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.
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.
By Battery Type
Lead carbon is projected as the most lucrative segments
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.
By Solar Panel
Polycrystalline is projected as the most lucrative segments
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.
By Electric Vehicle Type
BEV is projected as the most lucrative segments
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.
By Vehice Type
Commercial vehicle is projected as the most lucrative segments
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.
By Region
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.
Solar Vehicle Market Report Highlights
| Aspects | Details |
 By Vehicle Type |
|
 By ELECTRIC VEHICLE TYPE |
|
 By BATTERY TYPE |
|
 By Solar Panel |
|
 By Region |
|
 Key Market Players | Hanergy Thin Film Power Group, Hyundai Motor Company, Lightyear, Solar Electric Vehicle Company, Volkswagen AG, Toyota Motor Corporation, Alke, Mahindra & Mahindra, Sono Motors, Ford |
Analyst Review
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.
Solar vehicle industry has registered negative impact due to COVID-19 due to unavailability of required components to be installed in vehicles. Post COVID, the market is expected to see a lucrative growth owing to the increased demand for ecofriendly fuels for vehicles which eventually leads to the growth of the market.
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