Solar Powered Electric Vehicle Market – Global Industry Analysis and Forecast (2023-2029)

Solar Powered Electric Vehicle Market reached a value of US $ 337.16 Mn. in 2022. Global Solar Powered Electric Vehicle Market size is estimated to grow at a CAGR of 35%. The market is expected to reach a value of US $ 2755.34 Mn. in 2029.
Solar Powered Electric Vehicle Market Overview:
Solar vehicles are electric vehicles that use solar energy as a sort of fuel to propel themselves. Photovoltaic cells are put in the solar panels of solar vehicles and are responsible for converting solar energy to electrical energy, which is stored directly in the vehicle's battery. Silicon is used to make these solar panels, which absorb heat converter it to electricity. The demand for solar vehicles has increased as a result of the growing use of cutting-edge vehicle technology, resulting in the global growth of the solar vehicle market.

Solar-Powered vehicles rely on the sun's emitted solar energy to operate. Due to increased government measures to encourage sustainable and environmentally friendly transportation ideas and rising demand for automobiles that embrace a green philosophy, the global market for solar-Powered vehicles has seen extraordinary growth. According to the US Environmental Protection Agency (EPA), a typical passenger vehicle emits roughly 4.6 metric tonnes of carbon dioxide per year, degrading environmental quality. The demand for environmentally friendly automobiles has risen in response to the growing environmental problem.To know about the Research Methodology :- Request Free Sample Report
Solar Powered Electric Vehicle Market Dynamics:
A major driver that is expected to drive the solar-Powered electric vehicle market during the forecast period is growing concerned about carbon emissions by the global regulatory organizations. The answer to environmental degradation and energy problems is a solar-Powered electric car. When compared to fuel cars, it makes the vehicle more efficient and cost-effective. All types of conventional fuels are nearing exhaustion, which is expected to contribute to an increase in demand for solar-Powered electric vehicles over the forecast period. Lightyear, a company best known for producing a costly solar automobile, has announced the launch of its second vehicle, a $34,000 solar electric car.

It also helps car owners in complying with state requirements governing fuel system emissions. Solar-Powered electric vehicles have a number of advantages, including minimal pollution, low maintenance, and convenience of charging noise-free operation, and better vehicle economy, all of which are projected to benefit the market during the projection period. The greatest alternative is a solar-Powered electric car, which provides the most comprehensive solution to the current issue of urban pollution in a simple, cost-effective, and non-offensive manner. Because solar energy is directly dependent on the Sun's beams, which provide energy to the entire vehicle, changes in weather are likely to limit solar energy's Powered. This is expected to limit the market for solar-Powered electric vehicles.

The growing popularity of self-charging automobiles has resulted in the development of the solar car market, which has aided the expansion of the solar vehicle business. Solar vehicle producers have been able to offer solar cars and solar commercial vehicles due to rising consumer income and demand for emission-free vehicles. The solar car market relies on photovoltaic cells to charge the battery. These photovoltaic cells convert sunlight into electricity, which is used in the solar vehicle market for propulsion. Additionally, as the number of electric vehicle sales rises, solar cars will serve as range extenders, driving up demand for solar cars and solar commercial vehicles.

Rapid industrialization and the installation of solar-based electric car charging stations are two potentials in the worldwide solar-Powered vehicle market arena. Such chances must be taken advantage of by market participants in order for the notion of solar-Powered automobiles to gain more recognition and acceptance around the world. There's also the possibility of integrating new technologies to improve existing battery and hybrid electric car technology. The lack of industry standardization, the high cost of developing solar-Powered vehicles, and the substantial energy loss during transmission are some of the problems in the global market setting. These difficulties add to the complexity of the current solar-Powered car business. Such obstacles may limit market growth during the forecasted period.
Solar Powered Electric Vehicle Market Segment Analysis:
Based on Battery type, the market is sub-segmented into Lithium-ion battery, Lead ion battery, and Lead carbon. In comparison to lead-based and other battery types, lithium-ion batteries are widely utilized due to their high charging-discharging efficiency, high charge density, and lightweight. By 2029, the segment is expected to hold, with a market share of over 90%. Lithium-ion batteries are needed because they give a greater performance, less maintenance, and are environmentally benign, which is why they are most commonly used in solar-Powered cars and are likely to see large sales in the forecast period.

Based on Solar panels, the market is sub-segmented into Monocrystalline and Polycrystalline. Monocrystalline solar cells are the most popular type, it is expected to hold 85% of the market share by 2029. Because the cell is made up of a single crystal, the electrons that generate an electric current have more room to travel about. Monocrystalline solar cells are therefore more efficient than other forms of solar cells, and their market is expected to grow in the forecast period.
Solar Powered Electric Vehicle Market Regional Insights:
According to MMR, Europe will continue to be one of the most appealing markets during the forecast period. According to the report, the Netherlands expected to hold more than 35% of the European market in 2029. Also, the Netherlands continues to be one of the world's major markets for renewable energy transportation and e-mobility, making it a lucrative market for solar vehicle makers. Moreover, rising worries about carbon impact, an increasing global population, and increased traffic in Europe will propel the market forward.

Over the forecast period, demand in the Americas is expected to grow at a CAGR of 13%. The e-mobility business in the Americas is supported by a well-developed infrastructure and is heavily subsidized by governments. It's unsurprising that the United States has the highest level of spending in the Americas. According to the survey, the United States is a key market for solar cars and is expected to remain so in the future. Moreover, rising research efforts, the presence of numerous significant firms, and expanding pipelines are offering appealing chances for solar-Powered vehicle producers in the country.

South Korea is one of the fastest-growing markets for solar-Powered vehicles. It held market share of over 28% in the Asia Pacific by 2022. To maximize the potential of its manufacturing process, South Korea has been rapidly integrating modern digital technology in manufacturing. Furthermore, increased investment R&D efforts and growing growth in solar cell technology, such as increases in solar cell and battery technology efficiency, are expected to have a good impact on the country. South Korea is expected to become a lucrative market for solar-Powered car suppliers in the coming years, thanks to rising infrastructure and population, as well as altering economic policies in terms of pollution limits.

The objective of the report is to present a comprehensive analysis of the Solar Powered Electric Vehicle Market to the stakeholders in the industry. The past and current status of the industry with the forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that include market leaders, followers, and new entrants.
PORTER, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers.

The reports also help understand the Solar Powered Electric Vehicle Market dynamic and structure by analyzing the market segments and projecting the Solar Powered Electric Vehicle Market size. Clear representation of competitive analysis of key players by product, price, financial position, product portfolio, growth strategies, and regional presence in the Solar Powered Electric Vehicle Market make the report investor’s guide.
Solar Powered Electric Vehicle Market Scope: Inquiry Before Buying 



Global Solar Powered Electric Vehicle Market


Report Coverage
Details


Base Year:
2022
Forecast Period:
2023-2029


Historical Data:
2017 to 2022
Market Size in 2022:
US $ 337.16 Mn.


Forecast Period 2023 to 2029 CAGR:
35%
Market Size in 2029:
US $ 2755.34 Mn.


 Segments Covered:
by Battery type
• Lithium-ion battery
• Lead-ion battery
• Lead carbon


by Electric vehicle
• Hybrid electric vehicle
• Plug-in hybrid electric vehicle
• Battery electric vehicle


by Solar panel
• Monocrystalline
• Polycrystalline



Solar Powered Electric Vehicle Market, by Region
• North America (United States, Canada and Mexico)
• Europe (UK, France, Germany, Italy, Spain, Sweden, Austria and Rest of Europe)
• Asia Pacific (China, South Korea, Japan, India, Australia, Indonesia, Malaysia, Vietnam, Taiwan, Bangladesh, Pakistan and Rest of APAC)
• Middle East and Africa (South Africa, GCC, Egypt, Nigeria and Rest of ME&A)
• South America (Brazil, Argentina Rest of South America)
Solar Powered Electric Vehicle Market Key Players
• Toyota Motor Corporation
• Volkswagen AG
• Ford Motor Company
• EVX Pty Ltd.
• Cruise Car
• Nissan Motor Corporation
• Mahindra & Mahindra
• Renault Zoe
• Venturi
• Sono motors
• Hanergy Thin Film Powered Group
• Kia Soul EV
• Solar Electric Vehicle Company
• Alke
• Lightyear
• Hyundai Motor Company

Frequently Asked Questions:

1] What segments are covered in the Solar Powered Electric Vehicle Market report?
Ans. The segments covered in the Solar Powered Electric Vehicle Market report are based on Battery type, Electric vehicle, and Solar panel.

2] Which region is expected to hold the highest share in the Solar Powered Electric Vehicle Market?
Ans. The European region is expected to hold the highest share in the Solar Powered Electric Vehicle Market.

3] What is the market size of the Solar Powered Electric Vehicle Market by 2029?
Ans. The market size of the Solar Powered Electric Vehicle Market by 2029 is the US $ 2755.34 Mn.

4] What is the forecast period for the Solar Powered Electric Vehicle Market?
Ans. The Forecast period for the Solar Powered Electric Vehicle Market is 2023-2029.

5] What was the market size of the Solar Powered Electric Vehicle Market in 2022?
Ans. The market size of the Solar Powered Electric Vehicle Market 2022 was US $ 337.16 Mn.