Global Solar Vehicle Market is valued at approximately USD 285.44 million in 2022 and is anticipated to grow with a healthy growth rate of more than 18% over the forecast period 2023-2030. A solar vehicle is an electric vehicle (EV) that is powered primarily or entirely by energy derived from the sun through solar panels. These vehicles use photovoltaic cells to convert sunlight directly into electricity, which is then stored in batteries or used to power the vehicle's electric motor. Solar vehicles are designed with a large surface area covered in solar panels, typically located on the roof, hood, or other areas of the vehicle where maximum sunlight exposure is achieved. The solar panels capture sunlight and convert it into electrical energy, which either be used immediately to power the vehicle or stored in a battery for later use. The Solar Vehicle market is expanding because of factors such as stringent vehicle emission norms and regulations and rising government support for the development of eco-friendly vehicles.
Many nations are building environmentally friendly settings for the automotive industry to develop frameworks for emissions that are more effective. For brand-new passenger automobiles and commercial vehicles, the EU established new standards for carbon dioxide emissions. The EU passed the 2020 package of regulations to make sure it would reach its 2020 energy and climate goals. The three main goals of the package are a 20% reduction in greenhouse gas emissions (from 1990 levels). The agreed-upon goals are to cut new passenger car CO2 emissions on average by 20% by 2025 and by 37.5% by 2030, both in comparison to the base year of 2021. Similarly, The US Environmental Protection Agency (EPA) and National Highway Traffic Safety Administration (NHTSA) cut the GHG emissions and Corporate Average Fuel Economy (cafe) requirements for vehicles produced in the MY 2021-2026 with the Safer Affordable Fuel-Efficient (SAFE) Vehicles Rule [4754], which was finalized in March 2020. The 2020 regulation tightens CAFE and CO2 emission regulations by 1.5% annually through the model year 2026, in contrast to the CO2 requirements imposed in 2012, which aimed for rises to around 5% each year. Thus, stringent vehicle emission norms and regulations are driving the growth of the Solar Vehicle Market. In addition, advancement in solar panel and battery storage technology and increasing investment in the development of energy-efficient vehicles is creating new opportunities for the market. However, less operational efficiency of solar vehicles coupled with high cost and lack of standardization stifles market growth throughout the forecast period of 2023-2030.
The key regions considered for the Global Solar Vehicle Market study includes Asia Pacific, North America, Europe, Latin America, and Middle East & Africa. Asia Pacific dominated the market in 2022 owing to factors such as rising concerns about air pollution, the requirement to lower greenhouse gas emissions, and government programs that support the use of solar and electric vehicles. Whereas, North America is projected to have significant growth in the market owing to factors such as rising technological advancement, and rising investment for research and development activities in the region.
Major market player included in this report are:
- Sono Motors GmbH
- Lightyear
- Venturi Automobiles
- Nissan Motor Co. Ltd.
- Mahindra & Mahindra Limited
- Toyota Motor Corporation
- Ford Motor Company
- Volkswagen AG
- Mercedes-Benz Group AG
- Tesla, Inc
Recent Developments in the Market:
- In January 2023, The European Climate, Infrastructure, and Environment Executive Agency (CINEA) granted funding of USD 1.61 million to Sono Group N.V., a major leader in solar mobility solutions, to advance solar technology.
- In June 2022, Bridgestone and Lightyear announced their partnership to develop, the first long-distance solar electric-powered vehicle. Bridgestone and Lightyear's cooperation builds on their prior work for the Bridgestone World Solar Challenge and is a clear result of their shared dedication to sustainability.
Global Solar Vehicle Market Report Scope:
- Historical Data: 2020 - 2021
- Base Year for Estimation: 2022
- Forecast period: 2023-2030
- Report Coverage: Revenue forecast, Company Ranking, Competitive Landscape, Growth factors, and Trends
- Segments Covered - Vehicle Type, Electric Vehicle Type, Battery Type, Solar Panel Type, Region
- Regional Scope: North America; Europe; Asia Pacific; Latin America; Middle East & Africa
- Customization Scope: Free report customization (equivalent up to 8 analyst's working hours) with purchase. Addition or alteration to country, regional & segment scope*
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within countries involved in the study.
The report also caters detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, it also incorporates potential opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below.
By Vehicle Type:
- Passenger Cars
- Commercial Vehicles
By Electric Vehicle Type:
- Battery Electric Vehicle
- Hybrid Electric Vehicle
By Battery Type:
- Lithium Ion
- Lead Acid
- Other Battery Types
By Solar Panel Type:
- Mono-crystalline
- Poly-crystalline
By Region:
- North America
- U.S.
- Canada
- Europe
- UK
- Germany
- France
- Spain
- Italy
- ROE
- Asia Pacific
- China
- India
- Japan
- Australia
- South Korea
- RoAPAC
- Latin America
- Brazil
- Mexico
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
Table of Contents
Chapter 1. Executive Summary
- 1.1. Market Snapshot
- 1.2. Global & Segmental Market Estimates & Forecasts, 2020-2030 (USD Million)
- 1.2.1. Solar Vehicle Market, by Region, 2020-2030 (USD Million)
- 1.2.2. Solar Vehicle Market, by Vehicle Type, 2020-2030 (USD Million)
- 1.2.3. Solar Vehicle Market, by Electric Vehicle Type, 2020-2030 (USD Million)
- 1.2.4. Solar Vehicle Market, by Battery Type, 2020-2030 (USD Million)
- 1.2.5. Solar Vehicle Market, by Solar Panel Type, 2020-2030 (USD Million)
- 1.3. Key Trends
- 1.4. Estimation Methodology
- 1.5. Research Assumption
Chapter 2. Global Solar Vehicle Market Definition and Scope
- 2.1. Objective of the Study
- 2.2. Market Definition & Scope
- 2.2.1. Industry Evolution
- 2.2.2. Scope of the Study
- 2.3. Years Considered for the Study
- 2.4. Currency Conversion Rates
Chapter 3. Global Solar Vehicle Market Dynamics
- 3.1. Solar Vehicle Market Impact Analysis (2020-2030)
- 3.1.1. Market Drivers
- 3.1.1.1. Stringent vehicle emission norms and regulations
- 3.1.1.2. Rising government support for the development of eco-friendly vehicles.
- 3.1.2. Market Challenges
- 3.1.2.1. Less operational efficiency of solar vehicles coupled with high cost
- 3.1.2.2. Lack of standardization
- 3.1.3. Market Opportunities
- 3.1.3.1. Advancement in solar panel and battery storage technology
- 3.1.3.2. Increasing investment in the development of energy-efficient vehicles
Chapter 4. Global Solar Vehicle Market Industry Analysis
- 4.1. Porter's 5 Force Model
- 4.1.1. Bargaining Power of Suppliers
- 4.1.2. Bargaining Power of Buyers
- 4.1.3. Threat of New Entrants
- 4.1.4. Threat of Substitutes
- 4.1.5. Competitive Rivalry
- 4.2. Porter's 5 Force Impact Analysis
- 4.3. PEST Analysis
- 4.3.1. Political
- 4.3.2. Economical
- 4.3.3. Social
- 4.3.4. Technological
- 4.3.5. Environmental
- 4.3.6. Legal
- 4.4. Top investment opportunity
- 4.5. Top winning strategies
- 4.6. COVID-19 Impact Analysis
- 4.7. Disruptive Trends
- 4.8. Industry Expert Perspective
- 4.9. Analyst Recommendation & Conclusion
Chapter 5. Global Solar Vehicle Market, by Vehicle Type
- 5.1. Market Snapshot
- 5.2. Global Solar Vehicle Market by Vehicle Type, Performance - Potential Analysis
- 5.3. Global Solar Vehicle Market Estimates & Forecasts by Vehicle Type 2020-2030 (USD Million)
- 5.4. Solar Vehicle Market, Sub Segment Analysis
- 5.4.1. Passenger Cars
- 5.4.2. Commercial Vehicles
Chapter 6. Global Solar Vehicle Market, by Electric Vehicle Type
- 6.1. Market Snapshot
- 6.2. Global Solar Vehicle Market by Electric Vehicle Type, Performance - Potential Analysis
- 6.3. Global Solar Vehicle Market Estimates & Forecasts by Electric Vehicle Type 2020-2030 (USD Million)
- 6.4. Solar Vehicle Market, Sub Segment Analysis
- 6.4.1. Battery Electric Vehicle
- 6.4.2. Hybrid Electric Vehicle
Chapter 7. Global Solar Vehicle Market, by Battery Type
- 7.1. Market Snapshot
- 7.2. Global Solar Vehicle Market by Battery Type, Performance - Potential Analysis
- 7.3. Global Solar Vehicle Market Estimates & Forecasts by Battery Type 2020-2030 (USD Million)
- 7.4. Solar Vehicle Market, Sub Segment Analysis
- 7.4.1. Lithium Ion
- 7.4.2. Lead Acid
- 7.4.3. Other Battery Types
Chapter 8. Global Solar Vehicle Market, by Solar Panel Type
- 8.1. Market Snapshot
- 8.2. Global Solar Vehicle Market by Solar Panel Type, Performance - Potential Analysis
- 8.3. Global Solar Vehicle Market Estimates & Forecasts by Solar Panel Type 2020-2030 (USD Million)
- 8.4. Solar Vehicle Market, Sub Segment Analysis
- 8.4.1. Mono-crystalline
- 8.4.2. Poly-crystalline
Chapter 9. Global Solar Vehicle Market, Regional Analysis
- 9.1. Top Leading Countries
- 9.2. Top Emerging Countries
- 9.3. Solar Vehicle Market, Regional Market Snapshot
- 9.4. North America Solar Vehicle Market
- 9.4.1. U.S. Solar Vehicle Market
- 9.4.1.1. Vehicle Type breakdown estimates & forecasts, 2020-2030
- 9.4.1.2. Electric Vehicle Type breakdown estimates & forecasts, 2020-2030
- 9.4.1.3. Battery Type breakdown estimates & forecasts, 2020-2030
- 9.4.1.4. Solar Panel Type breakdown estimates & forecasts, 2020-2030
- 9.4.2. Canada Solar Vehicle Market
- 9.5. Europe Solar Vehicle Market Snapshot
- 9.5.1. U.K. Solar Vehicle Market
- 9.5.2. Germany Solar Vehicle Market
- 9.5.3. France Solar Vehicle Market
- 9.5.4. Spain Solar Vehicle Market
- 9.5.5. Italy Solar Vehicle Market
- 9.5.6. Rest of Europe Solar Vehicle Market
- 9.6. Asia-Pacific Solar Vehicle Market Snapshot
- 9.6.1. China Solar Vehicle Market
- 9.6.2. India Solar Vehicle Market
- 9.6.3. Japan Solar Vehicle Market
- 9.6.4. Australia Solar Vehicle Market
- 9.6.5. South Korea Solar Vehicle Market
- 9.6.6. Rest of Asia Pacific Solar Vehicle Market
- 9.7. Latin America Solar Vehicle Market Snapshot
- 9.7.1. Brazil Solar Vehicle Market
- 9.7.2. Mexico Solar Vehicle Market
- 9.8. Middle East & Africa Solar Vehicle Market
- 9.8.1. Saudi Arabia Solar Vehicle Market
- 9.8.2. South Africa Solar Vehicle Market
- 9.8.3. Rest of Middle East & Africa Solar Vehicle Market
Chapter 10. Competitive Intelligence
- 10.1. Key Company SWOT Analysis
- 10.1.1. Company 1
- 10.1.2. Company 2
- 10.1.3. Company 3
- 10.2. Top Market Strategies
- 10.3. Company Profiles
- 10.3.1. Sono Motors GmbH
- 10.3.1.1. Key Information
- 10.3.1.2. Overview
- 10.3.1.3. Financial (Subject to Data Availability)
- 10.3.1.4. Product Summary
- 10.3.1.5. Recent Developments
- 10.3.2. Lightyear
- 10.3.3. Venturi Automobiles
- 10.3.4. Nissan Motor Co. Ltd.
- 10.3.5. Mahindra & Mahindra Limited
- 10.3.6. Toyota Motor Corporation
- 10.3.7. Ford Motor Company
- 10.3.8. Volkswagen AG
- 10.3.9. Mercedes-Benz Group AG
- 10.3.10. Tesla, Inc
Chapter 11. Research Process
- 11.1. Research Process
- 11.1.1. Data Mining
- 11.1.2. Analysis
- 11.1.3. Market Estimation
- 11.1.4. Validation
- 11.1.5. Publishing
- 11.2. Research Attributes
- 11.3. Research Assumption