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Solar-Powered Vehicle Market

Solar-Powered Vehicle Market Size, Share and Segmentation 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), by Regions and Global Market Forecast 2022-2028

Report Id: SNS/AUTO/1809 | June 2022 | Region: Global | 125 Pages

Report Scope & Overview:

Solar-Powered Vehicle Market Size was valued at USD 315.23 million in 2021 and is expected to reach USD 2855.43 million by 2028 and grow at a CAGR of 37% over the forecast period 2022-2028.

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 Graph

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.

MARKET DYNAMICS: 

KEY DRIVERS: 

  • 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.

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.

OPPORTUNITIES: 

  • 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.

CHALLENGES: 

  • 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.

IMPACT OF COVID-19:

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.

KEY MARKET PLAYERS:

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.

MARKET ESTIMATION: 

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.

Solar-Powered Vehicle Market Segment Chart

MARKET SEGMENTATION:

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:

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.

REGIONAL COVERAGE:

  • 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

Solar-Powered Vehicle Market Report Scope:
Report Attributes Details
Market Size in 2021 US$ 315.23 Million
Market Size by 2028 US$ 2855.43 Million
CAGR CAGR of 37% From 2022 to 2028
Base Year 2021
Forecast Period 2022-2028
Historical Data 2017-2020
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 (FAQ) :

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 the Ukraine-Russia War

 

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

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Secondary Research

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