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Press Release:

Global Solar Vehicle Market to Grow at 40.32% During 2022-2027, Spurred by Increasing Need for Sustainable Automobiles

COVID-19
The pandemic continues to cause unprecedented disruption across industries worldwide.
Get detailed insights regarding the impact of COVID-19 on the market.

Solar Vehicle Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027

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.

 

 
 

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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:

 

 
 

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  • 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:

 

 
 

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  • 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 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
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Delivery Format PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)

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


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Key Questions Answered in This Report

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
market share.

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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