Solar Vehicle Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028
The global solar vehicle market size reached US$ 265.9 Million in 2022. Looking forward, IMARC Group expects the market to reach US$ 1,925.9 Million by 2028, exhibiting a growth rate (CAGR) of 39.9% during 2023-2028.
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 report, along with forecasts at the global, regional and country level from 2023-2028. Our report has categorized the market based on propulsion type, vehicle type, battery type, solar panel type and charging type.
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 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.
Key Questions Answered in This Report
1. What was the size of the global solar vehicle market in 2022?
2. What is the expected growth rate of the global solar vehicle market during 2023-2028?
3. What are the key factors driving the global solar vehicle market?
4. What has been the impact of COVID-19 on the global solar vehicle market?
5. What is the breakup of the global solar vehicle market based on the propulsion type?
6. What is the breakup of the global solar vehicle market based on the vehicle type?
7. What is the breakup of the global solar vehicle market based on the battery type?
8. What is the breakup of the global solar vehicle market based on the solar panel type?
9. What is the breakup of the global solar vehicle market based on the charging type?
10. What are the key regions in the global solar vehicle market?
11. Who are the key players/companies in the global solar vehicle market?
- 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
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