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The global solar vehicle market was valued at US$ 190.7 Million in 2021.
We expect the global solar vehicle market to exhibit a CAGR of 40.32% during 2022-2027.
The rising popularity of renewable sources of energy, along with the growing demand for solar-
powered vehicles, based on their cost-effectiveness and ability to minimize vehicular pollution, is
primarily driving the global solar vehicle market.
The sudden outbreak of the COVID-19 pandemic had led to the implementation of stringent
lockdown regulations across several nations resulting in temporary closure of the numerous
manufacturing units and demand fluctuations for solar vehicles.
Based on the propulsion type, the global solar vehicle market can be segregated into BEV, HEV, and
PHEV. Currently, HEV represents the largest market share.
Based on the vehicle type, the global solar vehicle market has been divided into passenger cars,
industrial utility vehicles, and commercial vehicles. Among these, passenger cars exhibit a clear
dominance in the market.
Based on the battery type, the global solar vehicle market can be categorized into lithium-ion, lead-
acid, and others. Currently, lithium-ion battery holds the majority of the total market share.
Based on the solar panel type, the global solar vehicle market has been segmented into
monocrystalline and polycrystalline, where monocrystalline panel currently represents the largest
Based on the charging type, the global solar vehicle market can be bifurcated into slow charging and
fast charging. Currently, fast charging accounts for the majority of the total market share.
On a regional level, the market has been classified into North America, Europe, Asia Pacific, Middle
East and Africa, and Latin America, where North America currently dominates the global market.
Some of the major players in the global solar vehicle market include 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.
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