Solar Vehicle Market Size-By Vehicle Type (Passenger Vehicles, Commercial Vehicles), Electric Vehicle Type (Battery Electric Vehicle, Hybrid Electric Vehicle), Battery Type (Lithium-ion, Lead-acid, Lead Carbon), Solar Panel Type & Forecast, 2023-2032

List of Tables

Solar Vehicle Market size is estimated to expand at over 12% CAGR from 2023-2032 fueled by the rising global sustainability initiatives.

With strong focus on reducing carbon emissions and mitigating climate change, a multitude of governments, businesses, and consumers are actively seeking sustainable transportation solutions. Furthermore, the introduction of electric cars integrated with solar charging features for enhancing the overall efficiency and sustainability is significantly increasing for catering to the environmentally conscious consumers. For instance, in March 2023, Tesla announced plans to provide a new solar power charging function in its app for allowing users to charge their vehicles with extra solar power. With numerous automakers continuing to invest in advancing solar-charging technologies, the market is set to exhibit steady growth.

The overall industry is segmented into vehicle type, electric vehicle type, battery type, solar panel type, and region.

With respect to vehicle type, the commercial solar vehicles market is anticipated to gain significant traction from 2023-2032. This is owing to the rising popularity of commercial solar vehicles, ranging from delivery trucks to buses, as businesses are increasingly seeking sustainable and cost-efficient transportation solutions. The integration of solar technology in commercial fleets not only reduces the fuel costs but also meets the environmental regulations for fostering a green image for companies. Moreover, the ongoing advancements in solar energy storage and efficiency will further enhance the viability of solar-powered vehicles, thereby propelling the segment growth.

Based on solar panel type, the solar vehicle industry from the monocrystalline segment is anticipated to grow at a steady rate through 2032. Monocrystalline panels are recording optimum demand due to their high efficiency and sleek design. This is increasing their preference in the production of solar-powered vehicles. Additionally, the superior energy conversion capabilities of monocrystalline panels and the rising technological advancements to improve the efficiency and affordability of these solar panels will add to the product adoption.

Europe solar vehicle market is estimated to exhibit robust growth between 2023 and 2032 attributed to the rising consumer inclination to eco-friendly transportation options and the growing government incentives and subsidies for renewable energy initiatives. The ongoing efforts by automotive manufacturers and solar technology firms coupled with the advancements in energy-efficient technologies to develop innovative solar-powered car models will accelerate the regional market expansion. For instance, in June 2022, Dutch firm Lightyear introduced the world's first production-ready solar vehicle, featuring curved solar panels in the roof, trunk, and hood to power the electric battery as it travels.

Product Code: 7530

Chapter 1 Methodology & Scope

1.1 Market definitions
1.2 Base estimates & calculations
1.3 Forecast calculation
1.4 Data sources
- 1.4.1 Primary
- 1.4.2 Secondary
  - 1.4.2.1 Paid sources
  - 1.4.2.2 Public sources

Chapter 2 Executive Summary

2.1 Solar vehicle market 360 degree synopsis, 2018 - 2032
2.2 Regional trends
2.3 Vehicle type trends
2.4 Electric vehicle type trends
2.5 Battery type trends
2.6 Solar panel type trends

Chapter 3 Solar Vehicle Market Industry Insights

3.1 Industry ecosystem analysis
3.2 Vendor matrix
3.3 Profit margin analysis
3.4 Price trend analysis
3.5 Technology & innovation landscape
3.6 Patent analysis
3.7 Key news and initiatives
3.8 Regulatory landscape
3.9 Impact forces
- 3.9.1 Growth drivers
  - 3.9.1.1 Rising investments in solar vehicle startups
  - 3.9.1.2 Increasing demand for sustainable transportation
  - 3.9.1.3 Supportive government policies and incentives
  - 3.9.1.4 Rising technological advancements in electric vehicles
- 3.9.2 Industry pitfalls & challenges
  - 3.9.2.1 Limited energy storage
  - 3.9.2.2 Lack of supporting infrastructure
3.10 Profit margin analysis
3.11 Vendor matrix analysis
3.12 Growth potential analysis
3.13 Porter's analysis
3.14 PESTEL analysis

Chapter 4 Competitive Landscape, 2022

4.1 Introduction
4.2 Company market share, 2022
4.3 Competitive analysis of major market players, 2022
- 4.3.1 Lightyear
- 4.3.2 Volkswagen
- 4.3.3 Rivian Automotive
- 4.3.4 Fisker Inc.
- 4.3.5 Toyota Motor Corporation
- 4.3.6 Aptera
- 4.3.7 Ford Motor Company
4.4 Competitive positioning matrix, 2022
4.5 Strategic outlook matrix, 2022

Chapter 5 Solar Vehicle Market Estimates & Forecast, By Vehicle Type (Revenue & Shipment)

5.1 Key trends, by vehicle type
5.2 Passenger vehicles
5.3 Commercial vehicles

Chapter 6 Solar Vehicle Market Estimates & Forecast, By Electric Vehicle Type (Revenue & Shipment)

6.1 Key trends, by electric vehicle type
6.2 Battery electric vehicle
6.3 Hybrid electric vehicle

Chapter 7 Solar Vehicle Market Estimates & Forecast, By Battery type (Revenue & Shipment)

7.1 Key trends, by battery type
7.2 Lithium-ion
7.3 Lead-acid
7.4 Lead carbon

Chapter 8 Solar Vehicle Market Estimates & Forecast, By Solar Panel Type (Revenue & Shipment)

8.1 Key trends, by solar panel type
8.2 Monocrystalline
8.3 Polycrystalline

Chapter 9 Solar Vehicle Market Estimates & Forecast, By Region (Revenue & Shipment)

9.1 Key trends, by region
9.2 North America
- 9.2.1 U.S.
- 9.2.2 Canada
9.3 Europe
- 9.3.1 UK
- 9.3.2 Germany
- 9.3.3 France
- 9.3.4 Italy
- 9.3.5 Spain
- 9.3.6 Russia
9.4 Asia Pacific
- 9.4.1 China
- 9.4.2 India
- 9.4.3 Japan
- 9.4.4 South Korea
- 9.4.5 ANZ
9.5 Latin America
- 9.5.1 Brazil
- 9.5.2 Mexico
- 9.5.3 Argentina
9.6 MEA
- 9.6.1 UAE
- 9.6.2 South Africa
- 9.6.3 Saudi Arabia

Chapter 10 Company Profiles

10.1 Aptera
10.2 Cruise Car Inc.
10.3 Fiat Chrysler Automobiles
10.4 Fisker Inc.
10.5 Ford Motor Company
10.6 Hyundai Motor Company
10.7 Lightyear
10.8 Nissan Motor Co. Ltd.,
10.9 Rivian Automotive
10.10 Sono Motors
10.11 Squad Mobility
10.12 Tesla, Inc.
10.13 Toyota Motor Corporation
10.14 Venturi Automobiles
10.15 Volkswagen