Market Overview:
The global solar vehicle market reached a value of US$
190.7 Million in 2021. Looking forward, IMARC Group expects the market to reach US$
1,400.3 Million by 2027, exhibiting a CAGR of
40.32% during 2022-2027. Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic. These insights are included in the report as a major market contributor.
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.
Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each sub-segment of the global solar vehicle market, along with forecasts at the global, regional and country level from 2022-2027. Our report has categorized the market based on propulsion type, vehicle type, battery type, solar panel type and charging type.
Breakup by Propulsion Type:
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
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Indonesia
- Others
- Europe
- Germany
- France
- United Kingdom
- Italy
- Spain
- Russia
- Others
- Latin America
- Middle East and Africa
Competitive Landscape:
The competitive landscape of the industry has also been examined with some of the key players being Ford Motor Company, General Motors, Hanergy Thin Film Power Group, JinkoSolar Holding Co., Ltd, Lightyear (Atlas Technologies B.V.), Mahindra & Mahindra, Nissan Motor Co., LTD, Solar Electric Vehicle Company, Sono Motors GmbH, Toyota Motor Corporation, Trina Solar Co.,Ltd, and Volkswagen AG.
Report Coverage:
| Report Features |
Details |
|---|
| Base Year of the Analysis |
2021 |
| Historical Period |
2016-2021 |
| Forecast Period |
2022-2027 |
| Units |
US$ Million |
| Segment Coverage |
Propulsion Type, Vehicle Type, Battery Type, Solar Panel Type, Charging Type, Region |
| Region Covered |
Asia Pacific, Europe, North America, Latin America, Middle East and Africa |
| Countries Covered |
United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico |
| Companies Covered |
Ford Motor Company, General Motors, Hanergy Thin Film Power Group, JinkoSolar Holding Co., Ltd, Lightyear (Atlas Technologies B.V.), Mahindra & Mahindra, Nissan Motor Co., LTD, Solar Electric Vehicle Company, Sono Motors GmbH, Toyota Motor Corporation, Trina Solar Co.,Ltd, and Volkswagen AG |
| Customization Scope |
10% Free Customization |
| Report Price and Purchase Option |
Single User License: US$ 2499
Five User License: US$ 3499
Corporate License: US$ 4499 |
| Post-Sale Analyst Support |
10-12 Weeks |
| Delivery Format |
PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request) |
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?
1 Preface
2 Scope and Methodology
2.1 Objectives of the Study
2.2 Stakeholders
2.3 Data Sources
2.3.1 Primary Sources
2.3.2 Secondary Sources
2.4 Market Estimation
2.4.1 Bottom-Up Approach
2.4.2 Top-Down Approach
2.5 Forecasting Methodology
3 Executive Summary
4 Introduction
4.1 Overview
4.2 Key Industry Trends
5 Global Solar Vehicle Market
5.1 Market Overview
5.2 Market Performance
5.3 Impact of COVID-19
5.4 Market Forecast
6 Market Breakup by Propulsion Type
6.1 BEV
6.1.1 Market Trends
6.1.2 Market Forecast
6.2 HEV
6.2.1 Market Trends
6.2.2 Market Forecast
6.3 PHEV
6.3.1 Market Trends
6.3.2 Market Forecast
7 Market Breakup by Vehicle Type
7.1 Passenger Cars
7.1.1 Market Trends
7.1.2 Market Forecast
7.2 Industrial Utility Vehicles
7.2.1 Market Trends
7.2.2 Market Forecast
7.3 Commercial Vehicles
7.3.1 Market Trends
7.3.2 Major Types
7.3.2.1 Commercial Turf Utility Vehicles
7.3.2.2 Golf Cars
7.3.2.3 Others
7.3.3 Market Forecast
8 Market Breakup by Battery Type
8.1 Lithium-ion
8.1.1 Market Trends
8.1.2 Market Forecast
8.2 Lead-Acid
8.2.1 Market Trends
8.2.2 Market Forecast
8.3 Others
8.3.1 Market Trends
8.3.2 Market Forecast
9 Market Breakup by Solar Panel Type
9.1 Monocrystalline
9.1.1 Market Trends
9.1.2 Market Forecast
9.2 Polycrystalline
9.2.1 Market Trends
9.2.2 Market Forecast
10 Market Breakup by Charging Type
10.1 Slow Charging
10.1.1 Market Trends
10.1.2 Market Forecast
10.2 Fast Charging
10.2.1 Market Trends
10.2.2 Market Forecast
11 Market Breakup by Region
11.1 North America
11.1.1 United States
11.1.1.1 Market Trends
11.1.1.2 Market Forecast
11.1.2 Canada
11.1.2.1 Market Trends
11.1.2.2 Market Forecast
11.2 Asia Pacific
11.2.1 China
11.2.1.1 Market Trends
11.2.1.2 Market Forecast
11.2.2 Japan
11.2.2.1 Market Trends
11.2.2.2 Market Forecast
11.2.3 India
11.2.3.1 Market Trends
11.2.3.2 Market Forecast
11.2.4 South Korea
11.2.4.1 Market Trends
11.2.4.2 Market Forecast
11.2.5 Australia
11.2.5.1 Market Trends
11.2.5.2 Market Forecast
11.2.6 Indonesia
11.2.6.1 Market Trends
11.2.6.2 Market Forecast
11.2.7 Others
11.2.7.1 Market Trends
11.2.7.2 Market Forecast
11.3 Europe
11.3.1 Germany
11.3.1.1 Market Trends
11.3.1.2 Market Forecast
11.3.2 France
11.3.2.1 Market Trends
11.3.2.2 Market Forecast
11.3.3 United Kingdom
11.3.3.1 Market Trends
11.3.3.2 Market Forecast
11.3.4 Italy
11.3.4.1 Market Trends
11.3.4.2 Market Forecast
11.3.5 Spain
11.3.5.1 Market Trends
11.3.5.2 Market Forecast
11.3.6 Russia
11.3.6.1 Market Trends
11.3.6.2 Market Forecast
11.3.7 Others
11.3.7.1 Market Trends
11.3.7.2 Market Forecast
11.4 Latin America
11.4.1 Brazil
11.4.1.1 Market Trends
11.4.1.2 Market Forecast
11.4.2 Mexico
11.4.2.1 Market Trends
11.4.2.2 Market Forecast
11.4.3 Others
11.4.3.1 Market Trends
11.4.3.2 Market Forecast
11.5 Middle East and Africa
11.5.1 Market Trends
11.5.2 Market Breakup by Country
11.5.3 Market Forecast
12 SWOT Analysis
12.1 Overview
12.2 Strengths
12.3 Weaknesses
12.4 Opportunities
12.5 Threats
13 Value Chain Analysis
13.1 Overview
13.2 Inbound Logistics
13.3 Operations
13.4 Outbound Logistics
13.5 Marketing and Sales
13.6 Post Sales Services
14 Porters Five Forces Analysis
14.1 Overview
14.2 Bargaining Power of Buyers
14.3 Bargaining Power of Suppliers
14.4 Degree of Competition
14.5 Threat of New Entrants
14.6 Threat of Substitutes
15 Price Indicators
15.1 Key Price Indicators
15.2 Price Structure
15.3 Price Trends
16 Competitive Landscape
16.1 Market Structure
16.2 Key Players
16.3 Profiles of Key Players
16.3.1 Ford Motor Company
16.3.1.1 Company Overview
16.3.1.2 Product Portfolio
16.3.1.3 Financials
16.3.1.4 SWOT Analysis
16.3.2 General Motors
16.3.2.1 Company Overview
16.3.2.2 Product Portfolio
16.3.2.3 Financials
16.3.2.4 SWOT Analysis
16.3.3 Hanergy Thin Film Power Group
16.3.3.1 Company Overview
16.3.3.2 Product Portfolio
16.3.4 JinkoSolar Holding Co., Ltd
16.3.4.1 Company Overview
16.3.4.2 Product Portfolio
16.3.5 Lightyear (Atlas Technologies B.V.)
16.3.5.1 Company Overview
16.3.5.2 Product Portfolio
16.3.6 Mahindra & Mahindra
16.3.6.1 Company Overview
16.3.6.2 Product Portfolio
16.3.7 Nissan Motor Co., LTD
16.3.7.1 Company Overview
16.3.7.2 Product Portfolio
16.3.7.3 Financials
16.3.7.4 SWOT Analysis
16.3.8 Solar Electric Vehicle Company
16.3.8.1 Company Overview
16.3.8.2 Product Portfolio
16.3.9 Sono Motors GmbH
16.3.9.1 Company Overview
16.3.9.2 Product Portfolio
16.3.9.3 Financials
16.3.10 Toyota Motor Corporation
16.3.10.1 Company Overview
16.3.10.2 Product Portfolio
16.3.11 Trina Solar Co.,Ltd
16.3.11.1 Company Overview
16.3.11.2 Product Portfolio
16.3.12 Volkswagen AG
16.3.12.1 Company Overview
16.3.12.2 Product Portfolio
List of Figures
Figure 1: Global: Solar Vehicle Market: Major Drivers and Challenges
Figure 2: Global: Solar Vehicle Market: Sales Value (in Million US$), 2016-2021
Figure 3: Global: Solar Vehicle Market: Breakup by Propulsion Type (in %), 2021
Figure 4: Global: Solar Vehicle Market: Breakup by Vehicle Type (in %), 2021
Figure 5: Global: Solar Vehicle Market: Breakup by Battery Type (in %), 2021
Figure 6: Global: Solar Vehicle Market: Breakup by Solar Panel Type (in %), 2021
Figure 7: Global: Solar Vehicle Market: Breakup by Charging Type (in %), 2021
Figure 8: Global: Solar Vehicle Market: Breakup by Region (in %), 2021
Figure 9: Global: Solar Vehicle Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 10: Global: Solar Vehicle (BEV) Market: Sales Value (in Million US$), 2016 & 2021
Figure 11: Global: Solar Vehicle (BEV) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 12: Global: Solar Vehicle (HEV) Market: Sales Value (in Million US$), 2016 & 2021
Figure 13: Global: Solar Vehicle (HEV) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 14: Global: Solar Vehicle (PHEV) Market: Sales Value (in Million US$), 2016 & 2021
Figure 15: Global: Solar Vehicle (PHEV) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 16: Global: Solar Vehicle (Passenger Cars) Market: Sales Value (in Million US$), 2016 & 2021
Figure 17: Global: Solar Vehicle (Passenger Cars) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 18: Global: Solar Vehicle (Industrial Utility Vehicles) Market: Sales Value (in Million US$), 2016 & 2021
Figure 19: Global: Solar Vehicle (Industrial Utility Vehicles) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 20: Global: Solar Vehicle (Commercial Vehicles) Market: Sales Value (in Million US$), 2016 & 2021
Figure 21: Global: Solar Vehicle (Commercial Vehicles) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 22: Global: Solar Vehicle (Lithium-ion) Market: Sales Value (in Million US$), 2016 & 2021
Figure 23: Global: Solar Vehicle (Lithium-ion) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 24: Global: Solar Vehicle (Lead-Acid) Market: Sales Value (in Million US$), 2016 & 2021
Figure 25: Global: Solar Vehicle (Lead-Acid) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 26: Global: Solar Vehicle (Others) Market: Sales Value (in Million US$), 2016 & 2021
Figure 27: Global: Solar Vehicle (Others) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 28: Global: Solar Vehicle (Monocrystalline) Market: Sales Value (in Million US$), 2016 & 2021
Figure 29: Global: Solar Vehicle (Monocrystalline) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 30: Global: Solar Vehicle (Polycrystalline) Market: Sales Value (in Million US$), 2016 & 2021
Figure 31: Global: Solar Vehicle (Polycrystalline) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 32: Global: Solar Vehicle (Slow Charging) Market: Sales Value (in Million US$), 2016 & 2021
Figure 33: Global: Solar Vehicle (Slow Charging) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 34: Global: Solar Vehicle (Fast Charging) Market: Sales Value (in Million US$), 2016 & 2021
Figure 35: Global: Solar Vehicle (Fast Charging) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 36: North America: Solar Vehicle Market: Sales Value (in Million US$), 2016 & 2021
Figure 37: North America: Solar Vehicle Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 38: United States: Solar Vehicle Market: Sales Value (in Million US$), 2016 & 2021
Figure 39: United States: Solar Vehicle Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 40: Canada: Solar Vehicle Market: Sales Value (in Million US$), 2016 & 2021
Figure 41: Canada: Solar Vehicle Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 42: Asia Pacific: Solar Vehicle Market: Sales Value (in Million US$), 2016 & 2021
Figure 43: Asia Pacific: Solar Vehicle Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 44: China: Solar Vehicle Market: Sales Value (in Million US$), 2016 & 2021
Figure 45: China: Solar Vehicle Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 46: Japan: Solar Vehicle Market: Sales Value (in Million US$), 2016 & 2021
Figure 47: Japan: Solar Vehicle Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 48: India: Solar Vehicle Market: Sales Value (in Million US$), 2016 & 2021
Figure 49: India: Solar Vehicle Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 50: South Korea: Solar Vehicle Market: Sales Value (in Million US$), 2016 & 2021
Figure 51: South Korea: Solar Vehicle Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 52: Australia: Solar Vehicle Market: Sales Value (in Million US$), 2016 & 2021
Figure 53: Australia: Solar Vehicle Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 54: Indonesia: Solar Vehicle Market: Sales Value (in Million US$), 2016 & 2021
Figure 55: Indonesia: Solar Vehicle Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 56: Others: Solar Vehicle Market: Sales Value (in Million US$), 2016 & 2021
Figure 57: Others: Solar Vehicle Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 58: Europe: Solar Vehicle Market: Sales Value (in Million US$), 2016 & 2021
Figure 59: Europe: Solar Vehicle Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 60: Germany: Solar Vehicle Market: Sales Value (in Million US$), 2016 & 2021
Figure 61: Germany: Solar Vehicle Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 62: France: Solar Vehicle Market: Sales Value (in Million US$), 2016 & 2021
Figure 63: France: Solar Vehicle Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 64: United Kingdom: Solar Vehicle Market: Sales Value (in Million US$), 2016 & 2021
Figure 65: United Kingdom: Solar Vehicle Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 66: Italy: Solar Vehicle Market: Sales Value (in Million US$), 2016 & 2021
Figure 67: Italy: Solar Vehicle Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 68: Spain: Solar Vehicle Market: Sales Value (in Million US$), 2016 & 2021
Figure 69: Spain: Solar Vehicle Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 70: Russia: Solar Vehicle Market: Sales Value (in Million US$), 2016 & 2021
Figure 71: Russia: Solar Vehicle Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 72: Others: Solar Vehicle Market: Sales Value (in Million US$), 2016 & 2021
Figure 73: Others: Solar Vehicle Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 74: Latin America: Solar Vehicle Market: Sales Value (in Million US$), 2016 & 2021
Figure 75: Latin America: Solar Vehicle Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 76: Brazil: Solar Vehicle Market: Sales Value (in Million US$), 2016 & 2021
Figure 77: Brazil: Solar Vehicle Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 78: Mexico: Solar Vehicle Market: Sales Value (in Million US$), 2016 & 2021
Figure 79: Mexico: Solar Vehicle Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 80: Others: Solar Vehicle Market: Sales Value (in Million US$), 2016 & 2021
Figure 81: Others: Solar Vehicle Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 82: Middle East and Africa: Solar Vehicle Market: Sales Value (in Million US$), 2016 & 2021
Figure 83: Middle East and Africa: Solar Vehicle Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 84: Global: Solar Vehicle Industry: SWOT Analysis
Figure 85: Global: Solar Vehicle Industry: Value Chain Analysis
Figure 86: Global: Solar Vehicle Industry: Porter’s Five Forces Analysis
List of Tables
Table 1: Global: Solar Vehicle Market: Key Industry Highlights, 2021 and 2027
Table 2: Global: Solar Vehicle Market Forecast: Breakup by Propulsion Type (in Million US$), 2022-2027
Table 3: Global: Solar Vehicle Market Forecast: Breakup by Vehicle Type (in Million US$), 2022-2027
Table 4: Global: Solar Vehicle Market Forecast: Breakup by Battery Type (in Million US$), 2022-2027
Table 5: Global: Solar Vehicle Market Forecast: Breakup by Solar Panel Type (in Million US$), 2022-2027
Table 6: Global: Solar Vehicle Market Forecast: Breakup by Charging Type (in Million US$), 2022-2027
Table 7: Global: Solar Vehicle Market Forecast: Breakup by Region (in Million US$), 2022-2027
Table 8: Global: Solar Vehicle Market: Competitive Structure
Table 9: Global: Solar Vehicle Market: Key Players