Market Research Logo

Solar Vehicle Market by EV (BEV, HEV & PHEV), Vehicle Type (PC & CV), Battery (Lithium-ion, Lead acid, & Lead carbon), Solar Panel (monocrystalline & polycrystalline), Neighborhood vehicles, Charging Stations, and Region - Global Forecast to 2030

Solar Vehicle Market by EV (BEV, HEV & PHEV), Vehicle Type (PC & CV), Battery (Lithium-ion, Lead acid, & Lead carbon), Solar Panel (monocrystalline & polycrystalline), Neighborhood vehicles, Charging Stations, and Region - Global Forecast to 2030

Growing concerns over environmental pollution coupled with government encouragement for the adoption of ecofriendly vehicles are anticipated to trigger the demand for solar vehicles globally.”
The global market is estimated to grow from 8,955 units by 2022 at a CAGR of 36.4% to reach 107,380 units by 2030. The consistent rise in emissions by automobiles has forced the usage of ecofriendly vehicles which also comply with the stringent emissions norms regulated by various governments. Also, major OEMs are focusing on developing zero-emission vehicles to reduce the use of fossil fuels and their subsequent emissions. These factors are anticipated to push the growth of the market. However, low operational efficiency of these vehicles is considered to be a major restraint for the growth of the market.

“BEV is the largest electric vehicle segment of the solar vehicle market during the forecast period.”
BEV is a pure electric vehicle in which the battery acts as a prime source of power for propulsion. Thus, the architecture of BEV is the most suitable for integrating solar panels to charge its battery through solar energy. Although, certain limitations such as time to recharge had made the BEV segment a less adopting variant. However, charging through photovoltaic cells could likely reduce the charging time and push the growth of the market. Therefore, the increase in the efficiency of BEVs through photovoltaic cells is the principal factor responsible for the growth of the BEV segment during the forecast period.

“Passenger car segment is expected to dominate the solar vehicle market.”
The huge amount of environmental pollution and diminishing fossil fuels reserves have forced the automotive researchers to look at solar powered cars as an alternate solution. Hence, the increasing demand for electric cars by consumers and several amendments in transport policies made by various governments to curb harmful emissions across the world are indirectly fuelling the growth of the passenger car segment. Solar power helps constantly charge the battery in vehicles and could bring down the charging time of these vehicles. The combination of all these factors is responsible for the growth of the passenger car segment of the market.

“Asia Pacific is expected to record the fastest growth rate during the forecast period.”
The Asia Pacific market is a vast geographical region comprising countries like Japan, China, India, South Korea, Thailand, and Malaysia. China is the largest producer of automobiles in the world. The country has registered the largest growth in the adoption of electric vehicles, which are anticipated to show similar growth in the market too. Moreover, solar vehicle startups and Tier I companies are fortifying their foothold in the region, thereby inflating the growth of the market. In addition to this, established automakers from Japan, China, and South Korea are expected to cater to the demand for these vehicles in the region.

In-depth interviews were conducted with CEOs, marketing directors, other innovation and technology directors, and executives from various key organizations operating in the market.
By Company Type: Tier I - 47%, Tier II - 33%, and OEMs - 20%
By Designation: C Level - 43%, D Level - 39%, and Others - 18%
By Region: Europe - 36%, Asia Pacific - 32%, North America - 24%, and RoW - 8%

The market comprises major manufacturers such as Volkswagen (Germany), Toyota (Japan), Ford (US), Mahindra (India), Nissan (Japan), GM (US), Sono Motors (Germany), Cruise Car (US), and Solar Electric Vehicle Company (US), among others. The study includes an in-depth competitive analysis of these key players in the market with their company profiles, recent developments, and key market strategies.

Research Coverage:
The study covers the market across segments. It aims at estimating the market size and future growth potential of this market across different segments such as electric vehicle, ICE vehicle, battery, solar panel, charging station, neighborhood vehicle, and region. The study also includes an in-depth competitive analysis of the key players in the market, along with their company profiles, key observations related to product and business offerings, recent developments, and key market strategies.

Key Benefits of Buying the Report:
The report will help the market leaders/new entrants in this market with information on the closest approximations of the revenue numbers for the overall the market and the subsegments. This report will help stakeholders understand the competitive landscape and gain more insights to better position their businesses and plan suitable go-to-market strategies. The report also helps stakeholders understand the pulse of the market and provide them with information on key market drivers, restraints, challenges, and opportunities.


  • INTRODUCTION
    • OBJECTIVES OF THE STUDY
    • MARKET DEFINITION
    • MARKET SCOPE
    • YEARS CONSIDERED FOR THE STUDY
    • CURRENCY & PRICING
    • PACKAGE SIZE
    • LIMITATIONS
    • STAKEHOLDERS
  • RESEARCH METHODOLOGY
    • RESEARCH DATA
      • SECONDARY DATA
      • PRIMARY DATA
      • SAMPLING TECHNIQUES & DATA COLLECTION METHODS
      • PRIMARY PARTICIPANTS
    • MARKET SIZE ESTIMATION
      • BOTTOM-UP APPROACH
      • TOP-DOWN APPROACH
    • MARKET BREAKDOWN AND DATA TRIANGULATION
    • ASSUMPTIONS
  • EXECUTIVE SUMMARY
  • PREMIUM INSIGHTS
    • ATTRACTIVE OPPORTUNITIES IN THE SOLAR VEHICLE MARKET
    • SOLAR VEHICLE MARKET SHARE, BY COUNTRY
    • SOLAR VEHICLE MARKET, BY EV TYPE
    • SOLAR VEHICLE MARKET, BY VEHICLE TYPE
    • SOLAR VEHICLE MARKET, BY BATTERY
    • SOLAR VEHICLE MARKET, BY SOLAR PANEL
    • SOLAR VEHICLE MARKET, BY CHARGING STATION
    • SOLAR VEHICLE MARKET, BY NEV
    • SOLAR VEHICLE MARKET, BY REGION
  • MARKET OVERVIEW
    • INTRODUCTION
      • Table IMPACT OF MARKET DYNAMICS
    • MARKET DYNAMICS
      • DRIVERS
        • Table GOVERNMENT INCENTIVE PROGRAMS, 2018
      • RESTRAINTS
      • OPPORTUNITIES
      • CHALLENGES
  • INDUSTRY TRENDS
    • INTRODUCTION
    • TECHNOLOGY OVERVIEW
      • BATTERIES USED IN SOLAR VEHICLES
      • PHOTOVOLTAICS PANELS (MONOCRYSTALLINE) SOLAR VEHICLES
    • PORTER'S 5 FORCES ANALYSIS
  • SOLAR VEHICLE MARKET, BY VEHICLE TYPE
    • INTRODUCTION
      • RESEARCH METHODOLOGY
        • Table SOLAR VEHICLE MARKET, BY VEHICLE TYPE, 2022–2030 (UNITS)
    • PASSENGER CAR
      • HIGH ADOPTION OF ELECTRIC VEHICLES AND INCREASING DEMAND FOR ECO-FRIENDLY VEHICLES ARE DRIVING THE GROWTH OF PASSENGER CAR SEGMENT
        • Table PASSENGER CAR: SOLAR VEHICLE MARKET, BY REGION, 2022–2030 (UNITS)
    • COMMERCIAL VEHICLE
      • INCREASING CONCERN TOWARDS ENVIRONMENTAL POLLUTION IS EXPECTED TO DRIVE THE COMMERCIAL VEHICLE SOLAR MARKET
        • Table COMMERCIAL VEHICLES: SOLAR VEHICLE MARKET, BY REGION, 2022–2030 (UNITS)
  • SOLAR VEHICLE MARKET, BY EV TYPE
    • INTRODUCTION
      • RESEARCH METHODOLOGY
        • Table SOLAR VEHICLE MARKET, BY EV TYPE, 2022–2030 (UNITS)
    • BATTERY ELECTRIC VEHICLE (BEV)
      • GROWING DEMAND TO IMPROVE THE EFFICIENCY OF ELECTRIC VEHICLES IS EXPECTED TO DRIVE THE BEV SEGMENT
        • Table BEV: SOLAR VEHICLE MARKET, BY REGION, 2022–2030 (UNITS)
    • HYBRID ELECTRIC VEHICLE (HEV)
      • HIGH IMPACT OF CARBON FOOTPRINT OF AUTOMOBILES IS THE PRIMARY FACTOR DRIVING THE GROWTH OF HEV SEGMENT
        • Table HEV: SOLAR VEHICLE MARKET, BY REGION, 2022–2030 (UNITS)
    • PLUG-IN HYBRID ELECTRIC VEHICLE (PHEV)
      • GOVERNMENT FUNDING AND SUBSIDIES TO ENCOURAGE ECOFRIENDLY VEHICLES HAVE TRIGGERED THE GRWOTH OF PHEV SEGMENT
        • Table PHEV: SOLAR VEHICLE MARKET, BY REGION, 2022–2030 (UNITS)
  • SOLAR VEHICLE MARKET, BY BATTERY
    • INTRODUCTION
    • LITHIUM-ION BATTERY
      • OWING TO SUITABLE TECHNICAL PROPERTIES FOR SOLAR TECHNOLOGY, LITHIUM-ION BATTERY IS EXPECTED TO LEAD THEMARKET DURING THE FORECAST PERIOD
        • Table LITHIUM-ION: SOLAR VEHICLE MARKET, BY REGION, 2022–2030 (UNITS)
    • LEAD-ACID
    • LEAD CARBON
  • SOLAR VEHICLE MARKET, BY SOLAR PANEL
    • INTRODUCTION
    • MONOCRYSTALLINE SOLAR PANEL
      • MONOCRYSTALLINE PANEL OFFERS HIGHEST EFFICIENCY IN TERMS OF CONVERSION FOR SOLAR ENERGY INTO ELECTRICAL ENERGY
        • Table LITHIUM-ION: SOLAR VEHICLE MARKET, BY REGION, 2022–2030 (UNITS)
    • POLYCRYSTALLINE SOLAR PANEL
  • SOLAR VEHICLE MARKET, BY CHARGING STATION
    • INTRODUCTION
      • RESEARCH METHODOLOGY
        • Table CHARGING STATION: SOLAR VEHICLE MARKET, BY REGION, 2020–2030 (UNITS)
    • RESIDENTIAL
    • COMMERCIAL
      • ASIA PACIFIC
        • Table CHARGING STATION: ASIA PACIFIC SOLAR VEHICLE MARKET, BY COUNTRY, 2020–2030 (UNITS)
      • EUROPE
        • Table CHARGING STATION: EUROPE SOLAR VEHICLE MARKET, BY COUNTRY, 2020–2030 (UNITS)
      • NORTH AMERICA
        • Table CHARGING STATION: NORTH AMERICA SOLAR VEHICLE MARKET, BY COUNTRY, 2020–2030 (UNITS)
  • SOLAR VEHICLE MARKET, BY NEIGHBORHOOD ELECTRIC VEHICLES (NEV)
    • INTRODUCTION
      • RESEARCH METHODOLOGY
        • Table US: SOLAR VEHICLE MARKET, BY NEV, 2018–2030 (UNITS)
    • COMMERCIAL TURF UTILITY VEHICLES
      • MANY EV MANUFACTURERS ARE FOCUSING TO GET RID OF FOSSIL FUELS AND EMPHASIZING ON TO INSTALL SOLAR CELL OVER UTILITY VEHICLES
    • INDUSTRIAL UTILITY VEHICLES
      • INDUSTRIAL UTILITY VEHICLES ARE EXPECTED TO BE INTEGRATED WITH SOLAR PANELS DUE TO THE REQUIREMENT OF HIGH EFFICIENCY FOR HEAVY APPLICATION
    • GOLF CARTS
      • NUMEROUS GOLF CLUBS IN THE US HAVE ADOPTED SOLAR POWERED GOLF CARTS DUE TO ITS COST EFFECTIVENESS
    • PERSONNEL CARRIER
      • THE SALE OF SOLAR PERSONNEL CARRIERS IS EXPECTED TO INCREASE OWING TO RISE IN GATED COMMUNITIES, AND TOURIST PLACES.
  • SOLAR VEHICLE MARKET, BY REGION
    • INTRODUCTION
      • Table SOLAR VEHICLE MARKET, BY REGION, 2022–2030 (UNITS)
    • ASIA PACIFIC
      • Table ASIA PACIFIC: SOLAR VEHICLE MARKET, BY COUNTRY, 2022–2030 (UNITS)
      • Table ASIA PACIFIC: SOLAR VEHICLE MARKET, BY EV TYPE, 2022–2030 (UNITS)
      • CHINA
        • Table CHINA: SOLAR VEHICLE MARKET, BY EV TYPE, 2022–2030 (UNITS)
      • INDIA
        • Table INDIA: SOLAR VEHICLE MARKET, BY EV TYPE, 2022–2030 (UNITS)
      • JAPAN
        • Table JAPAN: SOLAR VEHICLE MARKET, BY EV TYPE, 2022–2030 (UNITS)
      • SOUTH KOREA
        • Table SOUTH KOREA: SOLAR VEHICLE MARKET, BY EV TYPE, 2022–2030 (UNITS)
      • THAILAND
        • Table THAILAND: SOLAR VEHICLE MARKET, BY EV TYPE, 2022–2030 (UNITS)
      • MALAYSIA
        • Table MALAYSIA: SOLAR VEHICLE MARKET, BY EV TYPE, 2022–2030 (UNITS)
    • EUROPE
      • Table EUROPE: SOLAR VEHICLE MARKET, BY COUNTRY, 2022–2030 (UNITS)
      • Table EUROPE: SOLAR VEHICLE MARKET, BY EV TYPE, 2022–2030 (UNITS)
      • FRANCE
        • Table FRANCE: SOLAR VEHICLE MARKET, BY EV TYPE, 2022–2030 (UNITS)
      • GERMANY
        • Table GERMANY: SOLAR VEHICLE MARKET, BY EV TYPE, 2022–2030 (UNITS)
      • NORWAY
        • Table NORWAY: SOLAR VEHICLE MARKET, BY EV TYPE, 2022–2030 (UNITS)
      • THE NETHERLANDS
        • Table NETHERLANDS: SOLAR VEHICLE MARKET, BY EV TYPE, 2022–2030 (UNITS)
      • UK
        • Table UK: SOLAR VEHICLE MARKET, BY EV TYPE, 2022–2030 (UNITS)
    • NORTH AMERICA
      • Table NORTH AMERICA: SOLAR VEHICLE MARKET, BY COUNTRY, 2022–2030 (UNITS)
      • Table NORTH AMERICA: SOLAR VEHICLE MARKET, BY EV TYPE, 2022–2030 (UNITS)
      • CANADA
        • Table CANADA: SOLAR VEHICLE MARKET, BY EV TYPE, 2022–2030 (UNITS)
      • US
        • Table US: SOLAR VEHICLE MARKET, BY EV TYPE, 2022–2030 (UNITS)
    • REST OF THE WORLD
      • Table ROW: SOLAR VEHICLE MARKET, BY COUNTRY, 2022–2030 (UNITS)
      • Table ROW: SOLAR VEHICLE MARKET, BY EV TYPE, 2022–2030 (UNITS)
      • BRAZIL
        • Table BRAZIL: SOLAR VEHICLE MARKET, BY EV TYPE, 2022–2030 (UNITS)
      • DUBAI
        • Table DUBAI: SOLAR VEHICLE MARKET, BY EV TYPE, 2022–2030 (UNITS)
      • SOUTH AFRICA
        • Table SOUTH AFRICA: SOLAR VEHICLE MARKET, BY EV TYPE, 2022–2030 (UNITS)
  • COMPETITIVE LANDSCAPE
    • OVERVIEW
    • MARKET RANKING ANALYSIS
    • COMPETITIVE SITUATIONS AND TRENDS
      • NEW PRODUCT DEVELOPMENTS
        • Table NEW PRODUCT DEVELOPMENTS, 2014–2019
      • EXPANSIONS
        • Table EXPANSIONS, 2018
      • PARTNERSHIPS/SUPPLY CONTRACTS/COLLABORATIONS/JOINT VENTURES/AGREEMENTS/MERGERS & ACQUISITIONS
        • Table PARTNERSHIPS/SUPPLY CONTRACTS/COLLABORATIONS/JOINT VENTURES/AGREEMENTS/MERGERS & ACQUISITIONS, 2017–2019
    • COMPETITIVE LEADERSHIP MAPPING
      • VISIONARY LEADERS
      • INNOVATORS
      • DYNAMIC DIFFERENTIATORS
      • EMERGING COMPANIES
  • COMPANY PROFILES
    • VOLKSWAGEN
      • BUSINESS OVERVIEW
      • PRODUCT OFFERINGS
      • SWOT ANALYSIS
    • TOYOTA
      • BUSINESS OVERVIEW
      • PRODUCT OFFERINGS
      • RECENT DEVELOPMENTS
      • SWOT ANALYSIS
    • FORD
      • BUSINESS OVERVIEW
      • PRODUCT OFFERINGS
      • RECENT DEVELOPMENTS
      • SWOT ANALYSIS
    • MAHINDRA & MAHINDRA
      • BUSINESS OVERVIEW
      • PRODUCT OFFERINGS
      • RECENT DEVELOPMENTS
      • SWOT ANALYSIS
    • NISSAN
      • BUSINESS OVERVIEW
      • PRODUCT OFFERINGS
      • RECENT DEVELOPMENTS
      • SWOT ANALYSIS
    • GENERAL MOTORS
      • BUSINESS OVERVIEW
      • PRODUCT OFFERINGS
    • SONO MOTORS
      • BUSINESS OVERVIEW
      • PRODUCT OFFERINGS
      • RECENT DEVELOPMENTS
    • HANERGY THIN FILM POWER GROUP
      • BUSINESS OVERVIEW
      • PRODUCT OFFERINGS
      • RECENT DEVELOPMENTS
    • CRUISE CAR
      • BUSINESS OVERVIEW
      • PRODUCT OFFERINGS
    • SOLAR ELECTRIC VEHICLE COMPANY
      • BUSINESS OVERVIEW
      • PRODUCT OFFERINGS
    • JINKO SOLAR
      • BUSINESS OVERVIEW
      • PRODUCT OFFERINGS
      • RECENT DEVELOPMENTS
    • TRINA SOLAR
      • BUSINESS OVERVIEW
      • PRODUCT OFFERINGS
      • RECENT DEVELOPMENTS
    • OTHER KEY REGIONAL PLAYERS
      • ASIA PACIFIC
      • EUROPE
      • NORTH AMERICA
  • APPENDIX
    • INSIGHTS FROM INDUSTRY EXPERTS
    • DISCUSSION GUIDE
    • KNOWLEDGE STORE: MARKETSANDMARKETS' SUBSCRIPTION PORTAL
    • AVAILABLE CUSTOMIZATIONS
    • RELATED REPORTS
    • AUTHOR DETAILS

Download our eBook: How to Succeed Using Market Research

Learn how to effectively navigate the market research process to help guide your organization on the journey to success.

Download eBook