Global Solar Vehicle Market – Industry Trends and Forecast to 2029

Global Solar Vehicle Market, By Component (Ev Battery Cells and Packs, On-Board Charger, Infotainment System, Instrument Cluster), Industry Trends (Electric Taxi, Robo-Taxi, Light Solar Vehicle, Battery Swapping, Electric Autonomous Vehicles), Charging Infrastructure Type (Normal Charge, CCS, Chademo, Tesla Supercharger), Vehicle Type (Passenger Cars, Commercial Vehicles), Solar Panel (Monocrystalline Solar Panel, Polycrystalline Solar Panel), EV Type (HEV, BEV, PHEV) – Industry Trends and Forecast to 2029

Market Analysis and Size

In recent years, hybrid vehicles are being deployed to replace conventional ways of travel to decline environmental pollution. It has become highly important due to various technological advancements, such as low carbon emission and maintenance, smoother drive, reduced sound from engine and higher fuel economy.

Global Solar Vehicle Market was valued at USD 425.00 million in 2021 and is expected to reach USD 5619.36 million by 2029, registering a CAGR of 38.09% during the forecast period of 2022-2029. Battery Passenger Cars accounts for the largest propulsion type segment in the respective market owing to the rising sales of passenger cars in the electric vehicle. The market report curated by the Data Bridge Market Research team includes in-depth expert analysis, import/export analysis, pricing analysis, production consumption analysis, and pestle analysis.

Market Definition

Solar vehicles are the type of automotive vehicles that have been equipped and integrated with solar cells that can generate and store electricity for powering up various components inside the vehicle and even help in mobility of the electric vehicles. Solar vehicles do not utilize or depend completely on solar energy for mobility of the vehicle or powering the components inside the vehicles. They are currently only focused as an alternative source of energy.

Report Scope and Market Segmentation

Solar Vehicle Market Dynamics

This section deals with understanding the market drivers, opportunities, restraints and challenges. All of this is discussed in detail as below:

Drivers

• Increase in Government Initiatives

The increase in the initiatives undertaken by the governments to provide subsidies, and financial benefits acts as one of the major factors driving the growth of solar vehicle market. The decline in prices of components utilized in the development and integration of solar vehicles has a positive impact on the market.

• Development of Zero-Emission Vehicles

The rise in investments in research and development activities by OEMs to develop zero-emission vehicles accelerate the market growth. The increase in concern about environmental pollution and surge in in demand for energy-efficient sources as an alternative to fuel and improved vehicle efficiency drives the market further.

• Hybrid Vehicle Sales

The increase in the hybrid vehicle sales across the globe acts as one of the major factors driving the growth of electric vehicle market. The consumer preference is rapidly inclining towards passenger and commercial hybrid vehicles due to the rising environmental consciousness.

Additionally, expansion of the automotive sector, surge in investments and increased disposable income positively affect the solar vehicle market.

Opportunities

Furthermore, presence of EV charging stations powered by solar panels extend profitable opportunities to the market players in the forecast period of 2022 to 2029. Also, use of vehicle-to-grid (V2g) EV charging stations for electric vehicles will further expand the market.

Restraints/Challenges

On the other hand, high cost associated with the vehicle and less operational efficiency of solar vehicles are expected to obstruct market growth. Also, lack of standardization and low efficiency resulting in short distance operation are projected to challenge the solar vehicle market in the forecast period of 2022-2029.

This solar vehicle market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on solar vehicle market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.

COVID-19 Impact on Solar Vehicle Market

The COVID-19 pandemic had a moderate impact on the solar vehicle market owing to the global lockdowns. Due to the incentives from governments, the demand for EVs and related markets increased in 2021. The number of private and public EV chargers is increased top charging station manufacturers and network operators. Government and market key players adopted new safety measures for developing the manufacturing practices. The advancements in the technology escalated the sales rate of the charging as it targeted the right audience. The increase in sales of electric and hybrid vehicles across the globe is expected to further drive the market growth in the post-pandemic scenario.

Global Solar Vehicle Market Scope

The solar vehicle market is segmented on the basis of component, industry trends, charging infrastructure type, vehicle type, solar panel and EV type. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

Component

• Ev Battery Cells and Packs
• On-Board Charger
• Infotainment System
• Instrument Cluster

Industry Trends

• Electric Taxi
• Robo-Taxi
• Light Solar Vehicle
• Battery Swapping
• Electric Autonomous Vehicles

Charging Infrastructure Type

• Normal Charge
• CCS
• Chademo
• Tesla Supercharger

Vehicle Type

• Passenger Cars
• Commercial Vehicles

Solar Panel

• Monocrystalline Solar Panel
• Polycrystalline Solar Panel
• EV Type
• HEV
• BEV
• PHEV

Solar Vehicle Market Regional Analysis/Insights

The solar vehicle market is analyzed and market size insights and trends are provided by country, component, propulsion type, charging station type, class, power train, and vehicle type.

The countries covered in the solar vehicle market report are the U.S., Canada and Mexico in North America, Brazil, Argentina and Rest of South America as part of South America, Germany, Italy, U.K., France, Spain, Netherlands, Belgium, Switzerland, Turkey, Russia, Rest of Europe in Europe, Japan, China, India, South Korea, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC)  in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA).

North America dominates the solar vehicle market because of the introduction of advanced technology along with rising number of research and development activities within the region.

Asia-Pacific (APAC) is expected to witness significant growth during the forecast period of 2022 to 2029 due to the prevalence of incentives in the form of subsidies from the government for the adoption of electric vehicle in the region.

The country section of the report also provides individual market impacting factors and changes in market regulation that impact the current and future trends of the market. Data points such as down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.   

Competitive Landscape and Solar Vehicle Market Share Analysis

The solar vehicle market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to solar vehicle market.

Some of the major players operating in the solar vehicle market are

• Ford Motor Company (US)
• General Motors (US)
• AUDI AG (Germany)
• Kia Motors Corporation (South Korea)
• Groupe Renault (France)
• Groupe PSA (France)
• SAIC Motor Corporation Limited (China)
• Tesla (US)
• Daimler AG (Germany)
• BMW AG (Germany)
• Hyundai Motor Company (South Korea)
• BYD Company Ltd. (China)
• Continental AG (Germany)
• TOYOTA MOTOR CORPORATION (Japan)
• Nissan Motor Co., LTD. (Japan)
• Volkswagen AG (Germany)
• AB Volvo (Sweden)
• Honda Motor Co., Ltd. (Japan)