Solar-Powered Vehicle Market Report Scope & Overview:

The Solar-Powered Vehicle Market Size was valued at USD 431.86 Million in 2022 and is expected to reach USD 5359 Million by 2030 and grow at a CAGR of 37% over the forecast period 2023-2030.

Solar vehicles are electric vehicles that get their propulsion from the sun in the form of solar energy rather than traditional fossil fuels. Photovoltaic cells, which are mounted in the solar panels of solar vehicles and are responsible for converting the solar energy into electrical energy that is then immediately stored in the vehicle's battery, are one of the components that make up solar vehicles' photovoltaic cell systems. Silicon, the material that these solar panels are comprised of, is capable of absorbing heat and transforming it into electrical energy.

Solar-Powered Vehicle Market Revenue 2030

Get More Information on Solar-Powered Vehicle Market - Request Sample Report

The demand for solar vehicles has expanded as a result of a higher acceptance of the most recent technology for automobiles, which has led to the expansion of the market for solar vehicles across the globe. The market for solar automobiles relies on photovoltaic cells, which contribute to the process of charging the battery. These photovoltaic cells turn the sunshine into electricity, which is then utilized in the solar vehicle industry for the purpose of propulsion.

In 2021, Aptera Motors, a company that is active in the thriving solar-powered car market, has introduced a solar-powered three-wheeled vehicle that is both energy-efficient and environmentally friendly and does not require charging at any time.



  • A strong emphasis on reducing carbon emissions from automobiles.

  • Encourage the development of solar-powered automobiles through new government initiatives.

  • As more people become aware of the benefits of eco-friendly transportation, their demands have grown.


  • Large sums of money must be set aside for preliminary research into solar-powered cars before any are built.

  • Lack of technically competent workers to help make solar-powered automobiles.


  • Rapid industrialization.

  • The installation of solar-powered charging stations for electric vehicles.

  • The technology that is now employed in electric vehicles should be upgraded by integrating new technologies.


  • The industry's lack of commitment to consistent practices and procedures.

  • The significant financial hurdle presented by the development of solar-powered cars.

  • A significant amount of energy is lost during transmission.


The pandemic caused by the Covid 19 virus has been a significant barrier to progress because it has significantly reduced the size of the global market. People's ability to travel has been negatively impacted as a result of the many limitations that have been imposed on them by their respective national governments in an effort to stem the spread of the dangerous virus. As a consequence of this, the overall performance of the market for solar-powered vehicles across the globe has suffered as a direct consequence. On the other hand, because lockdown limitations will be loosened during the period that is prophesied, it is anticipated that the market would rebound during that time.

Market, By Electric Vehicle Type:

Based on the electric vehicle type segment, the global market has been divided into Battery electric vehicles, Hybrid electric vehicles, and plug-in hybrid electric vehicles. Batteries-powered vehicles are currently affecting the global market for solar-powered vehicles, and this trend is projected to continue in the future. The sales of both battery and hybrid electric vehicles could improve the propulsion segment's contribution to the worldwide market growth throughout the projection period.

Market, By Battery Type:

The global market has been divided into Lithium-ion batteries, Lead-acid batteries, Lead-carbon batteries, and Others based on the material segment. The lithium-ion battery segment is predicted to show the largest growth during the projection period. This type of battery gives all the suitable features required for the functioning of these vehicles. The battery delivers high energy density with rapid discharging capability, hence enabling a smooth charging cycle.

Market, By Solar Panel:

The global market has been divided into Monocrystalline, and Polycrystalline based on the solar panel segment. The monocrystalline solar panel sector is likely to lead the industry and grow in size over the next several years. High efficiency and a sleeker appearance are the two most important aspects that could boost demand in this particular market category.


By Electric Vehicle Type:

  • Battery electric vehicle

  • Hybrid electric vehicle

  • Plug-in hybrid electric vehicle

By Battery Type:

  • Lithium-ion battery

  • Lead-acid battery

  • Lead-carbon battery

  • Others

By Solar Panel:

  • Monocrystalline

  • Polycrystalline

Solar-Powered Vehicle Market Segmentation Analysis

Get Customized Report as per Your Business Requirement - Request For Customized Report


The market for solar-powered vehicles around the world may be broken down into several different geographical submarkets, including Europe, North America, Asia Pacific, and the rest of the world. Due to the spike in the level of production as well as sales of battery and hybrid vehicles in Japan and China, it is anticipated that the Asia Pacific region will hold a significant amount of the worldwide market share throughout the course of the time that is being forecasted. The rise in the amount of money that individuals in a number of Asian countries, such as India, have available to spend could also be a factor in the region experiencing robust market growth during the period that is anticipated. As a result of the stringent environmental regulations imposed by their respective governments, it is anticipated that both Europe and North America will hold a sizeable amount of the market share.


  • North America

    • The USA

    • Canada

    • Mexico

  • Europe

    • Germany

    • The UK

    • France

    • Italy

    • Spain

    • The Netherlands

    • Rest of Europe

  • Asia-Pacific

    • Japan

    • south Korea

    • China

    • India

    • Australia

    • Rest of Asia-Pacific

  • The Middle East & Africa

    • Israel

    • UAE

    • South Africa

    • Rest of Middle East & Africa

  • Latin America

    • Brazil

    • Argentina

    • Rest of Latin America


Ford Motor Company (US), Guangzhou Jcar Industrial Company Ltd (China), Sono Motors GmbH (Germany), Hanergy Holding Group (China), Mahindra & Mahindra (India), Cruise Car (US), The Solar Electric Vehicle Company (US), Venturi Eclectic (France),  Kiira Motors Corporation (KMC) (Uganda), and Immortus (Australia). are some of the affluent competitors with significant market share in the Solar-Powered Vehicle Market.

Mahindra & Mahindra (India)-Company Financial Analysis

Solar-Powered Vehicle Market Report Scope:
Report Attributes Details
Market Size in 2022 US$ 431.86 Million
Market Size by 2030 US$ 5359 Million
CAGR CAGR of 37% From 2023 to 2030
Base Year 2022
Forecast Period 2023-2030
Historical Data 2020-2021
Report Scope & Coverage Market Size, Segments Analysis, Competitive  Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook
Key Segments • by Electric Vehicle Type (Battery electric vehicle, Hybrid electric vehicle, Plug-in hybrid electric vehicle)
• by Battery Type (Lithium-ion battery, Lead-acid battery, Lead-carbon battery, Others)
• by Solar Panel (Monocrystalline, Polycrystalline)
Regional Analysis/Coverage North America (USA, Canada, Mexico), Europe
(Germany, UK, France, Italy, Spain, Netherlands,
Rest of Europe), Asia-Pacific (Japan, South Korea,
China, India, Australia, Rest of Asia-Pacific), The
Middle East & Africa (Israel, UAE, South Africa,
Rest of Middle East & Africa), Latin America (Brazil, Argentina, Rest of Latin America)
Company Profiles Ford Motor Company (US), Guangzhou Jcar Industrial Company Ltd (China), Sono Motors GmbH (Germany), Hanergy Holding Group (China), Mahindra & Mahindra (India), Cruise Car (US), The Solar Electric Vehicle Company (US), Venturi Eclectic (France),  Kiira Motors Corporation (KMC) (Uganda), and Immortus (Australia).
Key Drivers •A strong emphasis on reducing carbon emissions from automobiles.

•Encourage the development of solar-powered automobiles through new government initiatives.
RESTRAINTS •Large sums of money must be set aside for preliminary research into solar-powered cars before any are built.

•Lack of technically competent workers to help make solar-powered automobiles.

Frequently Asked Questions

Ans:- The Solar-Powered Vehicle Market Size was valued at USD 315.23 million in 2021.

Ans:- Solar-powered vehicles are electric vehicles that get their propulsion from the sun in the form of solar energy rather than traditional fossil fuels.

Ans:- Rapid industrialization and installation of solar-powered charging stations for electric vehicles are the most promising aspects/opportunities of the market.

Ans:- Ford Motor Company (US), Guangzhou Jcar Industrial Company Ltd (China), Sono Motors GmbH (Germany),  Hanergy Holding Group (China), Mahindra & Mahindra (India), Cruise Car (US), The Solar Electric Vehicle Company (US), and Venturi Eclectic (France) are the most prominent players in the market.

Ans:- The Asia Pacific region is anticipated to be the primary driver of the market.

Table of Contents:

1. Introduction

1.1 Market Definition

1.2 Scope

1.3 Research Assumptions

2. Research Methodology


3. Market Dynamics

3.1 Drivers

3.2 Restraints

3.3 Opportunities

3.4 Challenges

4. Impact Analysis

4.1 COVID-19 Impact Analysis

4.2 Impact of Ukraine- Russia war

4.3 Impact of ongoing Recession

4.3.1 Introduction

4.3.2 Impact on major economies US Canada Germany France United Kingdom China Japan South Korea Rest of the World

5. Value Chain Analysis


6. Porter’s 5 forces model


7.  PEST Analysis


8. Global Solar-Powered Vehicle Market Segmentation, By Electric Vehicle Type

8.1 Battery electric vehicle

8.2 Hybrid electric vehicle

8.3 Plug-in hybrid electric vehicle

9. Global Solar-Powered Vehicle Market Segmentation, By Battery Type

9.1 Lithium-ion battery

9.2 Lead-acid battery

9.3 Lead-carbon battery

9.4 Others

10. Global Solar-Powered Vehicle Market Segmentation, by Solar Panel

10.1 Monocrystalline

10.2 Polycrystalline

11. Regional Analysis

11.1 Introduction

11.2 North America

11.2.1 the USA

11.2.2  Canada

11.2.3  Mexico

11.3 Europe

11.3.1  Germany

11.3.2  the UK

11.3.3  France

11.3.4  Italy

11.3.5  Spain

11.3.6  The Netherlands

11.3.7  Rest of Europe

11.4 Asia-Pacific

11.4.1  Japan

11.4.2  South Korea

11.4.3  China

11.4.4  India

11.4.5  Australia

11.4.6  Rest of Asia-Pacific

11.5 The Middle East & Africa

11.5.1  Israel

11.5.2  UAE

11.5.3  South Africa

11.5.4  Rest

11.6 Latin America

11.6.1  Brazil

11.6.2  Argentina

11.6.3  Rest of Latin America

12. Company Profiles

12.1 Ford Motor Company (US),

12.1.1 Financial

12.1.2 Products/ Services Offered

12.1.3 SWOT Analysis

12.1.4 The SNS view

12.2 Guangzhou Jcar Industrial Company Ltd (China)

12.3 Sono Motors GmbH (Germany)

12.4 Hanergy Holding Group (China)

12.5 Mahindra & Mahindra (India)

12.6 Cruise Car (US)

12.7 The Solar Electric Vehicle Company (US)

12.8 Venturi Eclectic (France)

12.9 Kiira Motors Corporation (KMC) (Uganda)

12.10 Immortus (Australia).

13. Competitive Landscape

13.1 Competitive Benchmarking

13.2 Market Share analysis

13.3 Recent Developments

14. Conclusion

An accurate research report requires proper strategizing as well as implementation. There are multiple factors involved in the completion of good and accurate research report and selecting the best methodology to compete the research is the toughest part. Since the research reports we provide play a crucial role in any company’s decision-making process, therefore we at SNS Insider always believe that we should choose the best method which gives us results closer to reality. This allows us to reach at a stage wherein we can provide our clients best and accurate investment to output ratio.

Each report that we prepare takes a timeframe of 350-400 business hours for production. Starting from the selection of titles through a couple of in-depth brain storming session to the final QC process before uploading our titles on our website we dedicate around 350 working hours. The titles are selected based on their current market cap and the foreseen CAGR and growth.


The 5 steps process:

Step 1: Secondary Research:

Secondary Research or Desk Research is as the name suggests is a research process wherein, we collect data through the readily available information. In this process we use various paid and unpaid databases which our team has access to and gather data through the same. This includes examining of listed companies’ annual reports, Journals, SEC filling etc. Apart from this our team has access to various associations across the globe across different industries. Lastly, we have exchange relationships with various university as well as individual libraries.

Secondary Research

Step 2: Primary Research

When we talk about primary research, it is a type of study in which the researchers collect relevant data samples directly, rather than relying on previously collected data.  This type of research is focused on gaining content specific facts that can be sued to solve specific problems. Since the collected data is fresh and first hand therefore it makes the study more accurate and genuine.

We at SNS Insider have divided Primary Research into 2 parts.

Part 1 wherein we interview the KOLs of major players as well as the upcoming ones across various geographic regions. This allows us to have their view over the market scenario and acts as an important tool to come closer to the accurate market numbers. As many as 45 paid and unpaid primary interviews are taken from both the demand and supply side of the industry to make sure we land at an accurate judgement and analysis of the market.

This step involves the triangulation of data wherein our team analyses the interview transcripts, online survey responses and observation of on filed participants. The below mentioned chart should give a better understanding of the part 1 of the primary interview.

Primary Research

Part 2: In this part of primary research the data collected via secondary research and the part 1 of the primary research is validated with the interviews from individual consultants and subject matter experts.

Consultants are those set of people who have at least 12 years of experience and expertise within the industry whereas Subject Matter Experts are those with at least 15 years of experience behind their back within the same space. The data with the help of two main processes i.e., FGDs (Focused Group Discussions) and IDs (Individual Discussions). This gives us a 3rd party nonbiased primary view of the market scenario making it a more dependable one while collation of the data pointers.

Step 3: Data Bank Validation

Once all the information is collected via primary and secondary sources, we run that information for data validation. At our intelligence centre our research heads track a lot of information related to the market which includes the quarterly reports, the daily stock prices, and other relevant information. Our data bank server gets updated every fortnight and that is how the information which we collected using our primary and secondary information is revalidated in real time.

Data Bank Validation

Step 4: QA/QC Process

After all the data collection and validation our team does a final level of quality check and quality assurance to get rid of any unwanted or undesired mistakes. This might include but not limited to getting rid of the any typos, duplication of numbers or missing of any important information. The people involved in this process include technical content writers, research heads and graphics people. Once this process is completed the title gets uploader on our platform for our clients to read it.

Step 5: Final QC/QA Process:

This is the last process and comes when the client has ordered the study. In this process a final QA/QC is done before the study is emailed to the client. Since we believe in giving our clients a good experience of our research studies, therefore, to make sure that we do not lack at our end in any way humanly possible we do a final round of quality check and then dispatch the study to the client.

Start a Conversation

Hi! Click one of our member below to chat on Phone