Solar Vehicle Market: Global Industry Analysis and Forecast (2022-2029)

Solar Vehicle Market size was valued at US$ 220.99 Mn. in 2021 and the total revenue is expected to grow at 7.8 % through 2022 to 2029, Solar Vehicle Market is reaching nearly US$ 403.01 Mn. by 2029.
Solar Vehicle Market Overview:
Solar vehicles are electric vehicles that use solar energy as a type of fuel to propel themself. 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 absorbs heat and converts 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.



To know about the Research Methodology :- Request Free Sample Report
Global Solar Vehicle Market Dynamics:
The growing popularity of self-charging automobiles has resulted in the development of the solar Vehicle market, which has aided the growth of the solar vehicle market. Solar vehicle producers have been able to offer solar Vehicles and solar commercial vehicles due to rising consumer income and demand for emission-free vehicles. The solar Vehicle 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 Vehicles will serve as range extenders, driving up demand for solar Vehicles and solar commercial vehicles.

The widespread adoption of electric vehicles has increased the demand for more advanced and efficient charging systems to be installed in them in order to address the issue of fast discharging of electric vehicles during operations. The lack of sufficient infrastructure for charging vehicles over longer distances has prepared the door for the installation of solar panels in vehicles, which has aided the growth of the solar vehicle market.

The growing trend toward vehicle automation has compelled automakers to employ technology that are less harmful to the environment. Emissions from vehicles' internal combustion engines impair the environment to a far greater level, as the tailpipes of the vehicles generate chlorofluorocarbons and other toxic substances that pollute the ecosystem. As a result of the introduction of solar vehicles, the usage of internal combustion engines in automobiles is predicted to decrease significantly, resulting in reduced pollution. As a result, rising environmental concerns are expected to strengthen the market for solar vehicles in the forecast period.

The major source of ignition in automobiles is crude oil, which is extracted and processed into diesel and petrol. Oil costs have risen at an alarming rate in recent decades, making it impossible for low- and middle-income consumers to afford. As oil prices have risen, users have been advised to switch to more energy-efficient vehicles, which lower the overall cost per kilometer driven. This is expected to promote demand for solar vehicles in comparison to gasoline-powered vehicles, supporting the solar vehicle market's growth over the forecast period.

Companies to watch:

• Light-year one – light year one is Dutch manufacturing company Light-year One will have a range of 450 miles (725 kilometers) because to its built-in battery, according to the business. The car's five square meters of solar panels, which are installed on the roof and hood, are the source of power. Solar panels may charge the car's battery at a rate of up to 12 kilometers per hour. According to Light-year, the solar cells in the car are 20% more efficient than standard vehicles, and they are protected from damage by safety glass. The 'Climate Change Innovator Award' was recently given to Light-year one's concept. In 2019, the first ten Light-year One automobiles are expected to enter the roads. Until recently, solar-powered cars were not considered a viable option.

• Toyota Prius - The car's solar panels power an air ventilation system that runs on an air circulation fan without the help of the engine. This technology allows the fan to run even when the car is turned off, keeping the vehicle cool and reducing the consumption of air conditioning when parked. Due to the restricted space on a car's outside surface, a solar-powered car is still a long way off. Imagine how much electricity is required to power an engine if a sunroof covered in panels is required to power a ventilation fan. The solar panels have no effect on the Prius' speed, which varies depending on the model selected.

• Hyundai Sonata - Hyundai said in August of this year that a hybrid version of the Sonata with integrated solar panels would be released. This car will only be available in South Korea at first. The company intends to deploy the vehicle in North America later. According to Hyundai, solar panel technology can charge 30 to 60% of a car's battery. In the next years, the business aims to add solar cells to other vehicles in their inventory. In addition, the solar panels have no effect on the distance covered by the Prius.

Global Solar Vehicle Market Segment Analysis: the Solar Vehicle Market is segmented into Vehicle type, Battery type, and Solar panel and Charging station.

Based on battery type, the market is sub-segmented into lithium-ion battery, lead acid battery and lead carbon battery. The lithium ion sector is likely to have the largest market share of the worldwide solar vehicle market in 2021, accounting for more than half of the total share, and is expected to maintain its lead by 2029. This is owing to the long-lasting nature of these batteries. However, from 2022 to 2029, the lead carbon segment is expected to grow at the fastest rate of 45.7 %.

Based on Vehicle type, the market is sub-segmented into Passenger car and Commercial vehicle. The market for solar-powered vehicles is controlled by passenger cars. Many automakers are showing off concept cars and prototypes that will go into production shortly. The 'Light-year One,' a solar electric car with panels on the top and bonnet that charge the vehicle, was designed by Light-year, a Dutch startup.

By 2021, the automobile is scheduled to be in production, with a starting price of roughly USD 149,000. Sono Motors, a German startup, has unveiled the design of its Sion solar electric car, which can be charged by the grid or sun cells. The car will be manufactured by the end of 2022, according to the business. Hyundai has unveiled a variant of its 2021 Hyundai Sonata Hybrid sedan with solar film placed on the roof to assist with battery charging. In addition, if the solar roof is used for 6 hours a day, 60 percent of the entire electricity for the car's battery can be collected. This energy can propel the car for about 1,300 kilometers (800 miles) per year.


Global Solar Vehicle Market Regional Analysis:
In terms of revenue, North America will have the largest market share, accounting for more than two-fifths of the global market in 2023, and is predicted to maintain its dominance throughout the forecast period. This is due to increased R&D activity and manufacturer spending in developing and supplying emission-free vehicles. However, due to supporting government policies for utilizing low-emission vehicles and manufacturing of electric vehicles by European manufacturers, Europe is expected to have the highest CAGR of 46.3 % from 2022 to 2029.

Asia Pacific is expected to account for a significant share in the market for solar vehicles. This can be attributed to the prevalence of summers and the availability of around 300 days of sunlight during the year. Additionally, governments across the region are focusing on offering a wide range of spurs and schemes to promote vehicles powered by alternative sources of fuel. The presence of some automobile manufacturers focusing on launching multiple vehicles at diversified price range further accelerates the solar vehicle market demand over the projected timeframe.
The objective of the report is to present a comprehensive analysis of the global Solar 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 report also helps in understanding the global Solar Vehicle Market dynamics, structure by analyzing the market segments and project the global Solar 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 global Solar Vehicle Market make the report investor’s guide.
Global Solar Vehicle Market Scope: Inquire before buying



Global Solar Vehicle Market


Report Coverage
Details


Base Year:
2021
Forecast Period:
2022-2029


Historical Data:
2017 to 2021
Market Size in 2021:
US $ 220.99 Mn.


Forecast Period 2022 to 2029 CAGR:
7.8%
Market Size in 2029:
US $ 403.01 Mn.


 Segments Covered:
by Vehicle Type
• Passenger Car
• Commercial Vehicle


by Battery
• Lithium-Ion Battery
• Lead-Acid
• Lead Carbon


by Solar panel
• Monocrystalline Solar Panel
• Polycrystalline Solar Panel


by Charging station
• Residential
• Commercial



Global Solar Vehicle Market, by Region
• North America
• Europe
• Asia Pacific
• Middle East and Africa
• South America
Global Solar Vehicle Market Key Players
• Volkswagen
• Toyota
• Ford
• Mahindra & Mahindra
• Nissan
• General Motors
• Sono Motors
• Hanergy Thin Film Power Group
• Cruise Car
• Solar Electric Vehicle Company
• Jinko Solar
• Trina Solar
• Light-year
• Alke
• Hyundai Motor Company
• Daimler AG
• Panasonic Corporation
• ZF Friedrichshafen AG
• AB Volvo
• BYD Company Ltd
• Continental AG
• Tesla

Frequently Asked Questions:

1) What was the market size of Global Solar Vehicle Market markets in 2021?
Ans - Global Global Solar Vehicle Market was worth US$ 220.99 Mn. in 2021.

2) What is the market segment of the Solar Vehicle Market?
Ans -The market segments are based on Vehicle type, battery, solar panel and charging station.

3) What is the forecast period considered for Global Solar Vehicle Market?
Ans -The forecast period for Global Solar Vehicle Market is 2022 to 2029.

4) What is the market size of Global Solar Vehicle Market markets in 2029?
Ans – Global Solar Vehicle Market is estimated as worth US$ 403.01 Mn.

5) Which region is dominated in Global Solar Vehicle Market?
Ans -In 2021, the North America region dominated the Global Solar Vehicle Market.