Global Market for Solar-Powered Vehicles is Anticipated to grow at a Significant Pace i.e., USD 2850.7 Million during the Forecast Period 2021-2027

Published Date: Aug, 2021

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 2027"

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 2020.”

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

2015–2027

Historical Period

2015–2020

Base Year

2020

Forecast Period

2021–2027

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 2015-2027

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

Vehicle Type Insight and Forecast 2015-2027

  • Commercial Vehicles
  • Passenger Cars

Type Insight and Forecast 2015-2027

  • Three Wheelers
  • Four Wheelers

Battery Type Insight and Forecast 2015-2027

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

Solar Panel Insight and Forecast 2015-2027

  • 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

 

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Global Market for Solar-Powered Vehicles is Anticipated to grow at a Significant Pace i.e., USD 2850.7 Million during the Forecast Period 2021-2027