Solar Vehicle Market

The global solar vehicle market is currently witnessing robust growth. 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. Looking forward, IMARC Group expects the market to register a CAGR of more than 30% during 2020-2025.

Breakup by Propulsion Type:

• BEV
• HEV
• PHEV
   

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
  • United States
  • Canada
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Indonesia
  • Others
• Europe
  • Germany
  • France
  • United Kingdom
  • Italy
  • Spain
  • Russia
  • Others
• Latin America
  • Brazil
  • Mexico
  • Others
• Middle East and Africa
   

Competitive Landscape:

The competitive landscape of the industry has also been examined with some of the key players being Ford, General Motors, Hanergy Thin Film Power Group, Jinko Solar, Lightyear (Atlas Technologies B.V.), Mahindra & Mahindra, Nissan, Solar Electric Vehicle Company, Sono Motors, Toyota, Trina Solar, Volkswagen Ltd., etc.

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 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    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    Lead carbon
        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
    132.5    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
           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    Jinko Solar
           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
           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
           16.3.9.1 Company Overview
           16.3.9.2 Product Portfolio 
           16.3.9.3 Financials
        16.3.10    Toyota
           16.3.10.1 Company Overview
           16.3.10.2 Product Portfolio 
        16.3.11    Trina Solar
           16.3.11.1 Company Overview
           16.3.11.2 Product Portfolio 
        16.3.12    Volkswagen
           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 Units), 2014-2019
Figure 3: Global: Solar Vehicle Market: Breakup by Propulsion Type (in %), 2019
Figure 4: Global: Solar Vehicle Market: Breakup by Vehicle Type (in %), 2019
Figure 5: Global: Solar Vehicle Market: Breakup by Battery Type (in %), 2019
Figure 6: Global: Solar Vehicle Market: Breakup by Solar Panel Type (in %), 2019
Figure 7: Global: Solar Vehicle Market: Breakup by Charging Type (in %), 2019
Figure 8: Global: Solar Vehicle Market: Breakup by Region (in %), 2019
Figure 9: Global: Solar Vehicle Market Forecast: Sales Value (in Units), 2020-2025
Figure 10: Global: Solar Vehicle (BEV) Market: Sales Value (in Units), 2014 & 2019
Figure 11: Global: Solar Vehicle (BEV) Market Forecast: Sales Value (in Units), 2020-2025
Figure 12: Global: Solar Vehicle (HEV) Market: Sales Value (in Units), 2014 & 2019
Figure 13: Global: Solar Vehicle (HEV) Market Forecast: Sales Value (in Units), 2020-2025
Figure 14: Global: Solar Vehicle (PHEV) Market: Sales Value (in Units), 2014 & 2019
Figure 15: Global: Solar Vehicle (PHEV) Market Forecast: Sales Value (in Units), 2020-2025
Figure 16: Global: Solar Vehicle (Passenger Cars) Market: Sales Value (in Units), 2014 & 2019
Figure 17: Global: Solar Vehicle (Passenger Cars) Market Forecast: Sales Value (in Units), 2020-2025
Figure 18: Global: Solar Vehicle (Industrial Utility Vehicles) Market: Sales Value (in Units), 2014 & 2019
Figure 19: Global: Solar Vehicle (Industrial Utility Vehicles) Market Forecast: Sales Value (in Units), 2020-2025
Figure 20: Global: Solar Vehicle (Commercial Vehicles) Market: Sales Value (in Units), 2014 & 2019
Figure 21: Global: Solar Vehicle (Commercial Vehicles) Market Forecast: Sales Value (in Units), 2020-2025
Figure 22: Global: Solar Vehicle (Lithium-ion) Market: Sales Value (in Units), 2014 & 2019
Figure 23: Global: Solar Vehicle (Lithium-ion) Market Forecast: Sales Value (in Units), 2020-2025
Figure 24: Global: Solar Vehicle (Lead-Acid) Market: Sales Value (in Units), 2014 & 2019
Figure 25: Global: Solar Vehicle (Lead-Acid) Market Forecast: Sales Value (in Units), 2020-2025
Figure 26: Global: Solar Vehicle (Others) Market: Sales Value (in Units), 2014 & 2019
Figure 27: Global: Solar Vehicle (Others) Market Forecast: Sales Value (in Units), 2020-2025
Figure 28: Global: Solar Vehicle (Monocrystalline) Market: Sales Value (in Units), 2014 & 2019
Figure 29: Global: Solar Vehicle (Monocrystalline) Market Forecast: Sales Value (in Units), 2020-2025
Figure 30: Global: Solar Vehicle (Polycrystalline) Market: Sales Value (in Units), 2014 & 2019
Figure 31: Global: Solar Vehicle (Polycrystalline) Market Forecast: Sales Value (in Units), 2020-2025
Figure 32: Global: Solar Vehicle (Others) Market: Sales Value (in Units), 2014 & 2019
Figure 33: Global: Solar Vehicle (Others) Market Forecast: Sales Value (in Units), 2020-2025
Figure 34: Global: Solar Vehicle (Slow Charging) Market: Sales Value (in Units), 2014 & 2019
Figure 35: Global: Solar Vehicle (Slow Charging) Market Forecast: Sales Value (in Units), 2020-2025
Figure 36: Global: Solar Vehicle (Fast Charging) Market: Sales Value (in Units), 2014 & 2019
Figure 37: Global: Solar Vehicle (Fast Charging) Market Forecast: Sales Value (in Units), 2020-2025
Figure 38: North America: Solar Vehicle Market: Sales Value (in Units), 2014 & 2019
Figure 39: North America: Solar Vehicle Market Forecast: Sales Value (in Units), 2020-2025
Figure 40: United States: Solar Vehicle Market: Sales Value (in Units), 2014 & 2019
Figure 41: United States: Solar Vehicle Market Forecast: Sales Value (in Units), 2020-2025
Figure 42: Canada: Solar Vehicle Market: Sales Value (in Units), 2014 & 2019
Figure 43: Canada: Solar Vehicle Market Forecast: Sales Value (in Units), 2020-2025
Figure 44: Asia Pacific: Solar Vehicle Market: Sales Value (in Units), 2014 & 2019
Figure 45: Asia Pacific: Solar Vehicle Market Forecast: Sales Value (in Units), 2020-2025
Figure 46: China: Solar Vehicle Market: Sales Value (in Units), 2014 & 2019
Figure 47: China: Solar Vehicle Market Forecast: Sales Value (in Units), 2020-2025
Figure 48: Japan: Solar Vehicle Market: Sales Value (in Units), 2014 & 2019
Figure 49: Japan: Solar Vehicle Market Forecast: Sales Value (in Units), 2020-2025
Figure 50: India: Solar Vehicle Market: Sales Value (in Units), 2014 & 2019
Figure 51: India: Solar Vehicle Market Forecast: Sales Value (in Units), 2020-2025
Figure 52: South Korea: Solar Vehicle Market: Sales Value (in Units), 2014 & 2019
Figure 53: South Korea: Solar Vehicle Market Forecast: Sales Value (in Units), 2020-2025
Figure 54: Australia: Solar Vehicle Market: Sales Value (in Units), 2014 & 2019
Figure 55: Australia: Solar Vehicle Market Forecast: Sales Value (in Units), 2020-2025
Figure 56: Indonesia: Solar Vehicle Market: Sales Value (in Units), 2014 & 2019
Figure 57: Indonesia: Solar Vehicle Market Forecast: Sales Value (in Units), 2020-2025
Figure 58: Others: Solar Vehicle Market: Sales Value (in Units), 2014 & 2019
Figure 59: Others: Solar Vehicle Market Forecast: Sales Value (in Units), 2020-2025
Figure 60: Europe: Solar Vehicle Market: Sales Value (in Units), 2014 & 2019
Figure 61: Europe: Solar Vehicle Market Forecast: Sales Value (in Units), 2020-2025
Figure 62: Germany: Solar Vehicle Market: Sales Value (in Units), 2014 & 2019
Figure 63: Germany: Solar Vehicle Market Forecast: Sales Value (in Units), 2020-2025
Figure 64: France: Solar Vehicle Market: Sales Value (in Units), 2014 & 2019
Figure 65: France: Solar Vehicle Market Forecast: Sales Value (in Units), 2020-2025
Figure 66: United Kingdom: Solar Vehicle Market: Sales Value (in Units), 2014 & 2019
Figure 67: United Kingdom: Solar Vehicle Market Forecast: Sales Value (in Units), 2020-2025
Figure 68: Italy: Solar Vehicle Market: Sales Value (in Units), 2014 & 2019
Figure 69: Italy: Solar Vehicle Market Forecast: Sales Value (in Units), 2020-2025
Figure 70: Spain: Solar Vehicle Market: Sales Value (in Units), 2014 & 2019
Figure 71: Spain: Solar Vehicle Market Forecast: Sales Value (in Units), 2020-2025
Figure 72: Russia: Solar Vehicle Market: Sales Value (in Units), 2014 & 2019
Figure 73: Russia: Solar Vehicle Market Forecast: Sales Value (in Units), 2020-2025
Figure 74: Others: Solar Vehicle Market: Sales Value (in Units), 2014 & 2019
Figure 75: Others: Solar Vehicle Market Forecast: Sales Value (in Units), 2020-2025
Figure 76: Latin America: Solar Vehicle Market: Sales Value (in Units), 2014 & 2019
Figure 77: Latin America: Solar Vehicle Market Forecast: Sales Value (in Units), 2020-2025
Figure 78: Brazil: Solar Vehicle Market: Sales Value (in Units), 2014 & 2019
Figure 79: Brazil: Solar Vehicle Market Forecast: Sales Value (in Units), 2020-2025
Figure 80: Mexico: Solar Vehicle Market: Sales Value (in Units), 2014 & 2019
Figure 81: Mexico: Solar Vehicle Market Forecast: Sales Value (in Units), 2020-2025
Figure 82: Others: Solar Vehicle Market: Sales Value (in Units), 2014 & 2019
Figure 83: Others: Solar Vehicle Market Forecast: Sales Value (in Units), 2020-2025
Figure 84: Middle East and Africa: Solar Vehicle Market: Sales Value (in Units), 2014 & 2019
Figure 85: Middle East and Africa: Solar Vehicle Market Forecast: Sales Value (in Units), 2020-2025
Figure 86: Global: Solar Vehicle Industry: SWOT Analysis
Figure 87: Global: Solar Vehicle Industry: Value Chain Analysis
Figure 88: Global: Solar Vehicle Industry: Porter’s Five Forces Analysis

List of Tables

Table 1: Global: Solar Vehicle Market: Key Industry Highlights, 2019 and 2025
Table 2: Global: Solar Vehicle Market Forecast: Breakup by Propulsion Type (in Units), 2020-2025
Table 3: Global: Solar Vehicle Market Forecast: Breakup by Vehicle Type (in Units), 2020-2025
Table 4: Global: Solar Vehicle Market Forecast: Breakup by Battery Type (in Units), 2020-2025
Table 5: Global: Solar Vehicle Market Forecast: Breakup by Solar Panel Type (in Units), 2020-2025
Table 6: Global: Solar Vehicle Market Forecast: Breakup by Charging Type (in Units), 2020-2025
Table 7: Global: Solar Vehicle Market Forecast: Breakup by Region (in Units), 2020-2025
Table 8: Global: Solar Vehicle Market: Competitive Structure
Table 9: Global: Solar Vehicle Market: Key Players