Solar Vehicle Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026

Solar Vehicle Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026

  • June 2021 •
  • 144 pages •
  • Report ID: 5889826 •
  • Format: PDF
The global solar vehicle market reached a value of US$ 185 Million in 2020.

Solar vehicles can be defined as electric automobiles that run on solar energy by using photovoltaic (PV) cells to convert energy from sunlight to electricity. These vehicles have either monocrystalline or polycrystalline panels and are available in two kinds: hybrid and electric. The hybrid variants run on an internal combustion engine (ICE) and an electric motor. Whereas, the electric variants run only on electric motors and store power in rechargeable batteries. These solar-powered vehicles are highly cost-effective and aid in minimizing both environmental and noise pollution.

Growing environmental consciousness across the globe is one of the primary factors driving the market growth. Governments of both developed and emerging economies are increasingly focusing on efforts and undertaking initiatives to minimize vehicular pollution. Consequently, automobile manufacturers are emphasizing on developing sustainable vehicles that reduce the overall dependence on fossil fuels and can operate on clean and renewable sources of energy. Furthermore, the widespread adoption of electric vehicles (EVs) is also providing a boost to the market growth. Additionally, various technological advancements, including the development of automated solar sunroofs that can minimize the time required for charging the vehicle, are also creating a positive outlook for the market growth. Other factors, including the rising demand for fuel-efficient automobiles and research and development (R&D) activities for developing innovative technologies to harness solar energy, are projected to drive the market further. Looking forward, the analyst expects the global solar vehicle market to grow at a CAGR of around 35% during the forecast period (2021-2026).

Breakup by Propulsion Type:
BEV
HEV
PHEV

Breakup by Vehicle Type:
Passenger Cars
Industrial Utility Vehicles
Commercial Vehicles
Commercial Turf Utility Vehicles
Golf Cars
Others

Breakup by Battery Type:
Lithium-ion
Lead-Acid
Others

Breakup by Solar Panel Type:
Monocrystalline
Polycrystalline

Breakup by Charging Type:
Slow Charging
Fast Charging

Breakup by Region:
North America
United States
Canada
Asia Pacific
China
Japan
India
South Korea
Australia
Indonesia
Others
Europe
Germany
France
United Kingdom
Italy
Spain
Russia
Others
Latin America
Brazil
Mexico
Others
Middle East and Africa

Competitive Landscape:
The competitive landscape of the industry has also been examined with some of the key players being Ford, General Motors, Hanergy Thin Film Power Group, Jinko Solar, Lightyear (Atlas Technologies B.V.), Mahindra & Mahindra, Nissan, Solar Electric Vehicle Company, Sono Motors, Toyota, Trina Solar, Volkswagen Ltd., etc.

Key Questions Answered in This Report:
How has the global solar vehicle market performed so far and how will it perform in the coming years?
What are the key regional markets?
What has been the impact of COVID-19 on the global solar vehicle market?
What is the breakup of the market based on the propulsion type?
What is the breakup of the market based on the vehicle type?
What is the breakup of the market based on the battery type?
What is the breakup of the market based on the solar panel type?
What is the breakup of the market based on the charging type?
What are the various stages in the value chain of the industry?
What are the key driving factors and challenges in the industry?
What is the structure of the global solar vehicle market and who are the key players?
What is the degree of competition in the industry?