Global Solar Vehicle Market Size study & Forecast, by Vehicle Type, by Electric Vehicle Type, by Battery Type, by Solar Panel Type and Regional Analysis, 2023-2030

Description

List of Tables

Global Solar Vehicle Market is valued at approximately USD 285.44 million in 2022 and is anticipated to grow with a healthy growth rate of more than 18% over the forecast period 2023-2030. A solar vehicle is an electric vehicle (EV) that is powered primarily or entirely by energy derived from the sun through solar panels. These vehicles use photovoltaic cells to convert sunlight directly into electricity, which is then stored in batteries or used to power the vehicle's electric motor. Solar vehicles are designed with a large surface area covered in solar panels, typically located on the roof, hood, or other areas of the vehicle where maximum sunlight exposure is achieved. The solar panels capture sunlight and convert it into electrical energy, which either be used immediately to power the vehicle or stored in a battery for later use. The Solar Vehicle market is expanding because of factors such as stringent vehicle emission norms and regulations and rising government support for the development of eco-friendly vehicles.

Many nations are building environmentally friendly settings for the automotive industry to develop frameworks for emissions that are more effective. For brand-new passenger automobiles and commercial vehicles, the EU established new standards for carbon dioxide emissions. The EU passed the 2020 package of regulations to make sure it would reach its 2020 energy and climate goals. The three main goals of the package are a 20% reduction in greenhouse gas emissions (from 1990 levels). The agreed-upon goals are to cut new passenger car CO2 emissions on average by 20% by 2025 and by 37.5% by 2030, both in comparison to the base year of 2021. Similarly, The US Environmental Protection Agency (EPA) and National Highway Traffic Safety Administration (NHTSA) cut the GHG emissions and Corporate Average Fuel Economy (cafe) requirements for vehicles produced in the MY 2021-2026 with the Safer Affordable Fuel-Efficient (SAFE) Vehicles Rule [4754], which was finalized in March 2020. The 2020 regulation tightens CAFE and CO2 emission regulations by 1.5% annually through the model year 2026, in contrast to the CO2 requirements imposed in 2012, which aimed for rises to around 5% each year. Thus, stringent vehicle emission norms and regulations are driving the growth of the Solar Vehicle Market. In addition, advancement in solar panel and battery storage technology and increasing investment in the development of energy-efficient vehicles is creating new opportunities for the market. However, less operational efficiency of solar vehicles coupled with high cost and lack of standardization stifles market growth throughout the forecast period of 2023-2030.

The key regions considered for the Global Solar Vehicle Market study includes Asia Pacific, North America, Europe, Latin America, and Middle East & Africa. Asia Pacific dominated the market in 2022 owing to factors such as rising concerns about air pollution, the requirement to lower greenhouse gas emissions, and government programs that support the use of solar and electric vehicles. Whereas, North America is projected to have significant growth in the market owing to factors such as rising technological advancement, and rising investment for research and development activities in the region.

Major market player included in this report are:

Sono Motors GmbH
Lightyear
Venturi Automobiles
Nissan Motor Co. Ltd.
Mahindra & Mahindra Limited
Toyota Motor Corporation
Ford Motor Company
Volkswagen AG
Mercedes-Benz Group AG
Tesla, Inc

Recent Developments in the Market:

In January 2023, The European Climate, Infrastructure, and Environment Executive Agency (CINEA) granted funding of USD 1.61 million to Sono Group N.V., a major leader in solar mobility solutions, to advance solar technology.
In June 2022, Bridgestone and Lightyear announced their partnership to develop, the first long-distance solar electric-powered vehicle. Bridgestone and Lightyear's cooperation builds on their prior work for the Bridgestone World Solar Challenge and is a clear result of their shared dedication to sustainability.

Global Solar Vehicle Market Report Scope:

Historical Data: 2020 - 2021
Base Year for Estimation: 2022
Forecast period: 2023-2030
Report Coverage: Revenue forecast, Company Ranking, Competitive Landscape, Growth factors, and Trends
Segments Covered - Vehicle Type, Electric Vehicle Type, Battery Type, Solar Panel Type, Region
Regional Scope: North America; Europe; Asia Pacific; Latin America; Middle East & Africa
Customization Scope: Free report customization (equivalent up to 8 analyst's working hours) with purchase. Addition or alteration to country, regional & segment scope*

The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within countries involved in the study.

The report also caters detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, it also incorporates potential opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below.

By Vehicle Type:

Passenger Cars
Commercial Vehicles

By Electric Vehicle Type:

Battery Electric Vehicle
Hybrid Electric Vehicle

By Battery Type:

Lithium Ion
Lead Acid
Other Battery Types

By Solar Panel Type:

Mono-crystalline
Poly-crystalline

By Region:

North America
U.S.
Canada
Europe
UK
Germany
France
Spain
Italy
ROE
Asia Pacific
China
India
Japan
Australia
South Korea
RoAPAC
Latin America
Brazil
Mexico
Middle East & Africa
Saudi Arabia
South Africa
Rest of Middle East & Africa

Chapter 1. Executive Summary

1.1. Market Snapshot
1.2. Global & Segmental Market Estimates & Forecasts, 2020-2030 (USD Million)
- 1.2.1. Solar Vehicle Market, by Region, 2020-2030 (USD Million)
- 1.2.2. Solar Vehicle Market, by Vehicle Type, 2020-2030 (USD Million)
- 1.2.3. Solar Vehicle Market, by Electric Vehicle Type, 2020-2030 (USD Million)
- 1.2.4. Solar Vehicle Market, by Battery Type, 2020-2030 (USD Million)
- 1.2.5. Solar Vehicle Market, by Solar Panel Type, 2020-2030 (USD Million)
1.3. Key Trends
1.4. Estimation Methodology
1.5. Research Assumption

Chapter 2. Global Solar Vehicle Market Definition and Scope

2.1. Objective of the Study
2.2. Market Definition & Scope
- 2.2.1. Industry Evolution
- 2.2.2. Scope of the Study
2.3. Years Considered for the Study
2.4. Currency Conversion Rates

Chapter 3. Global Solar Vehicle Market Dynamics

3.1. Solar Vehicle Market Impact Analysis (2020-2030)
- 3.1.1. Market Drivers
  - 3.1.1.1. Stringent vehicle emission norms and regulations
  - 3.1.1.2. Rising government support for the development of eco-friendly vehicles.
- 3.1.2. Market Challenges
  - 3.1.2.1. Less operational efficiency of solar vehicles coupled with high cost
  - 3.1.2.2. Lack of standardization
- 3.1.3. Market Opportunities
  - 3.1.3.1. Advancement in solar panel and battery storage technology
  - 3.1.3.2. Increasing investment in the development of energy-efficient vehicles

Chapter 4. Global Solar Vehicle Market Industry Analysis

4.1. Porter's 5 Force Model
- 4.1.1. Bargaining Power of Suppliers
- 4.1.2. Bargaining Power of Buyers
- 4.1.3. Threat of New Entrants
- 4.1.4. Threat of Substitutes
- 4.1.5. Competitive Rivalry
4.2. Porter's 5 Force Impact Analysis
4.3. PEST Analysis
- 4.3.1. Political
- 4.3.2. Economical
- 4.3.3. Social
- 4.3.4. Technological
- 4.3.5. Environmental
- 4.3.6. Legal
4.4. Top investment opportunity
4.5. Top winning strategies
4.6. COVID-19 Impact Analysis
4.7. Disruptive Trends
4.8. Industry Expert Perspective
4.9. Analyst Recommendation & Conclusion

Chapter 5. Global Solar Vehicle Market, by Vehicle Type

5.1. Market Snapshot
5.2. Global Solar Vehicle Market by Vehicle Type, Performance - Potential Analysis
5.3. Global Solar Vehicle Market Estimates & Forecasts by Vehicle Type 2020-2030 (USD Million)
5.4. Solar Vehicle Market, Sub Segment Analysis
- 5.4.1. Passenger Cars
- 5.4.2. Commercial Vehicles

Chapter 6. Global Solar Vehicle Market, by Electric Vehicle Type

6.1. Market Snapshot
6.2. Global Solar Vehicle Market by Electric Vehicle Type, Performance - Potential Analysis
6.3. Global Solar Vehicle Market Estimates & Forecasts by Electric Vehicle Type 2020-2030 (USD Million)
6.4. Solar Vehicle Market, Sub Segment Analysis
- 6.4.1. Battery Electric Vehicle
- 6.4.2. Hybrid Electric Vehicle

Chapter 7. Global Solar Vehicle Market, by Battery Type

7.1. Market Snapshot
7.2. Global Solar Vehicle Market by Battery Type, Performance - Potential Analysis
7.3. Global Solar Vehicle Market Estimates & Forecasts by Battery Type 2020-2030 (USD Million)
7.4. Solar Vehicle Market, Sub Segment Analysis
- 7.4.1. Lithium Ion
- 7.4.2. Lead Acid
- 7.4.3. Other Battery Types

Chapter 8. Global Solar Vehicle Market, by Solar Panel Type

8.1. Market Snapshot
8.2. Global Solar Vehicle Market by Solar Panel Type, Performance - Potential Analysis
8.3. Global Solar Vehicle Market Estimates & Forecasts by Solar Panel Type 2020-2030 (USD Million)
8.4. Solar Vehicle Market, Sub Segment Analysis
- 8.4.1. Mono-crystalline
- 8.4.2. Poly-crystalline

Chapter 9. Global Solar Vehicle Market, Regional Analysis

9.1. Top Leading Countries
9.2. Top Emerging Countries
9.3. Solar Vehicle Market, Regional Market Snapshot
9.4. North America Solar Vehicle Market
- 9.4.1. U.S. Solar Vehicle Market
  - 9.4.1.1. Vehicle Type breakdown estimates & forecasts, 2020-2030
  - 9.4.1.2. Electric Vehicle Type breakdown estimates & forecasts, 2020-2030
  - 9.4.1.3. Battery Type breakdown estimates & forecasts, 2020-2030
  - 9.4.1.4. Solar Panel Type breakdown estimates & forecasts, 2020-2030
- 9.4.2. Canada Solar Vehicle Market
9.5. Europe Solar Vehicle Market Snapshot
- 9.5.1. U.K. Solar Vehicle Market
- 9.5.2. Germany Solar Vehicle Market
- 9.5.3. France Solar Vehicle Market
- 9.5.4. Spain Solar Vehicle Market
- 9.5.5. Italy Solar Vehicle Market
- 9.5.6. Rest of Europe Solar Vehicle Market
9.6. Asia-Pacific Solar Vehicle Market Snapshot
- 9.6.1. China Solar Vehicle Market
- 9.6.2. India Solar Vehicle Market
- 9.6.3. Japan Solar Vehicle Market
- 9.6.4. Australia Solar Vehicle Market
- 9.6.5. South Korea Solar Vehicle Market
- 9.6.6. Rest of Asia Pacific Solar Vehicle Market
9.7. Latin America Solar Vehicle Market Snapshot
- 9.7.1. Brazil Solar Vehicle Market
- 9.7.2. Mexico Solar Vehicle Market
9.8. Middle East & Africa Solar Vehicle Market
- 9.8.1. Saudi Arabia Solar Vehicle Market
- 9.8.2. South Africa Solar Vehicle Market
- 9.8.3. Rest of Middle East & Africa Solar Vehicle Market

Chapter 10. Competitive Intelligence

10.1. Key Company SWOT Analysis
- 10.1.1. Company 1
- 10.1.2. Company 2
- 10.1.3. Company 3
10.2. Top Market Strategies
10.3. Company Profiles
- 10.3.1. Sono Motors GmbH
  - 10.3.1.1. Key Information
  - 10.3.1.2. Overview
  - 10.3.1.3. Financial (Subject to Data Availability)
  - 10.3.1.4. Product Summary
  - 10.3.1.5. Recent Developments
- 10.3.2. Lightyear
- 10.3.3. Venturi Automobiles
- 10.3.4. Nissan Motor Co. Ltd.
- 10.3.5. Mahindra & Mahindra Limited
- 10.3.6. Toyota Motor Corporation
- 10.3.7. Ford Motor Company
- 10.3.8. Volkswagen AG
- 10.3.9. Mercedes-Benz Group AG
- 10.3.10. Tesla, Inc

Chapter 11. Research Process

11.1. Research Process
- 11.1.1. Data Mining
- 11.1.2. Analysis
- 11.1.3. Market Estimation
- 11.1.4. Validation
- 11.1.5. Publishing
11.2. Research Attributes
11.3. Research Assumption

LIST OF TABLES

TABLE 1. Global Solar Vehicle Market, report scope
TABLE 2. Global Solar Vehicle Market estimates & forecasts by Region 2020-2030 (USD Million)
TABLE 3. Global Solar Vehicle Market estimates & forecasts by Vehicle Type 2020-2030 (USD Million)
TABLE 4. Global Solar Vehicle Market estimates & forecasts by Electric Vehicle Type 2020-2030 (USD Million)
TABLE 5. Global Solar Vehicle Market estimates & forecasts by Battery Type 2020-2030 (USD Million)
TABLE 6. Global Solar Vehicle Market estimates & forecasts by Solar Panel Type 2020-2030 (USD Million)
TABLE 7. Global Solar Vehicle Market by segment, estimates & forecasts, 2020-2030 (USD Million)
TABLE 8. Global Solar Vehicle Market by region, estimates & forecasts, 2020-2030 (USD Million)
TABLE 9. Global Solar Vehicle Market by segment, estimates & forecasts, 2020-2030 (USD Million)
TABLE 10. Global Solar Vehicle Market by region, estimates & forecasts, 2020-2030 (USD Million)
TABLE 11. Global Solar Vehicle Market by segment, estimates & forecasts, 2020-2030 (USD Million)
TABLE 12. Global Solar Vehicle Market by region, estimates & forecasts, 2020-2030 (USD Million)
TABLE 13. Global Solar Vehicle Market by segment, estimates & forecasts, 2020-2030 (USD Million)
TABLE 14. Global Solar Vehicle Market by region, estimates & forecasts, 2020-2030 (USD Million)
TABLE 15. Global Solar Vehicle Market by segment, estimates & forecasts, 2020-2030 (USD Million)
TABLE 16. Global Solar Vehicle Market by region, estimates & forecasts, 2020-2030 (USD Million)
TABLE 17. U.S. Solar Vehicle Market estimates & forecasts, 2020-2030 (USD Million)
TABLE 18. U.S. Solar Vehicle Market estimates & forecasts by segment 2020-2030 (USD Million)
TABLE 19. U.S. Solar Vehicle Market estimates & forecasts by segment 2020-2030 (USD Million)
TABLE 20. Canada Solar Vehicle Market estimates & forecasts, 2020-2030 (USD Million)
TABLE 21. Canada Solar Vehicle Market estimates & forecasts by segment 2020-2030 (USD Million)
TABLE 22. Canada Solar Vehicle Market estimates & forecasts by segment 2020-2030 (USD Million)
TABLE 23. UK Solar Vehicle Market estimates & forecasts, 2020-2030 (USD Million)
TABLE 24. UK Solar Vehicle Market estimates & forecasts by segment 2020-2030 (USD Million)
TABLE 25. UK Solar Vehicle Market estimates & forecasts by segment 2020-2030 (USD Million)
TABLE 26. Germany Solar Vehicle Market estimates & forecasts, 2020-2030 (USD Million)
TABLE 27. Germany Solar Vehicle Market estimates & forecasts by segment 2020-2030 (USD Million)
TABLE 28. Germany Solar Vehicle Market estimates & forecasts by segment 2020-2030 (USD Million)
TABLE 29. France Solar Vehicle Market estimates & forecasts, 2020-2030 (USD Million)
TABLE 30. France Solar Vehicle Market estimates & forecasts by segment 2020-2030 (USD Million)
TABLE 31. France Solar Vehicle Market estimates & forecasts by segment 2020-2030 (USD Million)
TABLE 32. Italy Solar Vehicle Market estimates & forecasts, 2020-2030 (USD Million)
TABLE 33. Italy Solar Vehicle Market estimates & forecasts by segment 2020-2030 (USD Million)
TABLE 34. Italy Solar Vehicle Market estimates & forecasts by segment 2020-2030 (USD Million)
TABLE 35. Spain Solar Vehicle Market estimates & forecasts, 2020-2030 (USD Million)
TABLE 36. Spain Solar Vehicle Market estimates & forecasts by segment 2020-2030 (USD Million)
TABLE 37. Spain Solar Vehicle Market estimates & forecasts by segment 2020-2030 (USD Million)
TABLE 38. RoE Solar Vehicle Market estimates & forecasts, 2020-2030 (USD Million)
TABLE 39. RoE Solar Vehicle Market estimates & forecasts by segment 2020-2030 (USD Million)
TABLE 40. RoE Solar Vehicle Market estimates & forecasts by segment 2020-2030 (USD Million)
TABLE 41. China Solar Vehicle Market estimates & forecasts, 2020-2030 (USD Million)
TABLE 42. China Solar Vehicle Market estimates & forecasts by segment 2020-2030 (USD Million)
TABLE 43. China Solar Vehicle Market estimates & forecasts by segment 2020-2030 (USD Million)
TABLE 44. India Solar Vehicle Market estimates & forecasts, 2020-2030 (USD Million)
TABLE 45. India Solar Vehicle Market estimates & forecasts by segment 2020-2030 (USD Million)
TABLE 46. India Solar Vehicle Market estimates & forecasts by segment 2020-2030 (USD Million)
TABLE 47. Japan Solar Vehicle Market estimates & forecasts, 2020-2030 (USD Million)
TABLE 48. Japan Solar Vehicle Market estimates & forecasts by segment 2020-2030 (USD Million)
TABLE 49. Japan Solar Vehicle Market estimates & forecasts by segment 2020-2030 (USD Million)
TABLE 50. South Korea Solar Vehicle Market estimates & forecasts, 2020-2030 (USD Million)
TABLE 51. South Korea Solar Vehicle Market estimates & forecasts by segment 2020-2030 (USD Million)
TABLE 52. South Korea Solar Vehicle Market estimates & forecasts by segment 2020-2030 (USD Million)
TABLE 53. Australia Solar Vehicle Market estimates & forecasts, 2020-2030 (USD Million)
TABLE 54. Australia Solar Vehicle Market estimates & forecasts by segment 2020-2030 (USD Million)
TABLE 55. Australia Solar Vehicle Market estimates & forecasts by segment 2020-2030 (USD Million)
TABLE 56. RoAPAC Solar Vehicle Market estimates & forecasts, 2020-2030 (USD Million)
TABLE 57. RoAPAC Solar Vehicle Market estimates & forecasts by segment 2020-2030 (USD Million)
TABLE 58. RoAPAC Solar Vehicle Market estimates & forecasts by segment 2020-2030 (USD Million)
TABLE 59. Brazil Solar Vehicle Market estimates & forecasts, 2020-2030 (USD Million)
TABLE 60. Brazil Solar Vehicle Market estimates & forecasts by segment 2020-2030 (USD Million)
TABLE 61. Brazil Solar Vehicle Market estimates & forecasts by segment 2020-2030 (USD Million)
TABLE 62. Mexico Solar Vehicle Market estimates & forecasts, 2020-2030 (USD Million)
TABLE 63. Mexico Solar Vehicle Market estimates & forecasts by segment 2020-2030 (USD Million)
TABLE 64. Mexico Solar Vehicle Market estimates & forecasts by segment 2020-2030 (USD Million)
TABLE 65. RoLA Solar Vehicle Market estimates & forecasts, 2020-2030 (USD Million)
TABLE 66. RoLA Solar Vehicle Market estimates & forecasts by segment 2020-2030 (USD Million)
TABLE 67. RoLA Solar Vehicle Market estimates & forecasts by segment 2020-2030 (USD Million)
TABLE 68. Saudi Arabia Solar Vehicle Market estimates & forecasts, 2020-2030 (USD Million)
TABLE 69. South Africa Solar Vehicle Market estimates & forecasts by segment 2020-2030 (USD Million)
TABLE 70. RoMEA Solar Vehicle Market estimates & forecasts by segment 2020-2030 (USD Million)
TABLE 71. List of secondary sources, used in the study of global Solar Vehicle Market
TABLE 72. List of primary sources, used in the study of global Solar Vehicle Market
TABLE 73. Years considered for the study
TABLE 74. Exchange rates considered

List of tables and figures and dummy in nature, final lists may vary in the final deliverable

LIST OF FIGURES

FIG 1. Global Solar Vehicle Market, research methodology
FIG 2. Global Solar Vehicle Market, Market estimation techniques
FIG 3. Global Market size estimates & forecast methods
FIG 4. Global Solar Vehicle Market, key trends 2022
FIG 5. Global Solar Vehicle Market, growth prospects 2023-2030
FIG 6. Global Solar Vehicle Market, porters 5 force model
FIG 7. Global Solar Vehicle Market, pest analysis
FIG 8. Global Solar Vehicle Market, value chain analysis
FIG 9. Global Solar Vehicle Market by segment, 2020 & 2030 (USD Million)
FIG 10. Global Solar Vehicle Market by segment, 2020 & 2030 (USD Million)
FIG 11. Global Solar Vehicle Market by segment, 2020 & 2030 (USD Million)
FIG 12. Global Solar Vehicle Market by segment, 2020 & 2030 (USD Million)
FIG 13. Global Solar Vehicle Market by segment, 2020 & 2030 (USD Million)
FIG 14. Global Solar Vehicle Market, regional snapshot 2020 & 2030
FIG 15. North America Solar Vehicle Market 2020 & 2030 (USD Million)
FIG 16. Europe Solar Vehicle Market 2020 & 2030 (USD Million)
FIG 17. Asia pacific Solar Vehicle Market 2020 & 2030 (USD Million)
FIG 18. Latin America Solar Vehicle Market 2020 & 2030 (USD Million)
FIG 19. Middle East & Africa Solar Vehicle Market 2020 & 2030 (USD Million)