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Solar Vehicle Market by Electric Vehicle Type (Battery Electric Vehicle (BEV), Hybrid Electric Vehicle (HEV), and Plug-in Hybrid Electric Vehicle (PHEV)), Battery Type (Lithium Ion, Lead Acid, and Lead Carbon), Solar Panel (Monocrystalline and Polycrystalline), and Vehicle Type (Passenger Vehicle and Commercial Vehicle): Global Opportunity Analysis and Industry Forecast, 2023–2030

A05762
Pages: 235
Feb 2020 | 2264 Views
 
Author(s) : Abhay Singh and Lalit Katare , Sonia Mutreja
Tables: 113
Charts: 64
 

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Solar Vehicle Market Statistics - 2030

The global solar vehicle market is expected to be $329.5 million in 2023, and is projected to reach $4,087.6 million by 2030, registering a CAGR of 43.3%. North America is projected to be the highest revenue contributor, accounting for $138.5 million in 2023, and is estimated to reach $1,819.4 million by 2030, with a CAGR of 44.5%. Europe is estimated to reach $1,675.1 million by 2030, at a significant CAGR of 46.3%. North America and Europe is expected to collectively account for around 77.6% share in 2023, with the former constituting around 42.1% share. Europe and North America are expected to witness considerable CAGRs of 46.3% and 44.5%, respectively, during the forecast period. The cumulative share of these two segments will be 77.6% in 2023, and is anticipated to reach 85.5% by 2030.        

Solar vehicles are electric vehicles, which are powered by solar energy as a type of fuel for their propulsion. Solar vehicles are equipped with photovoltaic cells, which are installed in the solar panels and are responsible to convert the solar energy to electrical energy, which is stored directly in battery of the vehicle. These solar panels are made of silicon, which absorbs heat and converting it to electrical energy. With the increased adoption of latest technology for vehicles, the demand for solar vehicles has augmented, which leads to the growth of solar vehicle market across the globe.

Solar Vehicle Market

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The increased trend of self-charging vehicles has led to the introduction of solar cars market which has also supplemented the solar vehicle market growth. The increased income group among consumers and the demand for emission free vehicles has enabled the solar vehicle manufacturers to offer solar cars and solar commercial vehicles. Solar cars market works on photovoltaic cells which helps in charging the battery. These photovoltaic cells convert the sunlight to electricity which is used for the propulsion of solar car market. Also, with the increased in sales of electric vehicles the solar cars will act as a range extenders, propelling the demand for solar cars and solar commercial vehicles. 

The introduction of electric vehicles across the globe has increased the demand for better and efficient charging system to be equipped in electric vehicles to overcome the problem of rapid discharging of electric vehicles during operations. In addition, lack of proper infrastructure for charging the vehicle during longer run has paved the way for installing solar panels in vehicles, which has supplemented the solar vehicle market growth.  

Solar Vehicle Market
By Battery Type

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Lead carbon is projected as the most lucrative segments

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Factors such as increase 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. On the contrary, excessive research in far-field wireless charging technologies is expected to create numerous opportunities for the growth and expansion of solar vehicle industry.

Solar Vehicle Market
By Solar Panel

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Polycrystalline is projected as the most lucrative segments

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The solar vehicle market is segmented into electric vehicle type, battery type, solar panel type, vehicle type, and region. Depending on electric vehicle type, the solar vehicle market is categorized into battery electric vehicle (BEV), hybrid electric vehicle (HEV), and plug-in hybrid electric vehicle (PHEV). By battery type, it is 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. On the basis of vehicle type, the market is into passenger vehicles and commercial vehicles. Region wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

Solar Vehicle Market
By Electric Vehicle Type

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BEV is projected as the most lucrative segments

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Key players includes 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, which account for a major solar vehicle market share.

Surge in Concern about Environment Pollution

Increase in trend for automation in vehicles has enforced vehicle manufacturers to adopt technologies, which cause less harm to the environment. Emission caused due to internal combustion engines of the vehicles degrades the environment to a much larger extent, as the tailpipes of the vehicle emits chlorofluorocarbons and other harmful gases, which lead to environment pollution. Thus, with the introduction of solar vehicles, the use of internal combustion engines in vehicles is expected to reduce to a much larger extent leading to less environment pollution. Hence, increase in concern about environment pollution is anticipated to supplement the growth of solar vehicle market during the forecast period.

Increase in Demand for Energy-efficient Sources as an Alternative to Fuel

Crude oil, which is extracted and processed to form diesel and petrol, is the key source of ignition in vehicles. In the past few decades, oil prices have augmented at an alarming rate, making it difficult for low- and middle-class consumers to afford. Increase in oil prices have urged consumers to shift toward energy-efficient alternatives, which reduce the overall cost per km drive. This is anticipated to drive the demand for solar vehicles in comparison with fuel-driven vehicles, thus boosting the growth of the solar vehicle market during the forecast period. 

Solar Vehicle Market
By Vehice Type

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Commercial vehicle is projected as the most lucrative segments

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Less Operational Efficiency

Solar vehicles have a lower efficiency as compared to the internal combustion engine based vehicles. This is because the solar vehicles have a battery installed in them which is required to propel the vehicle and the batteries have a limited range to operate. Also, the solar vehicles are effective during good weather conditions but will not operate effectively in bad weather conditions which makes it a restraint against the growth of solar vehicles. Hence, less operational efficiency of the solar vehicles is the restraining factor which could affect the growth of solar vehicle market across the globe.

Excessive Research in Far-Field Wireless Charging Technologies

Many technologies fail to provide transmission over a long distance. This can be overcome by using the latest laser and microwave energy transmission mediums. Such methods are categorized into the far-field of wireless charging. The laser beam is a coherent light beam, which is capable of efficiently transporting extremely high energy by using a line of sight. Currently, companies such as Nokia, Google, and others are conducting research to develop wireless charging system which use microwave or laser beam technology for charging devices that are Qi compatible and can sustain up to 2w of laser power. Such technological advancements in the field of wireless charging are expected to boost the solar vehicle market growth which is also supplemented by the excessive research in far-field wireless charging technologies thereby providing lucrative opportunity for the market expansion.

Solar Vehicle Market
By Region

2030
North America 
Europe
Asia-pacific
Lamea

Europe would exhibit the highest CAGR of 46.3% during 2023-2030.

Key Benefits for Stakeholders:

  • This study presents the analytical depiction of the global solar vehicle market analysis along with the current trends and future estimations to depict imminent investment pockets.
  • The overall solar vehicle market opportunity is determined by understanding profitable trends to gain a stronger foothold.
  • The report presents information related to the key drivers, restraints, and opportunities of the global solar vehicle market with a detailed impact analysis.
  • The current solar vehicle market is quantitatively analyzed from 2023 to 2030 to benchmark the financial competency.
  • Porter’s five forces analysis illustrates the potency of the buyers and suppliers in the industry.

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
 

CHAPTER 1: INTRODUCTION

1.1. Report description
1.2. Key Benefits for Stakeholders
1.3. Key market segments
1.4. Research methodology

1.4.1. Primary research
1.4.2. Secondary research
1.4.3. Analyst tools and models

CHAPTER 2: EXECUTIVE SUMMARY

2.1. CXO perspective

CHAPTER 3: MARKET OVERVIEW

3.1. Market definition and scope
3.2. Key findings

3.2.1. Top impacting factors
3.2.2. Top investment pockets
3.2.3. Top winning strategies

3.3. Porter’s five forces analysis
3.4. Key player positioning, 2023
3.5. Market dynamics

3.5.1. Drivers

3.5.1.1. Surge in concern about environment pollution
3.5.1.2. Rise in demand for energy-efficient sources as an alternative to fuel

3.5.2. Restraint

3.5.2.1. Less operational efficiency
3.5.2.2. Expensive integration of technology

3.5.3. Opportunities

3.5.3.1. Excessive research in far-field wireless charging technologies
3.5.3.2. Technological advancements

CHAPTER 4: SOLAR VEHICLE MARKET, BY VEHICLE TYPE

4.1. Overview
4.2. Passenger vehicle

4.2.1. Key market trends, growth factors, and opportunities
4.2.2. Market size and forecast, by region
4.2.3. Market analysis by country

4.3. Commercial vehicle

4.3.1. Key market trends, growth factors, and opportunities
4.3.2. Market size and forecast, by region
4.3.3. Market analysis by country

CHAPTER 5: SOLAR VEHICLE MARKET, BY ELECTRIC VEHICLE TYPE

5.1. Overview
5.2. Battery electric vehicle

5.2.1. Key market trends, growth factors, and opportunities
5.2.2. Market size and forecast, by region
5.2.3. Market analysis by country

5.3. Hybrid electric vehicle

5.3.1. Key market trends, growth factors, and opportunities
5.3.2. Market size and forecast, by region
5.3.3. Market analysis by country

5.4. Plug-in hybrid electric vehicle

5.4.1. Key market trends, growth factors, and opportunities
5.4.2. Market size and forecast, by region
5.4.3. Market analysis by country

CHAPTER 6: SOLAR VEHICLE MARKET, BY BATTERY TYPE

6.1. Overview
6.2. Lithium ion

6.2.1. Key market trends, growth factors, and opportunities
6.2.2. Market size and forecast, by region
6.2.3. Market analysis by country

6.3. Lead acid

6.3.1. Key market trends, growth factors, and opportunities
6.3.2. Market size and forecast, by region
6.3.3. Market analysis by country

6.4. Lead-carbon

6.4.1. Key market trends, growth factors, and opportunities
6.4.2. Market size and forecast, by region
6.4.3. Market analysis by country

CHAPTER 7: SOLAR VEHICLE MARKET, BY SOLAR PANEL

7.1. Overview
7.2. Monocrystalline

7.2.1. Key market trends, growth factors, and opportunities
7.2.2. Market size and forecast, by region
7.2.3. Market analysis by country

7.3. Polycrystalline

7.3.1. Key market trends, growth factors, and opportunities
7.3.2. Market size and forecast, by region
7.3.3. Market analysis by country

CHAPTER 8: SOLAR VEHICLE MARKET, BY REGION

8.1. Overview
8.2. North America

8.2.1. Key market trends, growth factors, and opportunities
8.2.2. Market size and forecast, by vehicle type
8.2.3. Market size and forecast, by electric vehicle type
8.2.4. Market size and forecast, by battery type
8.2.5. Market size and forecast, by solar panel
8.2.6. Market analysis by country

8.2.6.1. U.S.

8.2.6.1.1. Market size and forecast, by vehicle type
8.2.6.1.2. Market size and forecast, by electric vehicle type
8.2.6.1.3. Market size and forecast, by battery type
8.2.6.1.4. Market size and forecast, by solar panel

8.2.6.2. Canada.

8.2.6.2.1. Market size and forecast, by vehicle type
8.2.6.2.2. Market size and forecast, by electric vehicle type
8.2.6.2.3. Market size and forecast, by battery type
8.2.6.2.4. Market size and forecast, by solar panel

8.2.6.3. Mexico

8.2.6.3.1. Market size and forecast, by vehicle type
8.2.6.3.2. Market size and forecast, by electric vehicle type
8.2.6.3.3. Market size and forecast, by battery type
8.2.6.3.4. Market size and forecast, by solar panel

8.3. Europe

8.3.1. Key market trends, growth factors, and opportunities
8.3.2. Market size and forecast, by vehicle type
8.3.3. Market size and forecast, by electric vehicle type
8.3.4. Market size and forecast, by battery type
8.3.5. Market size and forecast, by solar panel
8.3.6. Market analysis by country

8.3.6.1. Germany.

8.3.6.1.1. Market size and forecast, by vehicle type
8.3.6.1.2. Market size and forecast, by electric vehicle type
8.3.6.1.3. Market size and forecast, by battery type
8.3.6.1.4. Market size and forecast, by solar panel

8.3.6.2. France

8.3.6.2.1. Market size and forecast, by vehicle type
8.3.6.2.2. Market size and forecast, by electric vehicle type
8.3.6.2.3. Market size and forecast, by battery type
8.3.6.2.4. Market size and forecast, by solar panel

8.3.6.3. UK

8.3.6.3.1. Market size and forecast, by vehicle type
8.3.6.3.2. Market size and forecast, by electric vehicle type
8.3.6.3.3. Market size and forecast, by battery type
8.3.6.3.4. Market size and forecast, by solar panel

8.3.6.4. Spain

8.3.6.4.1. Market size and forecast, by vehicle type
8.3.6.4.2. Market size and forecast, by electric vehicle type
8.3.6.4.3. Market size and forecast, by battery type
8.3.6.4.4. Market size and forecast, by solar panel

8.3.6.5. Rest of Europe

8.3.6.5.1. Market size and forecast, by vehicle type
8.3.6.5.2. Market size and forecast, by electric vehicle type
8.3.6.5.3. Market size and forecast, by battery type
8.3.6.5.4. Market size and forecast, by solar panel

8.4. Asia-Pacific

8.4.1. Key market trends, growth factors, and opportunities
8.4.2. Market size and forecast, by vehicle type
8.4.3. Market size and forecast, by electric vehicle type
8.4.4. Market size and forecast, by battery type
8.4.5. Market size and forecast, by solar panel
8.4.6. Market analysis by country

8.4.6.1. China

8.4.6.1.1. Market size and forecast, by vehicle type
8.4.6.1.2. Market size and forecast, by electric vehicle type
8.4.6.1.3. Market size and forecast, by battery type
8.4.6.1.4. Market size and forecast, by solar panel

8.4.6.2. Japan

8.4.6.2.1. Market size and forecast, by vehicle type
8.4.6.2.2. Market size and forecast, by electric vehicle type
8.4.6.2.3. Market size and forecast, by battery type
8.4.6.2.4. Market size and forecast, by solar panel

8.4.6.3. India

8.4.6.3.1. Market size and forecast, by vehicle type
8.4.6.3.2. Market size and forecast, by electric vehicle type
8.4.6.3.3. Market size and forecast, by battery type
8.4.6.3.4. Market size and forecast, by solar panel

8.4.6.4. South Korea

8.4.6.4.1. Market size and forecast, by vehicle type
8.4.6.4.2. Market size and forecast, by electric vehicle type
8.4.6.4.3. Market size and forecast, by battery type
8.4.6.4.4. Market size and forecast, by solar panel

8.4.6.5. Rest of Asia-Pacific

8.4.6.5.1. Market size and forecast, by vehicle type
8.4.6.5.2. Market size and forecast, by electric vehicle type
8.4.6.5.3. Market size and forecast, by battery type
8.4.6.5.4. Market size and forecast, by solar panel

8.5. LAMEA

8.5.1. Key market trends, growth factors, and opportunities
8.5.2. Market size and forecast, by vehicle type
8.5.3. Market size and forecast, by electric vehicle type
8.5.4. Market size and forecast, by battery type
8.5.5. Market size and forecast, by solar panel
8.5.6. Market analysis by country

8.5.6.1. Latin America.

8.5.6.1.1. Market size and forecast, by vehicle type
8.5.6.1.2. Market size and forecast, by electric vehicle type
8.5.6.1.3. Market size and forecast, by battery type
8.5.6.1.4. Market size and forecast, by solar panel

8.5.6.2. Middle East

8.5.6.2.1. Market size and forecast, by vehicle type
8.5.6.2.2. Market size and forecast, by electric vehicle type
8.5.6.2.3. Market size and forecast, by battery type
8.5.6.2.4. Market size and forecast, by solar panel

8.5.6.3. Africa

8.5.6.3.1. Market size and forecast, by vehicle type
8.5.6.3.2. Market size and forecast, by electric vehicle type
8.5.6.3.3. Market size and forecast, by battery type
8.5.6.3.4. Market size and forecast, by solar panel

CHAPTER 9: COMPANY PROFILES

9.1. ALKE

9.1.1. Company overview
9.1.2. Company snapshot
9.1.3. Product portfolio

9.2. Ford Motor Company

9.2.1. Company overview
9.2.2. Company snapshot
9.2.3. Operating business segments
9.2.4. Business performance

9.3. Hanergy Thin Film Power Group Limited

9.3.1. Company overview
9.3.2. Company snapshot
9.3.3. Product portfolio
9.3.4. Key strategic moves and developments

9.4. Hyundai Motor Company

9.4.1. Company overview
9.4.2. Company snapshot
9.4.3. Operating business segments
9.4.4. Business performance
9.4.5. Key strategic moves and developments

9.5. Lightyear

9.5.1. Company overview
9.5.2. Company snapshot
9.5.3. Key strategic moves and developments

9.6. Mahindra & Mahindra Ltd

9.6.1. Company overview
9.6.2. Company snapshot
9.6.3. Operating business segments
9.6.4. Business performance
9.6.5. Key strategic moves and developments

9.7. Solar Electric Vehicle Company

9.7.1. Company overview
9.7.2. Company snapshot
9.7.3. Product portfolio

9.8. Sono Motors

9.8.1. Company overview
9.8.2. Company snapshot
9.8.3. Operating business segments
9.8.4. Key strategic moves and developments

9.9. Toyota Motor Corporation

9.9.1. Company overview
9.9.2. Company snapshot
9.9.3. Operating business segments
9.9.4. Business performance
9.9.5. Key strategic moves and developments

9.10. Volkswagen AG

9.10.1. Company overview
9.10.2. Company snapshot
9.10.3. Operating business segments
9.10.4. Business performance
9.10.5. Key strategic moves and developments

LIST OF TABLES

TABLE 01. GLOBAL SOLAR VEHICLE MARKET, BY VEHICLE TYPE, 2023–2030 ($MILLION)
TABLE 02. SOLAR-POWERED PASSENGER VEHICLE MARKET REVENUE, BY REGION, 2023–2030 ($MILLION)
TABLE 03. SOLAR POWERED COMMERCIAL VEHICLE MARKET REVENUE, BY REGION 2023–2030 ($MILLION)
TABLE 04. GLOBAL SOLAR VEHICLE MARKET, BY ELECTRIC VEHICLE TYPE, 2023-2030 ($MILLION)
TABLE 05. BATTERY ELECTRIC  SOLAR VEHICLE MARKET REVENUE, BY REGION, 2023-2030 ($MILLION)
TABLE 06. HYBRID ELECTRIC SOLAR VEHICLE MARKET REVENUE, BY REGION, 2023-2030 ($MILLION)
TABLE 07. PLUG-IN HYBRID ELECTRIC SOLAR VEHICLE MARKET REVENUE, BY REGION 2023–2030 ($MILLION)
TABLE 08. GLOBAL SOLAR VEHICLE MARKET, BY BATTERY TYPE, 2023-2030($MILLION)
TABLE 09. LITHIUM ION SOLAR VEHICLE MARKET REVENUE, BY REGION, 2023-2030 ($MILLION)
TABLE 10. LEAD ACID SOLAR VEHICLE MARKET REVENUE, BY REGION, 2023-2030 ($MILLION)
TABLE 11. LEAD CARBON SOLAR VEHICLE MARKET REVENUE, BY REGION, 2023-2030 ($MILLION)
TABLE 12. GLOBAL SOLAR VEHICLE MARKET, BY SOLAR PANEL, 2023–2030 ($MILLION)
TABLE 13. SOLAR VEHICLE MARKET REVENUE FOR MONOCRYSTALLINE PANELS, BY REGION 2023–2030 ($MILLION)
TABLE 14. SOLAR VEHICLE MARKET REVENUE FOR POLYCRYSTALLINE PANELS, BY REGION 2023–2030 ($MILLION)
TABLE 15. NORTH AMERICA SOLAR VEHICLE MARKET, BY VEHICLE TYPE, 2023–2030 ($MILLION)
TABLE 16. NORTH AMERICAN SOLAR VEHICLE MARKET, BY ELECTRIC VEHICLE TYPE, 2023–2030 ($MILLION)
TABLE 17. NORTH AMERICA SOLAR VEHICLE MARKET, BY BATTERY TYPE, 2023–2030 ($MILLION)
TABLE 18. NORTH AMERICA SOLAR VEHICLE MARKET, BY SOLAR PANEL, 2023–2030 ($MILLION)
TABLE 19. U.S. SOLAR VEHICLE MARKET, BY VEHICLE TYPE, 2023–2030 ($MILLION)
TABLE 20. U.S. SOLAR VEHICLE MARKET, BY ELECTRIC VEHICLE TYPE, 2023–2030 ($MILLION)
TABLE 21. U.S. SOLAR VEHICLE MARKET, BY BATTERY TYPE, 2023–2030 ($MILLION)
TABLE 22. U.S. SOLAR VEHICLE MARKET, BY SOLAR PANEL, 2023–2030 ($MILLION)
TABLE 23. CANADA SOLAR VEHICLE MARKET, BY VEHICLE TYPE, 2023–2030 ($MILLION)
TABLE 24. CANADA SOLAR VEHICLE MARKET, BY ELECTRIC VEHICLE TYPE, 2023–2030 ($MILLION)
TABLE 25. CANADA SOLAR VEHICLE MARKET, BY BATTERY TYPE, 2023–2030 ($MILLION)
TABLE 26. CANADA SOLAR VEHICLE MARKET, BY SOLAR PANEL, 2023–2030 ($MILLION)
TABLE 27. MEXICO SOLAR VEHICLE MARKET, BY VEHICLE TYPE, 2023–2030 ($MILLION)
TABLE 28. MEXICO SOLAR VEHICLE MARKET, BY ELECTRIC VEHICLE TYPE, 2023–2030 ($MILLION)
TABLE 29. MEXICO SOLAR VEHICLE MARKET, BY BATTERY TYPE, 2023–2030 ($MILLION)
TABLE 30. MEXICO SOLAR VEHICLE MARKET, BY SOLAR PANEL, 2023–2030 ($MILLION)
TABLE 31. EUROPE SOLAR VEHICLE MARKET, BY VEHICLE TYPE, 2023–2030 ($MILLION)
TABLE 32. EUROPE SOLAR VEHICLE MARKET, BY ELECTRIC VEHICLE TYPE, 2023–2030 ($MILLION)
TABLE 33. EUROPE SOLAR VEHICLE MARKET, BY BATTERY TYPE, 2023–2030 ($MILLION)
TABLE 34. EUROPE SOLAR VEHICLE MARKET, BY SOLAR PANEL, 2023–2030 ($MILLION)
TABLE 35. GERMANY SOLAR VEHICLE MARKET, BY VEHICLE TYPE, 2023–2030 ($MILLION)
TABLE 36. GERMANY SOLAR VEHICLE MARKET, BY ELECTRIC VEHICLE TYPE, 2023–2030 ($MILLION)
TABLE 37. GERMANY SOLAR VEHICLE MARKET, BY BATTERY TYPE, 2023–2030 ($MILLION)
TABLE 38. GERMANY SOLAR VEHICLE MARKET, BY SOLAR PANEL, 2023–2030 ($MILLION)
TABLE 39. FRANCE SOLAR VEHICLE MARKET, BY VEHICLE TYPE, 2023–2030 ($MILLION)
TABLE 40. FRANCE SOLAR VEHICLE MARKET, BY ELECTRIC VEHICLE TYPE, 2023–2030 ($MILLION)
TABLE 41. FRANCE SOLAR VEHICLE MARKET, BY BATTERY TYPE, 2023–2030 ($MILLION)
TABLE 42. FRANCE SOLAR VEHICLE MARKET, BY SOLAR PANEL, 2023–2030 ($MILLION)
TABLE 43. UK SOLAR VEHICLE MARKET, BY VEHICLE TYPE, 2023–2030 ($MILLION)
TABLE 44. UK SOLAR VEHICLE MARKET, BY ELECTRIC VEHICLE TYPE, 2023–2030 ($MILLION)
TABLE 45. UK SOLAR VEHICLE MARKET, BY BATTERY TYPE, 2023–2030 ($MILLION)
TABLE 46. UK SOLAR VEHICLE MARKET, BY SOLAR PANEL, 2023–2030 ($MILLION)
TABLE 47. SPAIN SOLAR VEHICLE MARKET, BY VEHICLE TYPE, 2023–2030 ($MILLION)
TABLE 48. SPAIN SOLAR VEHICLE MARKET, BY ELECTRIC VEHICLE TYPE, 2023–2030 ($MILLION)
TABLE 49. SPAIN SOLAR VEHICLE MARKET, BY BATTERY TYPE, 2023–2030 ($MILLION)
TABLE 50. SPAIN SOLAR VEHICLE MARKET, BY SOLAR PANEL, 2023–2030 ($MILLION)
TABLE 51. REST OF EUROPE SOLAR VEHICLE MARKET, BY VEHICLE TYPE, 2023–2030 ($MILLION)
TABLE 52. REST OF EUROPE SOLAR VEHICLE MARKET, BY ELECTRIC VEHICLE TYPE, 2023–2030 ($MILLION)
TABLE 53. REST OF EUROPE SOLAR VEHICLE MARKET, BY BATTERY TYPE, 2023–2030 ($MILLION)
TABLE 54. REST OF EUROPE SOLAR VEHICLE MARKET, BY SOLAR PANEL, 2023–2030 ($MILLION)
TABLE 55. ASIA-PACIFIC SOLAR VEHICLE MARKET, BY VEHICLE TYPE, 2023–2030 ($MILLION)
TABLE 56. ASIA-PACIFIC SOLAR VEHICLE MARKET, BY ELECTRIC VEHICLE TYPE, 2023–2030 ($MILLION)
TABLE 57. ASIA-PACIFIC SOLAR VEHICLE MARKET, BY BATTERY TYPE, 2023–2030 ($MILLION)
TABLE 58. ASIA-PACIFIC SOLAR VEHICLE MARKET, BY SOLAR PANEL, 2023–2030 ($MILLION)
TABLE 59. CHINA SOLAR VEHICLE MARKET, BY VEHICLE TYPE, 2023–2030 ($MILLION)
TABLE 60. CHINA SOLAR VEHICLE MARKET, BY ELECTRIC VEHICLE TYPE, 2023–2030 ($MILLION)
TABLE 61. CHINA SOLAR VEHICLE MARKET, BY BATTERY TYPE, 2023–2030 ($MILLION)
TABLE 62. CHINA SOLAR VEHICLE MARKET, BY SOLAR PANEL, 2023–2030 ($MILLION)
TABLE 63. JAPAN SOLAR VEHICLE MARKET, BY VEHICLE TYPE, 2023–2030 ($MILLION)
TABLE 64. JAPAN SOLAR VEHICLE MARKET, BY ELECTRIC VEHICLE TYPE, 2023–2030 ($MILLION)
TABLE 65. JAPAN SOLAR VEHICLE MARKET, BY BATTERY TYPE, 2023–2030 ($MILLION)
TABLE 66. JAPAN SOLAR VEHICLE MARKET, BY SOLAR PANEL, 2023–2030 ($MILLION)
TABLE 67. INDIA SOLAR VEHICLE MARKET, BY VEHICLE TYPE, 2023–2030 ($MILLION)
TABLE 68. INDIA SOLAR VEHICLE MARKET, BY ELECTRIC VEHICLE TYPE, 2023–2030 ($MILLION)
TABLE 69. INDIA SOLAR VEHICLE MARKET, BY BATTERY TYPE, 2023–2030 ($MILLION)
TABLE 70. INDIA SOLAR VEHICLE MARKET, BY SOLAR PANEL, 2023–2030 ($MILLION)
TABLE 71. SOUTH KOREA SOLAR VEHICLE MARKET, BY VEHICLE TYPE, 2023–2030 ($MILLION)
TABLE 72. SOUTH KOREA SOLAR VEHICLE MARKET, BY ELECTRIC VEHICLE TYPE, 2023–2030 ($MILLION)
TABLE 73. SOUTH KOREA SOLAR VEHICLE MARKET, BY BATTERY TYPE, 2023–2030 ($MILLION)
TABLE 74. SOUTH KOREA SOLAR VEHICLE MARKET, BY SOLAR PANEL, 2023–2030 ($MILLION)
TABLE 75. REST OF ASIA-PACIFIC SOLAR VEHICLE MARKET, BY VEHICLE TYPE, 2023–2030 ($MILLION)
TABLE 76. REST OF ASIA-PACIFIC SOLAR VEHICLE MARKET, BY ELECTRIC VEHICLE TYPE, 2023–2030 ($MILLION)
TABLE 77. REST OF ASIA-PACIFIC SOLAR VEHICLE MARKET, BY BATTERY TYPE, 2023–2030 ($MILLION)
TABLE 78. REST OF ASIA-PACIFIC SOLAR VEHICLE MARKET, BY SOLAR PANEL, 2023–2030 ($MILLION)
TABLE 79. LAMEA SOLAR VEHICLE MARKET, BY VEHICLE TYPE, 2023–2030 ($MILLION)
TABLE 80. LAMEA SOLAR VEHICLE MARKET, BY ELECTRIC VEHICLE TYPE, 2023–2030 ($MILLION)
TABLE 81. LAMEA SOLAR VEHICLE MARKET, BY BATTERY TYPE, 2023–2030 ($MILLION)
TABLE 82. ASIA-PACIFIC SOLAR VEHICLE MARKET, BY SOLAR PANEL, 2023–2030 ($MILLION)
TABLE 83. LATIN AMERICA SOLAR VEHICLE MARKET, BY VEHICLE TYPE, 2023–2030 ($MILLION)
TABLE 84. LATIN AMERICA SOLAR VEHICLE MARKET, BY ELECTRIC VEHICLE TYPE, 2023–2030 ($MILLION)
TABLE 85. LATIN MAERICA SOLAR VEHICLE MARKET, BY BATTERY TYPE, 2023–2030 ($MILLION)
TABLE 86. LATIN MAERICA SOLAR VEHICLE MARKET, BY SOLAR PANEL, 2023–2030 ($MILLION)
TABLE 87. MIDDLE EAST SOLAR VEHICLE MARKET, BY VEHICLE TYPE, 2023–2030 ($MILLION)
TABLE 88. MIDDLE EAST SOLAR VEHICLE MARKET, BY ELECTRIC VEHICLE TYPE, 2023–2030 ($MILLION)
TABLE 89. MIDDLE EAST SOLAR VEHICLE MARKET, BY BATTERY TYPE, 2023–2030 ($MILLION)
TABLE 90. MIDDLE EAST SOLAR VEHICLE MARKET, BY SOLAR PANEL, 2023–2030 ($MILLION)
TABLE 91. AFRICA SOLAR VEHICLE MARKET, BY VEHICLE TYPE, 2023–2030 ($MILLION)
TABLE 92. AFRICA SOLAR VEHICLE MARKET, BY ELECTRIC VEHICLE TYPE, 2023–2030 ($MILLION)
TABLE 93. AFRICA SOLAR VEHICLE MARKET, BY BATTERY TYPE, 2023–2030 ($MILLION)
TABLE 94. AFRICA SOLAR VEHICLE MARKET, BY SOLAR PANEL, 2023–2030 ($MILLION)
TABLE 95. HYUNDAI MOTOR COMPANY: COMPANY SNAPSHOT
TABLE 96. ALKE: PRODUCT PORTFOLIO
TABLE 97. FORD MOTOR COMPANY: COMPANY SNAPSHOT
TABLE 98. FORD MOTOR COMPANY: OPERATING SEGMENTS
TABLE 99. HANERGY THIN FILM POWER GROUP LIMITED: COMPANY SNAPSHOT
TABLE 100. HANERGY THIN FILM POWER GROUP LIMITED: PRODUCT PORTFOLIO
TABLE 101. HYUNDAI MOTOR COMPANY: COMPANY SNAPSHOT
TABLE 102. TOYOTA MOTOR CORPORATION: OPERATING SEGMENTS
TABLE 103. LIGHTYEAR.: COMPANY SNAPSHOT
TABLE 104. MAHINDRA & MAHINDRA LIMITED: COMPANY SNAPSHOT
TABLE 105. MAHINDRA & MAHINDRA LIMITED: OPERATING SEGMENTS
TABLE 106. SOLAR ELECTRIC VEHICLE COMPANY: COMPANY SNAPSHOT
TABLE 107. SOLAR ELECTRIC VEHICLE COMPANY: PRODUCT PORTFOLIO
TABLE 108. SONO MOTORS: COMPANY SNAPSHOT
TABLE 109. SONO MOTORS: OPERATING SEGMENTS
TABLE 110. TOYOTA MOTOR CORPORATION: COMPANY SNAPSHOT
TABLE 111. TOYOTA MOTOR CORPORATION: OPERATING SEGMENTS
TABLE 112. VOLKSWAGEN AG: COMPANY SNAPSHOT
TABLE 113. VOLKSWAGEN AG: OPERATING SEGMENTS

LIST OF FIGURES

FIGURE 01. KEY MARKET SEGMENTS
FIGURE 02. EXECUTIVE SUMMARY
FIGURE 03. EXECUTIVE SUMMARY
FIGURE 04. TOP IMPACTING FACTORS
FIGURE 05. TOP INVESTMENT POCKETS
FIGURE 06. TOP WINNING STRATEGIES, BY YEAR, 2017–2019*
FIGURE 07. TOP WINNING STRATEGIES, BY YEAR, 2017–2019*
FIGURE 08. TOP WINNING STRATEGIES, BY COMPANY, 2017–2019*
FIGURE 09. MODERATE-TO-HIGH BARGAINING POWER OF SUPPLIERS
FIGURE 10. MODERATE-TO-HIGH THREAT OF NEW ENTRANTS
FIGURE 11. MODERATE THREAT OF SUBSTITUTES
FIGURE 12. HIGH-TO-MODERATE INTENSITY OF RIVALRY
FIGURE 13. MODERATE BARGAINING POWER OF BUYERS
FIGURE 14. KEY PLAYER POSITIONING, 2023
FIGURE 15. GLOBAL SOLAR VEHICLE MARKET, BY VEHICLE TYPE, 2023–2030 (%)
FIGURE 16. COMPARATIVE SHARE ANALYSIS OF SOLAR-POWERED PASSENGER VEHICLE MARKET, BY COUNTRY, 2023 & 2030 ($MILLION)
FIGURE 17. COMPARATIVE SHARE ANALYSIS OF SOLAR POWERED COMMERCIAL VEHICLE MARKET, BY COUNTRY, 2023 & 2030 ($MILLION)
FIGURE 18. GLOBAL SOLAR VEHICLE MARKET, BY ELECTRIC VCEHICLE TYPE, 2023 & 2030 ($MILLION)
FIGURE 19. COMPARATIVE SHARE ANALYSIS OF BATTERY ELECTRIC SOLAR VEHICLE MARKET  BY COUNTRY, 2023 & 2030 ($MILLION)
FIGURE 20. COMPARATIVE SHARE ANALYSIS OF HYBRID ELECTRIC SOLAR VEHICLE MARKET, BY COUNTRY, 2023 & 2030 ($MILLION)
FIGURE 21. COMPARATIVE SHARE ANALYSIS OF PLUG-IN HYBRID ELECTRIC SOLAR VEHICLE MARKET, BY COUNTRY, 2023 & 2030 ($MILLION)
FIGURE 22. GLOBAL SOLAR VEHICLE MARKET, BY BATTERY TYPE, 2023 & 2030 ($MILLION)
FIGURE 23. COMPARATIVE SHARE ANALYSIS OF LITHIUM ION SOLAR VEHICLE MARKET, BY COUNTRY, 2023 & 2030 ($MILLION)
FIGURE 24. COMPARATIVE SHARE ANALYSIS OF LEAD ACID SOLAR VEHICLE MARKET, BY COUNTRY, 2023 & 2030 ($MILLION)
FIGURE 25. COMPARATIVE SHARE ANALYSIS OF LEAD CARBON SOLAR VEHICLE MARKET, BY COUNTRY, 2023 & 2030 ($MILLION)
FIGURE 26. GLOBAL SOLAR VEHICLE MARKET, BY SOLAR PANEL, 2023–2030 (%)
FIGURE 27. COMPARATIVE SHARE ANALYSIS OF SOLAR VEHICLE MARKET FOR MONOCRYSTALLINE PANELS, BY COUNTRY, 2023 & 2030 ($MILLION)
FIGURE 28. COMPARATIVE SHARE ANALYSIS OF SOLAR VEHICLE MARKET FOR POLYCRYSTALLINE, BY COUNTRY, 2023 & 2030 ($MILLION)
FIGURE 29. SOLAR VEHICLE MARKET, BY REGION, 2023-2030 (%)
FIGURE 30. COMPARATIVE SHARE ANALYSIS OF SOLAR VEHICLE MARKET, BY COUNTRY, 2023–2030 (%)
FIGURE 31. U.S. SOLAR VEHICLE MARKET, 2023–2030 ($MILLION)
FIGURE 32. CANADA SOLAR VEHICLE MARKET, 2023–2030 ($MILLION)
FIGURE 33. MEXICO SOLAR VEHICLE MARKET, 2023–2030 ($MILLION)
FIGURE 34. COMPARATIVE SHARE ANALYSIS OF SOLAR VEHICLE MARKET, BY COUNTRY, 2023–2030 (%)
FIGURE 35. GERMANY SOLAR VEHICLE MARKET, 2023–2030 ($MILLION)
FIGURE 36. FRANCE SOLAR VEHICLE MARKET, 2023–2030 ($MILLION)
FIGURE 37. UK SOLAR VEHICLE MARKET, 2023–2030 ($MILLION)
FIGURE 38. SPAIN SOLAR VEHICLE MARKET, 2023–2030 ($MILLION)
FIGURE 39. REST OF EUROPE SOLAR VEHICLE MARKET, 2023–2030 ($MILLION)
FIGURE 40. COMPARATIVE SHARE ANALYSIS OF SOLAR VEHICLE MARKET, BY COUNTRY, 2023–2030 (%)
FIGURE 41. CHINA SOLAR VEHICLE MARKET, 2023–2030 ($MILLION)
FIGURE 42. JAPAN SOLAR VEHICLE MARKET, 2023–2030 ($MILLION)
FIGURE 43. INDIA SOLAR VEHICLE MARKET, 2023–2030 ($MILLION)
FIGURE 44. SOUTH KOREA SOLAR VEHICLE MARKET, 2023–2030 ($MILLION)
FIGURE 45. REST OF ASIA-PACIFIC SOLAR VEHICLE MARKET, 2023–2030 ($MILLION)
FIGURE 46. COMPARATIVE SHARE ANALYSIS OF SOLAR VEHICLE MARKET, BY COUNTRY, 2023–2030 (%)
FIGURE 47. LATIN AMERICA SOLAR VEHICLE MARKET, 2023–2030 ($MILLION)
FIGURE 48. MIDDLE EAST SOLAR VEHICLE MARKET, 2023–2030 ($MILLION)
FIGURE 49. AFRICA SOLAR VEHICLE MARKET, 2023–2030 ($MILLION)
FIGURE 50. FORD MOTOR COMPANY: REVENUE, 2016–2018 ($MILLION)
FIGURE 51. FORD MOTOR COMPANY: REVENUE SHARE BY SEGMENT, 2018 (%)
FIGURE 52. FORD MOTOR COMPANY: REVENUE SHARE BY GEOGRAPHY, 2018 (%)
FIGURE 53. HYUNDAI MOTOR COMPANY: REVENUE, 2016–2018 ($MILLION)
FIGURE 54. HYUNDAI MOTOR COMPANY: REVENUE SHARE BY SEGMENT, 2018 (%)
FIGURE 55. HYUNDAI MOTOR COMPANY: REVENUE SHARE BY REGION, 2018 (%)
FIGURE 56. MAHINDRA & MAHIDRA LIMITED: REVENUE, 2016–2018 ($MILLION)
FIGURE 57. MAHINDRA & MAHIDRA LIMITED: REVENUE SHARE BY SEGMENT, 2018 (%)
FIGURE 58. MAHINDRA & MAHIDRA LIMITED: REVENUE SHARE BY REGION, 2018 (%)
FIGURE 59. TOYOTA MOTOR CORPORATION: REVENUE, 2016–2018 ($MILLION)
FIGURE 60. TOYOTA MOTOR CORPORATION: REVENUE SHARE BY SEGMENT, 2018 (%)
FIGURE 61. TOYOTA MOTOR CORPORATION: REVENUE SHARE BY REGION, 2018 (%)
FIGURE 62. VOLKSWAGEN AG: REVENUE, 2016–2018 ($MILLION)
FIGURE 63. VOLKSWAGEN AG: REVENUE SHARE BY SEGMENT, 2018 (%)
FIGURE 64. VOLKSWAGEN AG: REVENUE SHARE BY GEOGRAPHY, 2018 (%)

 
 

Solar vehicles are a form of electric vehicles which are equipped with solar panels on vehicles which are intended to charge the battery of the electric vehicle. Solar vehicles consists of silicon based solar panels which are monocrystalline and polycrystalline in nature and are used to convert solar energy to the electric energy thereby charging the battery of the vehicle. Monocrystalline solar panels find a wider application in solar vehicles due to their efficiency in terms of capturing solar energy and transferring it to the battery of the vehicle in form of charge. This increases the efficiency of electric vehicle in terms of distance covering without charging it externally. This factor supplements the wider adoption of solar vehicles thereby boosting the market growth in the near future. Moreover, solar vehicles finds wider application in passenger vehicles as well as commercial vehicles due to its zero emission feature which also supplements the solar vehicle market growth.

Numerous developments have been carried out by top companies such as Volkswagen AG, Toyota, Motor Corporation, Hyundai motor Company and others in the field of solar vehicles which has supplemented the growth of solar vehicle market across the globe. Also solar vehicles have a wider application in passenger vehicles as well as commercial vehicles due to its zero emission feature which has also supplemented the growth of solar vehicle market. 

Factors such as growing 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 is supposed to hamper the growth of the market. Further, excessive research in far-field wireless charging technologies and technological advancements is expected to create numerous opportunities for the growth and expansion of the market.

Among the analyzed regions, North America will be the highest revenue contributor followed by Europe, LAMEA and Asia-Pacific. Based on the forecast, North America is expected to maintain the lead during the forecast period owing to an increased revenue contributor as compared to other regions.

 

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