Solar Vehicle Market

Global Solar Vehicle Market is valued at USD 0.433 Billion in 2021 and expected to reach USD 3.06 Billion by 2028 with a CAGR of 32.2% over the forecast period.

Global Solar Vehicle Market: Global Size, Trends, Competitive, And Historical & Forecast Analysis, 2022-2028: The global solar vehicle market is predicted to develop at a rapid pace during the projected period due to rising need for fuel-efficient and environment-friendly mobility options. Customers all around the world are choosing solar cars as a result of rigorous government rules aimed at reducing greenhouse gas emissions.

Scope of Global Solar Vehicle Market

Solar cars are electric vehicles that operate on solar power by converting sunlight power to power using photovoltaic (PV) cells. These cars feature monocrystalline or polycrystalline screens and come in two varieties: hybrid and electrical. The hybrid models are powered by both an internal-combustion engine (ICE) as well as an electric engine. The electric variations, on the other hand, are powered only by electric motors and store energy in reusable cells. Such solar-powered cars are quite affordable and help to reduce both ecological and excessive noise. Solar cars are now offered as showcase automobiles and architectural exercises, generally supported by government entities, rather than as actual day-to-day mobility equipment. Nevertheless, indirectly solar-charged cars are common, and solar boats are widely accessible.

The principal effect of the outbreak on the automobile sector has been a decreased supply of components from important automotive production nations including Japan, China, and South Korea, as well as assembling plant shutdowns in North America and Europe and a global drop in demand. Regulatory agencies in various countries, including China, are considering relaxing pollution limits as automakers are forced to cut financing for critical concerns including range improvement and solar car cost decrease.

Several startups, like Sono Motors and Lightyear, are active in the sector. Nevertheless, the outbreak has had a substantial influence on the long-term viability of such businesses. Even before the virus, Sono Motors postponed the manufacture of their solar electric vehicle Sion from the conclusion of 2020 to 2021. In order to maintain operations, the firm raised more funds via crowdsourcing in January 2020.

The global Solar Vehicle market is segmented based on the solar panel, vehicle type, electric vehicle type, battery type, and region & country level. Based on solar panel, the global Solar Vehicle market is segmented into Monocrystalline and Polycrystalline. By vehicle type, the market is segmented into passenger vehicle and commercial vehicle. By electric vehicle type, the global Solar Vehicle market is segmented into HEV, BEV and Plug-in-HEV. By battery type, the global Solar Vehicle market is segmented into lithium ion, lead acid, and lead carbon.

The regions covered in the global Solar Vehicle market report are North America, Europe, Asia-Pacific, Latin America, and the rest of the World. Based on country level, the market of global Solar Vehicle is sub divided into U.S., Mexico, Canada, U.K., France, Germany, China, Italy, India, Japan, Southeast Asia, Middle East Asia (Saudi Arabia, UAE, Egypt) GCC, Africa, etc.

Global Solar Vehicle Segmentation

By Solar Panel:

• Monocrystalline
• Polycrystalline

By Vehicle Type:

• Passenger Vehicle
• Commercial Vehicle

By Electric Vehicle Type:

• HEV
• BEV
• Plug-in-HEV

By Battery Type:

• Lithium Ion
• Lead Acid
• Lead Carbon

Key Players of Global Solar Vehicle Market

Some major key players for the global Solar Vehicle market report cover prominent players like

• General Motors
• Ford Motor Company
• Hanergy Thin Film Power Group
• Toyota Motor Corporation
• Lightyear (Atlas Technologies B.V.)
• JinkoSolar Holding Co
• Nissan Motor Co
• Trina Solar Co
• Mahindra & Mahindra
• Sono Motors GmbH
• Solar Electric Vehicle Company
• Volkswagen AG.

News

Lightyear Launched solar electric vehicles, the Lightyear

On October 14, 2022; Lightyear, located in the Netherlands, showed one of its most recent solar electric vehicles, the Lightyear 0, during a ceremony held at the Sharjah Research, Technology, and Innovation Park (SRTIP). In early 2023, the Lightyear 0 vehicle would debut in Sharjah.

Sono Motors Launched An Electric Vehicle That Would Be Powered By Solar Panels

On November 22, 2022; Munich-based Sono Motors introduced an electric vehicle that would be powered by solar panels, stating that the Sion EV will go into manufacturing in 2023. Continental is collaborating with Sono Motors on the creation of the Sion, which will be manufactured in Finland in the second part of next year. Current series-validation cars, for example, will be outfitted with an advanced driver assistance systems (ADAS) and technology for torque regulation, temperature control, and engine energy, charging, and heat dissipation.

Squad Mobility Launched SQUAD Solar City Car

On May 16, 2022; Squad Mobility unveiled the SQUAD Solar City Car, a two-seater solar electric vehicle (SEV) that may be operated without a driver's license in numerous EU nations. The small SQUAD Solar City Car, intended for both private possession and sharing transportation, may shortly be capable to overcome the barrier between passengers EVs and electrical two-wheelers.

Increasing Demand For Emission-Free Automobiles, Rising Government Regulatory Policies, and Growing Automobile Demand Worldwide are Some of the Major Factors Driving the Market Growth

The rising prevalence of self-charging autos has led to the growth of the solar Vehicle industry, which has supported the industry's growth. Because of increased consumer affluence and demand for emission-free automobiles, solar vehicle manufacturers have indeed been able to provide solar autos and solar commercial vehicles. Photovoltaic cells are used to recharge the battery in the solar vehicle industry. These photovoltaic cells turn sunlight into energy, which is utilized for movement in the electric vehicle sector.

Furthermore, as the frequency of electric automobile sales increases, solar Vehicles will be used as range extenders, increasing the need for solar Vehicles including solar business vehicles. With the growing acceptance of electric cars, there is a greater need for more innovative and effective charging equipment to be placed in them to solve the problem of quick discharge of electric vehicles throughout operations. Due to a lack of adequate infrastructure for recharging automobiles over extended distances, the integration of solar panels in automobiles has paved the way for the rise of the solar vehicle business.

Many nations are building sustainable surroundings for the vehicle industry in order to develop more effective regulations for pollution. The EU established new carbon dioxide output rules for new passenger automobiles and commercial vehicles. The 2020 program is a bundle of regulations enacted to guarantee that the EU reaches its 2020 environmental and energy commitments. The package has three primary goals: a 20% reduction in greenhouse gas output (from 1990 levels). The agreed-upon objectives seek to cut average CO2 output from modern passenger automobiles by 20% in 2025 as well as 37.5% in 2030, including both comparisons to the baseline number of 2021.

Despite dropping solar panel costs, putting them in cars remains expensive, impeding the expansion of the solar-driven vehicle business. Installing energy from the sunroof on a customer automobile, for example, may raise the retail price by $1,000-1,500. The increases in predicted mileage may not always justify the rise in retail pricing of solar-powered cars when compared to non-solar-powered automobiles, hurting the solar-powered automobile market. The significant R&D expenditures necessary for integrating technically sophisticated and aesthetically pleasing solar panels into automobiles raise prices, limiting industry expansion.

North America is Expected to Capture a Major Share in the Global Solar Vehicle Market

Geographically, Asia Pacific is expected to be the biggest industry over the forecast period. The region is home to some of the world's quickest-growing economies, including India and China. The Asia Pacific area has the biggest automotive industry due to rising consumer spending power, which has increased demand for vehicles in the region. Furthermore, the weather conditions in Southeast Asian nations are suited for these vehicles.

Furthermore, the increasing demand for passenger vehicles from the region's growing economies is expected to boost the Asia Pacific market's development during the projected period. Furthermore, increased product launches by regional players will drive market development. Hyundai, for example, has introduced a 2021 Hyundai Sonata Hybrid car with solar film on the top to help with battery charging. Furthermore, if the solar roof is utilized for 6 hours every day, 60% of the total power for the car's battery may be gathered. This power can power the vehicle for around 1,300 kilometers (800 miles) every year.

Europe is expected to grow considerably over the coming years. The large percentage of electric cars (EVs) in this area is due to favorable government assistance in the form of subsidies and tough pollution standards. The Dutch government, for example, decreased registration prices for plug-in hybrid cars by roughly 7%, and therefore by 2030, only zero-emission automobiles will be marketed in the nation. The incorporation of solar panels into electric cars boosts their effectiveness, which may lead to widespread acceptance of these automobiles in Europe throughout the projection period.

By Regional & Country Level

North America

• U.S
• Canada

Europe

• U.K.
• France
• Germany
• Italy

Asia Pacific

• China
• Japan
• India
• Southeast Asia

Latin America

• Brazil
• Mexico

Middle East and Africa

• GCC
• Africa
• Rest of Middle East and Africa

Report Analysis	Details
Historical data	2018 - 2021
Forecast Period	2021 - 2028
Market Size in 2021:	USD 0.433 Billion
Base year considered	2021
Forecast Period CAGR %:	32.2%
Market Size Expected in 2028:	USD 3.06 Billion
Tables, Charts & Figures:	175
Pages	300
Key Players/Companies	General Motors, Ford Motor Company, Hanergy Thin Film Power Group, Toyota Motor Corporation, Lightyear (Atlas Technologies B.V.), JinkoSolar Holding Co., Ltd, Nissan Motor Co., LTD, Trina Solar Co., Ltd, Mahindra & Mahindra, Sono Motors GmbH, Solar Electric Vehicle Company, and Volkswagen AG.
Segments Covered	By Solar Panel, By Vehicle Type, By Electric Vehicle Type, By Battery Type.
Regional Analysis	North America, U.S., Mexico, Canada, Europe, UK, France, Germany, Italy, Asia Pacific, China, Japan, India, Southeast Asia, South America, Brazil, Argentina, Columbia, The Middle East and Africa, GCC, Africa, Rest of the Middle East and Africa