Global Solar Vehicle Market to Grow at 34.1% During 2024-2032, Spurred by Increasing Need for Sustainable Automobiles

May 28, 2020 | Automotive Industry

According to the latest report by IMARC Group, titled "Solar Vehicle Market Report by Propulsion Type (BEV, HEV, PHEV), Vehicle Type (Passenger Cars, Commercial Vehicles), Battery Type (Lithium-ion, Lead-Acid, and Others), Solar Panel Type (Monocrystalline, Polycrystalline), Charging Type (Slow Charging, Fast Charging), and Region 2024-2032," the global solar vehicle market is expected to exhibit a CAGR of 34.1% during 2024-2032. Solar vehicles refer to electric automobiles that are powered by solar energy. They comprise solar panels, made up of numerous photovoltaic (PV) cells, that are mounted on the roof or exterior of the vehicle. The panels utilize sunlight to produce electricity, which is stored in surplus amounts to be further utilized for charging the batteries present in the vehicles. This aids the automobiles to function smoothly, even in the absence of direct sunlight. They do not require fuel to run, which significantly reduces the overall cost associated with their usage while lowering the maintenance charges.

Global Solar Vehicle Market Trends:

The market is primarily driven by the growing concerns pertaining to the rising pollution levels across the globe. This has created an increasing need for energy-efficient vehicles that do not contribute to vehicular emissions. Consequently, manufacturers are now focusing on the development of sustainable automobiles that utilize renewable sources of energy for propulsion. This, along with continual technological advancements in the automotive sector, is providing a boost to the demand for solar vehicles. It is further supported by the stringent environmental regulations implemented by the governments of several countries to reduce air and noise pollution levels. Apart from this, the rising trend of solar car racing is acting as a major growth-inducing factor. This has not only contributed to an increase in the uptake of these vehicles but has also resulted in extensive research and development (R&D) activities conducted by students and academic professionals to develop efficient models with better functionalities. Reduced prices of solar panels are acting as another major growth-inducing factor. 

Market Summary:

  • On the basis of the propulsion type, the market has been divided into battery electric vehicle (BEV), hybrid electric vehicle (HEV) and plug-in hybrid electric vehicle (PHEV).
  • Based on the vehicle type, the market has been classified into passenger cars, and commercial vehicles.
  • On the basis of the battery type, the market has been categorized into lithium-ion, lead-acid and others.
  • Based on the solar panel type, the market has been bifurcated into monocrystalline and polycrystalline.
  • On the basis of the charging type, the market has been segmented into slow charging and fast charging.
  • On the geographical front, the market has been segregated into North America, Europe, Asia-Pacific, and Rest of the World.
  • The competitive landscape of the market has been studied with the detailed profiles of the key players operating in the market. Some of these players include Ford Motor Company, General Motors Company, Hanergy Thin Film Power EME B.V., Jinko Solar, Lightyear, Mahindra & Mahindra Limited, Nissan Motor Company Ltd, Toyota Motor Corporation, and Volkswagen AG.

Report Coverage:

Report Features Details
Base Year of the Analysis 2023
Historical Period 2018-2023
Forecast Period 2024-2032
Units US$ Million
Segment Coverage Propulsion Type, Vehicle Type, Battery Type, Solar Panel Type, Charging Type, Region
Region Covered North America, Europe, Asia Pacific, Rest of the World
Companies Covered Ford Motor Company, General Motors Company, Hanergy Thin Film Power EME B.V., Jinko Solar, Lightyear, Mahindra & Mahindra Limited, Nissan Motor Company Ltd, Toyota Motor Corporation, and Volkswagen AG
Customization Scope 10% Free Customization
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Global Solar Vehicle Market to Grow at 34.1% During 2024-2032, Spurred by Increasing Need for Sustainable Automobiles
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