Press Releases

The global solar-powered vehicle market is expected to witness a CAGR of 37.56% during the forecast period. Factors driving the growth of the solar-powered vehicles market are the increasing interest in renewable and sustainable energy resources and systems, the rising purchasing power of consumers, growing environmental concerns, preference of consumers towards eco-friendly solutions and vehicles, and the growing importance of solar-powered vehicles in emerging economies resulting in the growth of the solar-powered vehicles industry. There is a need to reduce the dependence on fossil fuels which is a primary factor contributing to the growth of the solar-powered vehicles market. Initiatives taken by the government to provide rebates and subsidies for the manufacturing of solar-powered vehicles and rising fuel prices will steadily boost the solar-powered vehicle market. Nevertheless, the rising trend of self-charging vehicles has led to the innovation of the solar cars market, resulting in the growth of the solar-powered vehicle market.

 

 

The COVID-19 pandemic has affected many economies and the companies are facing unprecedented losses. Owing to the spread of the novel coronavirus, the government had announced strict lockdown and there are no operational activities in the industries. The worst-hit sector is the automotive sector. There are supply chain disruptions leading to production shortfall. The regulatory authorities of various countries such as China are finding relaxation of emission mandates as auto manufacturers have less funding which is the key issue for cost reduction and technological development of solar vehicles. The economies are recovering from the repercussions and the manufacturers are trying to adjust production and supplies to the consumers.

 

Browse 70 market data Tables and 41 Figures spread through 209 Pages and in-depth TOC on " Solar-Powered Vehicle Market by Electric Vehicle Type (Fully Electric Vehicles, Hybrid Electric Vehicles (HEV), and Plug-in Hybrid Electric Vehicles (PHEV)), by Vehicle Type (Commercial Vehicles and Passenger Cars) by Type (Three-Wheelers and Four-Wheelers), by Battery Type (Lithium-Ion, Lead-Acid, and Lead-Carbon), by Solar panel (Monocrystalline and Polycrystalline), and Region - Global Forecast to 2030"

 

By solar panel, the monocrystalline segment dominates the market in 2020.

Based on the solar panel, the market is divided into monocrystalline and polycrystalline. The monocrystalline segment dominates the market as it provides high efficiency owing to the high purity of monocrystalline silicon which will propel the market growth. It can withstand high temperatures, has a high-power output and long life, resulting in increased utilization of monocrystalline solar panels in solar-powered vehicles.

 

Global Solar Powered Vehicle Market Segmentation Analysis

Segment	Categorization	Leading Category
Electric Vehicle Type	Fully Electric Vehicles, Hybrid Electric Vehicles (HEV), and Plug-in Hybrid Electric Vehicles (PHEV)	Fully Electric Vehicles (Fastest)
Vehicle Type	Commercial Vehicles and Passenger Cars	Passenger Cars (Largest)
Type	Three-Wheelers and Four-Wheelers	Four-Wheelers (Fastest)
Battery Type	Lithium-Ion, Lead-Acid, and Lead-Carbon	Lithium-Ion (High CAGR)
Solar Panel	Monocrystalline and Polycrystalline	Monocrystalline (Largest)
Region	North America, Europe, Asia-Pacific, and Rest of the World	Asia-Pacific (Largest) Europe (Fastest)

 

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“Asia-Pacific to hold the largest regional market share in 2022.”

Asia Pacific dominates the global solar-powered vehicle market and is anticipated to have a high CAGR during the forecast period owing to the rapid urbanization, increasing consumer purchasing power, the rising initiatives taken by the government to reduce emission levels, and the dependence on fossil fuels, providing subsidies and rebates by the government, resulting in the growth of solar-powered vehicle market in the region.

 

Some of the major players in the global car towing service market include Ford Motor Company, Hanergy Holding Group, Toyota Motor Corporation, Nissan Motor Company, Sono Motors, Audi AG, Mahindra & Mahindra, Cruise Car, and Guangzhou Jcar Industrial Company Ltd.

 

Scope of the Report

Report Metric	Details
Market Size Available for the Years in the Study	2018–2030
Historical Period	2018–2022
Base Year	2022
Forecast Period	2023–2030
Segments Covered in the Study	Electric Vehicle Type, Vehicle Type, Type, Battery Type, Solar Panel, and Region
Geographies Covered in the Study	North America (U.S., Canada, Mexico), Europe (Germany, U.K., France, Italy, Spain, Russia), Asia-Pacific (China, Japan, India, South Korea), and Rest of the World (Brazil, Saudi Arabia, South Africa, U.A.E.)
Companies Covered in the Study	Ford Motor Company, Hanergy Holding Group, Toyota Motor Corporation, Nissan Motor Company, Sono Motors, Audi AG, Mahindra & Mahindra, Cruise Car, and Guangzhou Jcar Industrial Company Ltd.

 

Global Solar Powered Vehicles Market Coverage

Electric Vehicle Type Insight and Forecast 2018-2030

• Fully Electric Vehicles
• Hybrid Electric Vehicles (HEV)
• Plug-in Hybrid Electric Vehicles (PHEV)

 

Vehicle Type Insight and Forecast 2018-2030

• Commercial Vehicles
• Passenger Cars

 

Type Insight and Forecast 2018-2030

• Three Wheelers
• Four Wheelers

 

Battery Type Insight and Forecast 2018-2030

• Lithium-Ion
• Lead-Acid
• Lead-Carbon

 

Solar Panel Insight and Forecast 2018-2030

• Monocrystalline 
• Polycrystalline

 

Geographical Segmentation

Solar Powered Vehicles Market by Region

 

North America

• By Electric Vehicle Type
• By Vehicle Type
• By Type
• By Battery Type
• By Solar Panel
• By Country – U.S., Canada, and Mexico

 

Europe

• By Electric Vehicle Type
• By Vehicle Type
• By Type
• By Battery Type
• By Solar Panel
• By Country – Germany, U.K., France, Italy, Spain, Russia, and Rest of Europe

 

Asia-Pacific (APAC)

• By Electric Vehicle Type
• By Vehicle Type
• By Type
• By Battery Type
• By Solar Panel
• By Country – China, Japan, India, South Korea, and Rest of Asia-Pacific

 

Rest of the World (RoW)

• By Electric Vehicle Type
• By Vehicle Type
• By Type
• By Battery Type
• By Solar Panel
• By Country – Brazil, Saudi Arabia, South Africa, U.A.E., and Other Countries