Market Size of Solar Vehicle Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 18.00 % |
| Fastest Growing Market | Europe |
| Largest Market | Asia-Pacific |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Solar Vehicles Market Analysis
The solar vehicle market was valued at USD 205 million in 2020, and it is expected to reach USD 680 million by 2026. The market is anticipated to register a CAGR of 18% during the forecast period (2021-2026)
The COVID-19 outbreak has pushed several challenges on the automotive sector. Production shortfalls resulting from supply chain disruptions worldwide may impact global automakers. As the economies are recovering from the repercussions of the pandemic, the manufacturers are aiming for steady business growth. Now, as the demand comes back on stream, companies are trying to adjust production and supplies to customers.
As technology is improving day by day, it is pushing the R&D capabilities of the automobile sector. Due to environmental norms, the focus of automakers is shifting toward alternative energy sources. One such reliable source is solar power. Though solar-powered vehicles are in developmental stages for very long, the pace is picking up over the last few years. Solar-assisted vehicles are soon to be in production and use.
Currently, solar vehicles can be classified as a type of hybrid electric vehicle (HEV). The limited range of EVs has hindered innovations in the field of HEVs, and manufacturers are leaving no stoned unturned in increasing the range of these HEVs using ancillary power sources. In the case of solar vehicles, solar films mounted on the vehicle's roof are the source of power that helps to charge the battery. Decreasing prices, increased efficiency, and technological innovations in solar panels are also some of the driving factors for the solar vehicle market. Better and efficient battery storage options will also help the market grow, as they will help retain the converted power for a longer time. Efficient battery management systems also play a key role in driving the market forward.
The market for mono-crystalline solar films is expected to be higher as they are more efficient compared to poly-crystalline films and automobiles demand higher efficiency for better charging times for the batteries. North America and Europe are expected to be the dominant markets, as most of the research around these vehicles is happening in these regions.
Solar Vehicles Industry Segmentation
The solar vehicle market report offers the latest technological advancements, trends, and updates from all the mentioned segments.
The solar vehicle market has been segmented on the basis of vehicle type, electric vehicle type, battery type, solar panel type, and geography.
Based on vehicle type, the market is segmented into passenger cars and commercial vehicles.
By electric vehicle type, the market is divided into battery electric vehicles and hybrid electric vehicles.
By battery type, it is segmented into lithium-ion, lead-acid, and other battery types.
By solar panel type, the market is segmented into mono-crystalline and poly-crystalline.
By geography, the market is segmented into North America, Europe, Asia-Pacific, and Rest of the World.
| Vehicle Type | |
| Passenger Cars | |
| Commercial Vehicles |
| Electric Vehicle Type | |
| Battery Electric Vehicle | |
| Hybrid Electric Vehicle |
| Battery Type | |
| Lithium Ion | |
| Lead Acid | |
| Other Battery Types |
| Solar Panel Type | |
| Mono-crystalline | |
| Poly-crystalline |
| Geography | |||||||
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Solar Vehicle Market Size Summary
The solar vehicle market is experiencing a significant transformation, driven by advancements in technology and a growing emphasis on sustainable energy sources. As automakers increasingly focus on alternative energy solutions to meet stringent environmental regulations, solar power has emerged as a promising option. Solar vehicles, currently classified as hybrid electric vehicles, utilize solar films mounted on their roofs to harness energy and charge batteries. The market is benefiting from decreasing costs, enhanced efficiency, and technological innovations in solar panels and battery storage systems. These developments are expected to propel the market forward, with North America and Europe leading in research and development efforts. The demand for mono-crystalline solar films is anticipated to rise due to their higher efficiency, which is crucial for optimizing battery charging times.
The solar vehicle market is poised for growth as governments worldwide implement policies to reduce carbon emissions and promote eco-friendly transportation. Initiatives such as subsidies, rebates, and regulatory frameworks are encouraging the adoption of hybrid and solar-powered vehicles. Major automotive players, including Ford, Toyota, and Volkswagen, are actively participating in this market, with several companies unveiling prototypes and concept cars. Notable developments include Lightyear's solar electric car, Sono Motors' Sion, and Hyundai's Sonata Hybrid with solar film integration. These advancements, coupled with strategic partnerships and investments, are expected to drive the market's expansion, with passenger cars holding a significant share. The market remains moderately consolidated, with a few key players leading the charge in solar vehicle innovation and production.
Solar Vehicle Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Market Drivers
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1.2 Market Restraints
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1.3 Industry Attractiveness - Porter's Five Force Analysis
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1.3.1 Threat of New Entrants
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1.3.2 Bargaining Power of Buyers/Consumers
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1.3.3 Bargaining Power of Suppliers
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1.3.4 Threat of Substitute Products
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1.3.5 Intensity of Competitive Rivalry
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2. MARKET SEGMENTATION
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2.1 Vehicle Type
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2.1.1 Passenger Cars
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2.1.2 Commercial Vehicles
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2.2 Electric Vehicle Type
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2.2.1 Battery Electric Vehicle
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2.2.2 Hybrid Electric Vehicle
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2.3 Battery Type
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2.3.1 Lithium Ion
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2.3.2 Lead Acid
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2.3.3 Other Battery Types
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2.4 Solar Panel Type
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2.4.1 Mono-crystalline
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2.4.2 Poly-crystalline
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2.5 Geography
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2.5.1 North America
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2.5.1.1 United States
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2.5.1.2 Canada
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2.5.1.3 Rest of North America
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2.5.2 Europe
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2.5.2.1 Germany
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2.5.2.2 United Kingdom
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2.5.2.3 France
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2.5.2.4 Spain
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2.5.2.5 Rest of Europe
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2.5.3 Asia-Pacific
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2.5.3.1 China
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2.5.3.2 Japan
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2.5.3.3 India
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2.5.3.4 Rest of Asia-Pacific
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2.5.4 Rest of the World
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2.5.4.1 Brazil
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2.5.4.2 United Arab Emirates
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2.5.4.3 Other Countries
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Solar Vehicle Market Size FAQs
What is the current Solar Vehicle Market size?
The Solar Vehicle Market is projected to register a CAGR of 18% during the forecast period (2024-2029)
Who are the key players in Solar Vehicle Market?
Lightyear, Ford Motor Company, Sono Motors, Cruise Car America and Toyota Motor Corporation are the major companies operating in the Solar Vehicle Market.
