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Solar Vehicle Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028

February 2023 | 147 pages | ID: SD85C90F2251EN
IMARC Group

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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

LIST OF TABLES

Table 1: Global: Solar Vehicle Market: Key Industry Highlights, 2022 and 2028
Table 2: Global: Solar Vehicle Market Forecast: Breakup by Propulsion Type (in Million US$), 2023-2028
Table 3: Global: Solar Vehicle Market Forecast: Breakup by Vehicle Type (in Million US$), 2023-2028
Table 4: Global: Solar Vehicle Market Forecast: Breakup by Battery Type (in Million US$), 2023-2028
Table 5: Global: Solar Vehicle Market Forecast: Breakup by Solar Panel Type (in Million US$), 2023-2028
Table 6: Global: Solar Vehicle Market Forecast: Breakup by Charging Type (in Million US$), 2023-2028
Table 7: Global: Solar Vehicle Market Forecast: Breakup by Region (in Million US$), 2023-2028
Table 8: Global: Solar Vehicle Market: Competitive Structure
Table 9: Global: Solar Vehicle Market: Key Players

LIST OF FIGURES

Figure 1: Global: Solar Vehicle Market: Major Drivers and Challenges
Figure 2: Global: Solar Vehicle Market: Sales Value (in Million US$), 2017-2022
Figure 3: Global: Solar Vehicle Market: Breakup by Propulsion Type (in %), 2022
Figure 4: Global: Solar Vehicle Market: Breakup by Vehicle Type (in %), 2022
Figure 5: Global: Solar Vehicle Market: Breakup by Battery Type (in %), 2022
Figure 6: Global: Solar Vehicle Market: Breakup by Solar Panel Type (in %), 2022
Figure 7: Global: Solar Vehicle Market: Breakup by Charging Type (in %), 2022
Figure 8: Global: Solar Vehicle Market: Breakup by Region (in %), 2022
Figure 9: Global: Solar Vehicle Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 10: Global: Solar Vehicle (BEV) Market: Sales Value (in Million US$), 2017 & 2022
Figure 11: Global: Solar Vehicle (BEV) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 12: Global: Solar Vehicle (HEV) Market: Sales Value (in Million US$), 2017 & 2022
Figure 13: Global: Solar Vehicle (HEV) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 14: Global: Solar Vehicle (PHEV) Market: Sales Value (in Million US$), 2017 & 2022
Figure 15: Global: Solar Vehicle (PHEV) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 16: Global: Solar Vehicle (Passenger Cars) Market: Sales Value (in Million US$), 2017 & 2022
Figure 17: Global: Solar Vehicle (Passenger Cars) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 18: Global: Solar Vehicle (Industrial Utility Vehicles) Market: Sales Value (in Million US$), 2017 & 2022
Figure 19: Global: Solar Vehicle (Industrial Utility Vehicles) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 20: Global: Solar Vehicle (Commercial Vehicles) Market: Sales Value (in Million US$), 2017 & 2022
Figure 21: Global: Solar Vehicle (Commercial Vehicles) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 22: Global: Solar Vehicle (Lithium-ion) Market: Sales Value (in Million US$), 2017 & 2022
Figure 23: Global: Solar Vehicle (Lithium-ion) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 24: Global: Solar Vehicle (Lead-Acid) Market: Sales Value (in Million US$), 2017 & 2022
Figure 25: Global: Solar Vehicle (Lead-Acid) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 26: Global: Solar Vehicle (Others) Market: Sales Value (in Million US$), 2017 & 2022
Figure 27: Global: Solar Vehicle (Others) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 28: Global: Solar Vehicle (Monocrystalline) Market: Sales Value (in Million US$), 2017 & 2022
Figure 29: Global: Solar Vehicle (Monocrystalline) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 30: Global: Solar Vehicle (Polycrystalline) Market: Sales Value (in Million US$), 2017 & 2022
Figure 31: Global: Solar Vehicle (Polycrystalline) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 32: Global: Solar Vehicle (Slow Charging) Market: Sales Value (in Million US$), 2017 & 2022
Figure 33: Global: Solar Vehicle (Slow Charging) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 34: Global: Solar Vehicle (Fast Charging) Market: Sales Value (in Million US$), 2017 & 2022
Figure 35: Global: Solar Vehicle (Fast Charging) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 36: North America: Solar Vehicle Market: Sales Value (in Million US$), 2017 & 2022
Figure 37: North America: Solar Vehicle Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 38: United States: Solar Vehicle Market: Sales Value (in Million US$), 2017 & 2022
Figure 39: United States: Solar Vehicle Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 40: Canada: Solar Vehicle Market: Sales Value (in Million US$), 2017 & 2022
Figure 41: Canada: Solar Vehicle Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 42: Asia Pacific: Solar Vehicle Market: Sales Value (in Million US$), 2017 & 2022
Figure 43: Asia Pacific: Solar Vehicle Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 44: China: Solar Vehicle Market: Sales Value (in Million US$), 2017 & 2022
Figure 45: China: Solar Vehicle Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 46: Japan: Solar Vehicle Market: Sales Value (in Million US$), 2017 & 2022
Figure 47: Japan: Solar Vehicle Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 48: India: Solar Vehicle Market: Sales Value (in Million US$), 2017 & 2022
Figure 49: India: Solar Vehicle Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 50: South Korea: Solar Vehicle Market: Sales Value (in Million US$), 2017 & 2022
Figure 51: South Korea: Solar Vehicle Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 52: Australia: Solar Vehicle Market: Sales Value (in Million US$), 2017 & 2022
Figure 53: Australia: Solar Vehicle Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 54: Indonesia: Solar Vehicle Market: Sales Value (in Million US$), 2017 & 2022
Figure 55: Indonesia: Solar Vehicle Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 56: Others: Solar Vehicle Market: Sales Value (in Million US$), 2017 & 2022
Figure 57: Others: Solar Vehicle Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 58: Europe: Solar Vehicle Market: Sales Value (in Million US$), 2017 & 2022
Figure 59: Europe: Solar Vehicle Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 60: Germany: Solar Vehicle Market: Sales Value (in Million US$), 2017 & 2022
Figure 61: Germany: Solar Vehicle Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 62: France: Solar Vehicle Market: Sales Value (in Million US$), 2017 & 2022
Figure 63: France: Solar Vehicle Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 64: United Kingdom: Solar Vehicle Market: Sales Value (in Million US$), 2017 & 2022
Figure 65: United Kingdom: Solar Vehicle Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 66: Italy: Solar Vehicle Market: Sales Value (in Million US$), 2017 & 2022
Figure 67: Italy: Solar Vehicle Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 68: Spain: Solar Vehicle Market: Sales Value (in Million US$), 2017 & 2022
Figure 69: Spain: Solar Vehicle Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 70: Russia: Solar Vehicle Market: Sales Value (in Million US$), 2017 & 2022
Figure 71: Russia: Solar Vehicle Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 72: Others: Solar Vehicle Market: Sales Value (in Million US$), 2017 & 2022
Figure 73: Others: Solar Vehicle Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 74: Latin America: Solar Vehicle Market: Sales Value (in Million US$), 2017 & 2022
Figure 75: Latin America: Solar Vehicle Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 76: Brazil: Solar Vehicle Market: Sales Value (in Million US$), 2017 & 2022
Figure 77: Brazil: Solar Vehicle Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 78: Mexico: Solar Vehicle Market: Sales Value (in Million US$), 2017 & 2022
Figure 79: Mexico: Solar Vehicle Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 80: Others: Solar Vehicle Market: Sales Value (in Million US$), 2017 & 2022
Figure 81: Others: Solar Vehicle Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 82: Middle East and Africa: Solar Vehicle Market: Sales Value (in Million US$), 2017 & 2022
Figure 83: Middle East and Africa: Solar Vehicle Market Forecast: Sales Value (in Million US$), 2023-2028
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


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