Global Solar Vehicle Market Size, Share & Trends Analysis Report, By Vehicle Type, By Battery Type, By Solar Panel, By Region Forecasts, 2024 – 2032

Global Solar Vehicle Market Size, Share & Trends Analysis Report, By Vehicle Type, By Battery Type, By Solar Panel, By Region Forecasts, 2024 – 2032

Global Solar Vehicle Market was valued at USD 456.6 million by 2023 and is expected to reach USD 1,658.6 million by 2032 growing at a CAGR of 20.2% during the forecast period 2024 – 2032.

Most of the propulsion comes from solar energy. Energy-efficient cars do use solar energy, but they convert the electric current in a straightforward way: The car's structure has individual solar panel placement. Numerous types of vehicles, including cars, motorcycles, and boats, are propelled by the sun. wheel-driven Normally, the vehicle is propelled by an electric motor that is fuelled by solar energy.

There haven't been any solar cars in practical use, despite their existence for a considerable amount of time. This is also a result of the panels' low efficiency and comparatively low output. Many of the past entrants' performances are significantly below the actual possibilities that are achievable today due to advancements in battery storage systems and solar panel technology. One of the most environmentally friendly and sustainable car kinds are solar-powered automobiles since they run solely on renewable solar energy and don't emit any kind of emission. However, their usefulness is restricted by the quantity and quality of sunlight that is available; as a result, they may be completely useless in cloudy areas or on days with few hours of bright sunshine. Because of this, the majority of solar-powered cars are made for certain uses, such as short-distance racing or commuting. Growing awareness of the negative environmental effects of fossil fuels has spurred interest in renewable energy sources like solar energy. As a result, the market for solar-powered automobiles has grown and they are starting to seem like a viable and environmentally responsible replacement for cars that run on petroleum.

“Passenger Vehicles segment, by vehicle type, to be dominating market from 2023 to 2030.”

Over the course of the forecast period, increased sales of passenger automobiles will be the main driver of rising market share for electric vehicles. Compared to commercial vehicles, passenger cars use a lot less power to push themselves. As a result, adding solar panels to passenger cars achieves the reduction of emissions target. Over the course of the projection period, the commercial vehicle market is anticipated to steadily increase its share.

“Lithium Ion segment, by battery type, to be dominating market from 2023 to 2030.”

Lithium Ion is predicted to capture the largest market share during the forecast period. Lithium ion demand is growing quickly as more people use electric cars. Lithium-ion batteries are known for their exceptionally high energy storage capacity, durability, extended service life, and excellent driving performance. The performance and efficiency of solar-powered electric cars can be enhanced by these small, light batteries.

“Monocrystalline segment, by solar panel, to be dominating market from 2023 to 2030.”

The monocrystalline market segment continued to hold the top spot in 2023. All orientations employ monocrystalline solar panels because of their high efficiency and extended lifespan. But when compared to other solar panel varieties available, these panels have such exceptional performance qualities that many vehicle owners have been enticed to look into them. Nonetheless, they generate significantly more power with the same quantity of sunshine since they have a better efficiency than other types of solar photovoltaic cell arrays. In addition, compared to other solar panel varieties, monocrystalline solar panels have a far longer lifespan. But highly desired for an energy source installed on a vehicle that needs to be dependable and long-lasting. It is believed that these elements sustain the monocrystalline segment.

“Asia Pacific to be fastest growing region in Solar Vehicle market.”

The installation of EV charging stations and the sale of these vehicles are off to a promising start throughout Asia Pacific, as demonstrated by the high demand in nations like China and Japan. Asia-Pacific will continue to be one of the largest markets for electric vehicles worldwide. Additionally, South Korea and India are promoting electric vehicles as a means of lowering greenhouse gas emissions. Additionally, major governmental organisations are devoting a lot of work to developing the infrastructure necessary for charging stations throughout this region in an attempt to facilitate the adoption of electric vehicles. Because of this, adding solar panels to electric vehicle charging stations increases power supply efficiency and reduces reliance on the electrical grid.

Solar Vehicle Competitive Landscape

The competitive landscape of the Solar Vehicle market involves assessing the competitive landscape to understand the strengths, weaknesses, opportunities, and threats of the industry. Key industry players have recognized that the adoption of Solar Vehicle technology holds the potential for further growth. The growing desire among producers to optimize their production costs has spurred collaborative efforts among companies to scale up their production capacity. This strategic collaboration not only aims to increase revenue but also seeks to establish dominance in the market.

The Solar Vehicle market is highly competitive, with numerous companies vying for market share. Prominent companies in the Solar Vehicle Market include:

Major Players:

Sono Motors GmbH (Germany), Tesla, Inc (U.S.), Lightyear (Netherlands), Daimler AG (Germany), VENTURI (Monaco), Volkswagen AG (Germany), Nissan (Japan), Ford Motor Company (U.S.), Mahindra & Mahindra Limited (India), Toyota Motor Corporation (Japan).

Recent Developments:

The European Climate, Infrastructure and Environment Executive Agency (CINEA) awarded USD1.61 million in finance to Sono Group N.V., a pioneer in solar mobility solutions, in January 2023. The funds will be utilized to carry out further advancements in solar technology.

Bridgestone and Lightyear will collaborate to create the first long-range solar-powered vehicle in the world in June 2022. Drawing from Lightyear and Bridgestone's collaborative efforts in the 2015 and 2017 Bridgestone World Solar Challenges, this collaboration is a logical outcome for two organizations that prioritize sustainable development.

Sono Motors, currently leading the solar-powered vehicle market, intends to launch into the refrigerated trailer business in January 2022. Solar energy will remain a primary company focus, and with the help of Sono Solar Technology—an exclusive, patented technology that lowers emissions from fossil fuels—it will be able to grow solarly under this new identity.

In July 2021, Lightyear, the top brand in the solar technology business, and Valmet Automotive, a well-known contract vehicle manufacturer, inked a cooperative agreement to produce and construct the ""Lightyear One"" production series model cars.

Man Truck and Sono Motors established a joint venture in May 2021 to assess the viability and economics of incorporating solar technology into Man vehicles.