaic cells that help convert solar energy into electrical energy. The propulsion of these vehicles is generally provided by solar energy, and therefore, the efficiency of the solar modules defines the propelling force of the vehicle.

Global Solar Vehicle Market Drivers:

Increased levels of concern for the environment have resulted in increased adoption of green vehicles. This factor is expected to drive market expansion. Increased government initiatives to provide subsidies and financial benefits should drive market expansion. Lower prices for components used in the development and integration of solar vehicles are expected to have a positive effect on the market expansion.

Global Solar Vehicle Market Restraints:

The inefficiency of solar powered vehicles, because their cost is considerably high, is expected to slow the market expansion. The lack of standardization of products in the market is expected to slow down market expansion.

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REPORT COVERAGE:

This research report on the global solar vehicle market is segmented and sub-segmented Into the following categories.

Global Solar Vehicle Market - By Electric Vehicle:

• Battery Electric Vehicle (BEV)

• Hybrid Electric Vehicle (HEV)

• Plug-in Hybrid Electric Vehicle (PHEV)

Global Solar Vehicle Market - By Battery Type:

• Lithium Ion

• Lead Acid

• Lead Carbon

The lithium-ion battery segment is expected to post the highest growth during the forecast period. This type of battery provides all the acceptable features necessary for the operation of these vehicles. The battery offers high energy density with fast discharge capacity, allowing for a smooth charge cycle. Also, with the best power conversion ratio, this battery provides maximum efficiency, making it more suitable for these vehicles.

Global Solar Vehicle Market - By Solar Panel:

• Monocrystalline

• Polycrystalline

By Solar panel the solar vehicle market is divided into monocrystalline panels and polycrystalline panels. Monocrystalline solar panels will increase considerably due to their compact size and better efficiency compared to polycrystalline solar panels. Semi-flexible monocrystalline panels are used in electric cars with significant improvements in efficiency. However, the cost of the top panel compared to polycrystalline panels can hamper market growth during the forecast period.

Global Solar Vehicle Market - By Vehicle Type:

• Passenger Vehicle

• Commercial Vehicle

The passenger vehicle segment is thriving to gain profits in the coming years. The increase in passenger car sales within the electrical vehicle phase is the main issue chargeable for the enlargement of this segment throughout the forecast phase. The driving force required for passenger cars is much less than for commercial vehicles. Therefore, solar panels are integrated into passenger cars, helping to achieve the emission reduction target. The commercial vehicle segment is expected to experience gradual growth during the forecast period.

Global Solar Vehicle Market – By Region:

• North America 

• Europe 

• Asia Pacific 

• Latin America 

• Middle East and Africa 

Europe has been at the forefront of the early adoption of electric cars worldwide. Therefore, the adoption of these vehicles in Europe is expected to gain ground during the forecast period. Strict environmental policies and pollution control measures will likely contribute to the faster adoption of these vehicles in the region. According to a recent report by ING, Europe's leading financial organization, every new car sold in Europe will be electric in the near future. The combination of solar panels with electric vehicles makes them more efficient, which can lead to greater adoption of these vehicles in the region. Favorable government support, lower battery prices, and economies of scale are cited as the main reasons for the established prediction. Asia-Pacific is expected to represent a significant part of the solar vehicle market. This will be attributed to the prevalence of summers and, therefore, to the availability of around 300 days of sunshine throughout the year. In addition, the region's governments specialize in offering a good range of incentives and programs to market vehicles that run on alternative fuel sources. The presence of several specialty automakers launching a multi-vehicle at a diverse price range further accelerates market demand for solar vehicles during the forecast period.

KEY MARKET PLAYERS:

TOYOTA MOTOR CORPORATION, Volkswagen AG, Panasonic Corporation, ZF Friedrichshafen AG, AB Volvo, BYD Company Ltd., Schaeffler AG, Continental AG, Tesla, Nissan, Mahindra & Mahindra Ltd., Sono Motors, GM Cruise LLC, Hanergy Thin Film Power Group Limited, Solar Electric Vehicle Company, Atlas Technologies, JJ PV Solar, Trina Solar, Surat Exim Pvt. Ltd., Jinko Solar, Sikco Sustainability Assured, Venturi Automobiles. These are some of the market players dominating the global solar vehicle market.

RECENT DEVELOPMENTS IN THE MARKET:

• In 2019, Hyundai introduced a version of its Sonata Hybrid that had solar panels to assist in recharging its battery. This shall expand the company’s value in the market.

• The car company Mahindra and Mahindra Ltd has received a patent for its multimodal solar energy system, which reduces the interest of the electric charge on the vehicle battery and supports the operation of an air conditioner.

• India's largest automaker, Maruti Suzuki, same it had taken an important step to harness solar energy to fulfill its energy wants.