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PUBLISHER: IMARC | PRODUCT CODE: 1236883

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PUBLISHER: IMARC | PRODUCT CODE: 1236883

Solar Vehicle Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028

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The global solar vehicle market size reached US$ 265.9 Million in 2022. Looking forward, IMARC Group expects the market to reach US$ 1,925.9 Million by 2028, exhibiting a growth rate (CAGR) of 39.9% during 2023-2028.

Solar vehicles can be defined as electric automobiles that run on solar energy by using photovoltaic (PV) cells to convert energy from sunlight to electricity. These vehicles have either monocrystalline or polycrystalline panels and are available in two kinds: hybrid and electric. The hybrid variants run on an internal combustion engine (ICE) and an electric motor. Whereas, the electric variants run only on electric motors and store power in rechargeable batteries. These solar-powered vehicles are highly cost-effective and aid in minimizing both environmental and noise pollution.

Growing environmental consciousness across the globe is one of the primary factors driving the market growth. Governments of both developed and emerging economies are increasingly focusing on efforts and undertaking initiatives to minimize vehicular pollution. Consequently, automobile manufacturers are emphasizing on developing sustainable vehicles that reduce the overall dependence on fossil fuels and can operate on clean and renewable sources of energy. Furthermore, the widespread adoption of electric vehicles (EVs) is also providing a boost to the market growth. Additionally, various technological advancements, including the development of automated solar sunroofs that can minimize the time required for charging the vehicle, are also creating a positive outlook for the market growth. Other factors, including the rising demand for fuel-efficient automobiles and research and development (R&D) activities for developing innovative technologies to harness solar energy, are projected to drive the market further.

Key Market Segmentation:

  • IMARC Group provides an analysis of the key trends in each sub-segment of the global solar vehicle market report, along with forecasts at the global, regional and country level from 2023-2028. Our report has categorized the market based on propulsion type, vehicle type, battery type, solar panel type and charging type.

Breakup by Propulsion Type:

  • BEV
  • HEV
  • PHEV

Breakup by Vehicle Type:

  • Passenger Cars
  • Industrial Utility Vehicles
  • Commercial Vehicles
  • Commercial Turf Utility Vehicles
  • Golf Cars
  • Others

Breakup by Battery Type:

  • Lithium-ion
  • Lead-Acid
  • Others

Breakup by Solar Panel Type:

  • Monocrystalline
  • Polycrystalline

Breakup by Charging Type:

  • Slow Charging
  • Fast Charging

Breakup by Region:

  • North America
  • United States
  • Canada
  • Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Indonesia
  • Others
  • Europe
  • Germany
  • France
  • United Kingdom
  • Italy
  • Spain
  • Russia
  • Others
  • Latin America
  • Brazil
  • Mexico
  • Others
  • Middle East and Africa

Competitive Landscape:

  • The competitive landscape of the industry has also been examined with some of the key players being Ford Motor Company, General Motors, Hanergy Thin Film Power Group, JinkoSolar Holding Co., Ltd, Lightyear (Atlas Technologies B.V.), Mahindra & Mahindra, Nissan Motor Co., LTD, Solar Electric Vehicle Company, Sono Motors GmbH, Toyota Motor Corporation, Trina Solar Co.,Ltd, and Volkswagen AG.

Key Questions Answered in This Report:

  • 1. What was the size of the global solar vehicle market in 2022?
  • 2. What is the expected growth rate of the global solar vehicle market during 2023-2028?
  • 3. What are the key factors driving the global solar vehicle market?
  • 4. What has been the impact of COVID-19 on the global solar vehicle market?
  • 5. What is the breakup of the global solar vehicle market based on the propulsion type?
  • 6. What is the breakup of the global solar vehicle market based on the vehicle type?
  • 7. What is the breakup of the global solar vehicle market based on the battery type?
  • 8. What is the breakup of the global solar vehicle market based on the solar panel type?
  • 9. What is the breakup of the global solar vehicle market based on the charging type?
  • 10. What are the key regions in the global solar vehicle market?
  • 11. Who are the key players/companies in the global solar vehicle market?
Product Code: SR1523A148_Report

Table of Contents

1 Preface

2 Scope and Methodology

  • 2.1 Objectives of the Study
  • 2.2 Stakeholders
  • 2.3 Data Sources
    • 2.3.1 Primary Sources
    • 2.3.2 Secondary Sources
  • 2.4 Market Estimation
    • 2.4.1 Bottom-Up Approach
    • 2.4.2 Top-Down Approach
  • 2.5 Forecasting Methodology

3 Executive Summary

4 Introduction

  • 4.1 Overview
  • 4.2 Key Industry Trends

5 Global Solar Vehicle Market

  • 5.1 Market Overview
  • 5.2 Market Performance
  • 5.3 Impact of COVID-19
  • 5.4 Market Forecast

6 Market Breakup by Propulsion Type

  • 6.1 BEV
    • 6.1.1 Market Trends
    • 6.1.2 Market Forecast
  • 6.2 HEV
    • 6.2.1 Market Trends
    • 6.2.2 Market Forecast
  • 6.3 PHEV
    • 6.3.1 Market Trends
    • 6.3.2 Market Forecast

7 Market Breakup by Vehicle Type

  • 7.1 Passenger Cars
    • 7.1.1 Market Trends
    • 7.1.2 Market Forecast
  • 7.2 Industrial Utility Vehicles
    • 7.2.1 Market Trends
    • 7.2.2 Market Forecast
  • 7.3 Commercial Vehicles
    • 7.3.1 Market Trends
    • 7.3.2 Major Types
      • 7.3.2.1 Commercial Turf Utility Vehicles
      • 7.3.2.2 Golf Cars
      • 7.3.2.3 Others
    • 7.3.3 Market Forecast

8 Market Breakup by Battery Type

  • 8.1 Lithium-ion
    • 8.1.1 Market Trends
    • 8.1.2 Market Forecast
  • 8.2 Lead-Acid
    • 8.2.1 Market Trends
    • 8.2.2 Market Forecast
  • 8.3 Others
    • 8.3.1 Market Trends
    • 8.3.2 Market Forecast

9 Market Breakup by Solar Panel Type

  • 9.1 Monocrystalline
    • 9.1.1 Market Trends
    • 9.1.2 Market Forecast
  • 9.2 Polycrystalline
    • 9.2.1 Market Trends
    • 9.2.2 Market Forecast

10 Market Breakup by Charging Type

  • 10.1 Slow Charging
    • 10.1.1 Market Trends
    • 10.1.2 Market Forecast
  • 10.2 Fast Charging
    • 10.2.1 Market Trends
    • 10.2.2 Market Forecast

11 Market Breakup by Region

  • 11.1 North America
    • 11.1.1 United States
      • 11.1.1.1 Market Trends
      • 11.1.1.2 Market Forecast
    • 11.1.2 Canada
      • 11.1.2.1 Market Trends
      • 11.1.2.2 Market Forecast
  • 11.2 Asia Pacific
    • 11.2.1 China
      • 11.2.1.1 Market Trends
      • 11.2.1.2 Market Forecast
    • 11.2.2 Japan
      • 11.2.2.1 Market Trends
      • 11.2.2.2 Market Forecast
    • 11.2.3 India
      • 11.2.3.1 Market Trends
      • 11.2.3.2 Market Forecast
    • 11.2.4 South Korea
      • 11.2.4.1 Market Trends
      • 11.2.4.2 Market Forecast
    • 11.2.5 Australia
      • 11.2.5.1 Market Trends
      • 11.2.5.2 Market Forecast
    • 11.2.6 Indonesia
      • 11.2.6.1 Market Trends
      • 11.2.6.2 Market Forecast
    • 11.2.7 Others
      • 11.2.7.1 Market Trends
      • 11.2.7.2 Market Forecast
  • 11.3 Europe
    • 11.3.1 Germany
      • 11.3.1.1 Market Trends
      • 11.3.1.2 Market Forecast
    • 11.3.2 France
      • 11.3.2.1 Market Trends
      • 11.3.2.2 Market Forecast
    • 11.3.3 United Kingdom
      • 11.3.3.1 Market Trends
      • 11.3.3.2 Market Forecast
    • 11.3.4 Italy
      • 11.3.4.1 Market Trends
      • 11.3.4.2 Market Forecast
    • 11.3.5 Spain
      • 11.3.5.1 Market Trends
      • 11.3.5.2 Market Forecast
    • 11.3.6 Russia
      • 11.3.6.1 Market Trends
      • 11.3.6.2 Market Forecast
    • 11.3.7 Others
      • 11.3.7.1 Market Trends
      • 11.3.7.2 Market Forecast
  • 11.4 Latin America
    • 11.4.1 Brazil
      • 11.4.1.1 Market Trends
      • 11.4.1.2 Market Forecast
    • 11.4.2 Mexico
      • 11.4.2.1 Market Trends
      • 11.4.2.2 Market Forecast
    • 11.4.3 Others
      • 11.4.3.1 Market Trends
      • 11.4.3.2 Market Forecast
  • 11.5 Middle East and Africa
    • 11.5.1 Market Trends
    • 11.5.2 Market Breakup by Country
    • 11.5.3 Market Forecast

12 SWOT Analysis

  • 12.1 Overview
  • 12.2 Strengths
  • 12.3 Weaknesses
  • 12.4 Opportunities
  • 12.5 Threats

13 Value Chain Analysis

  • 13.1 Overview
  • 13.2 Inbound Logistics
  • 13.3 Operations
  • 13.4 Outbound Logistics
  • 13.5 Marketing and Sales
  • 13.6 Post Sales Services

14 Porters Five Forces Analysis

  • 14.1 Overview
  • 14.2 Bargaining Power of Buyers
  • 14.3 Bargaining Power of Suppliers
  • 14.4 Degree of Competition
  • 14.5 Threat of New Entrants
  • 14.6 Threat of Substitutes

15 Price Indicators

  • 15.1 Key Price Indicators
  • 15.2 Price Structure
  • 15.3 Price Trends

16 Competitive Landscape

  • 16.1 Market Structure
  • 16.2 Key Players
  • 16.3 Profiles of Key Players
    • 16.3.1 Ford Motor Company
      • 16.3.1.1 Company Overview
      • 16.3.1.2 Product Portfolio
      • 16.3.1.3 Financials
      • 16.3.1.4 SWOT Analysis
    • 16.3.2 General Motors
      • 16.3.2.1 Company Overview
      • 16.3.2.2 Product Portfolio
      • 16.3.2.3 Financials
      • 16.3.2.4 SWOT Analysis
    • 16.3.3 Hanergy Thin Film Power Group
      • 16.3.3.1 Company Overview
      • 16.3.3.2 Product Portfolio
    • 16.3.4 JinkoSolar Holding Co., Ltd
      • 16.3.4.1 Company Overview
      • 16.3.4.2 Product Portfolio
    • 16.3.5 Lightyear (Atlas Technologies B.V.)
      • 16.3.5.1 Company Overview
      • 16.3.5.2 Product Portfolio
    • 16.3.6 Mahindra & Mahindra
      • 16.3.6.1 Company Overview
      • 16.3.6.2 Product Portfolio
    • 16.3.7 Nissan Motor Co., LTD
      • 16.3.7.1 Company Overview
      • 16.3.7.2 Product Portfolio
      • 16.3.7.3 Financials
      • 16.3.7.4 SWOT Analysis
    • 16.3.8 Solar Electric Vehicle Company
      • 16.3.8.1 Company Overview
      • 16.3.8.2 Product Portfolio
    • 16.3.9 Sono Motors GmbH
      • 16.3.9.1 Company Overview
      • 16.3.9.2 Product Portfolio
      • 16.3.9.3 Financials
    • 16.3.10 Toyota Motor Corporation
      • 16.3.10.1 Company Overview
      • 16.3.10.2 Product Portfolio
    • 16.3.11 Trina Solar Co.,Ltd
      • 16.3.11.1 Company Overview
      • 16.3.11.2 Product Portfolio
    • 16.3.12 Volkswagen AG
      • 16.3.12.1 Company Overview
      • 16.3.12.2 Product Portfolio
Product Code: SR1523A148_Report

List of Figures

  • Figure 1: Global: Solar Vehicle Market: Major Drivers and Challenges
  • Figure 2: Global: Solar Vehicle Market: Sales Value (in Million US$), 2017-2022
  • Figure 3: Global: Solar Vehicle Market: Breakup by Propulsion Type (in %), 2022
  • Figure 4: Global: Solar Vehicle Market: Breakup by Vehicle Type (in %), 2022
  • Figure 5: Global: Solar Vehicle Market: Breakup by Battery Type (in %), 2022
  • Figure 6: Global: Solar Vehicle Market: Breakup by Solar Panel Type (in %), 2022
  • Figure 7: Global: Solar Vehicle Market: Breakup by Charging Type (in %), 2022
  • Figure 8: Global: Solar Vehicle Market: Breakup by Region (in %), 2022
  • Figure 9: Global: Solar Vehicle Market Forecast: Sales Value (in Million US$), 2023-2028
  • Figure 10: Global: Solar Vehicle (BEV) Market: Sales Value (in Million US$), 2017 & 2022
  • Figure 11: Global: Solar Vehicle (BEV) Market Forecast: Sales Value (in Million US$), 2023-2028
  • Figure 12: Global: Solar Vehicle (HEV) Market: Sales Value (in Million US$), 2017 & 2022
  • Figure 13: Global: Solar Vehicle (HEV) Market Forecast: Sales Value (in Million US$), 2023-2028
  • Figure 14: Global: Solar Vehicle (PHEV) Market: Sales Value (in Million US$), 2017 & 2022
  • Figure 15: Global: Solar Vehicle (PHEV) Market Forecast: Sales Value (in Million US$), 2023-2028
  • Figure 16: Global: Solar Vehicle (Passenger Cars) Market: Sales Value (in Million US$), 2017 & 2022
  • Figure 17: Global: Solar Vehicle (Passenger Cars) Market Forecast: Sales Value (in Million US$), 2023-2028
  • Figure 18: Global: Solar Vehicle (Industrial Utility Vehicles) Market: Sales Value (in Million US$), 2017 & 2022
  • Figure 19: Global: Solar Vehicle (Industrial Utility Vehicles) Market Forecast: Sales Value (in Million US$), 2023-2028
  • Figure 20: Global: Solar Vehicle (Commercial Vehicles) Market: Sales Value (in Million US$), 2017 & 2022
  • Figure 21: Global: Solar Vehicle (Commercial Vehicles) Market Forecast: Sales Value (in Million US$), 2023-2028
  • Figure 22: Global: Solar Vehicle (Lithium-ion) Market: Sales Value (in Million US$), 2017 & 2022
  • Figure 23: Global: Solar Vehicle (Lithium-ion) Market Forecast: Sales Value (in Million US$), 2023-2028
  • Figure 24: Global: Solar Vehicle (Lead-Acid) Market: Sales Value (in Million US$), 2017 & 2022
  • Figure 25: Global: Solar Vehicle (Lead-Acid) Market Forecast: Sales Value (in Million US$), 2023-2028
  • Figure 26: Global: Solar Vehicle (Others) Market: Sales Value (in Million US$), 2017 & 2022
  • Figure 27: Global: Solar Vehicle (Others) Market Forecast: Sales Value (in Million US$), 2023-2028
  • Figure 28: Global: Solar Vehicle (Monocrystalline) Market: Sales Value (in Million US$), 2017 & 2022
  • Figure 29: Global: Solar Vehicle (Monocrystalline) Market Forecast: Sales Value (in Million US$), 2023-2028
  • Figure 30: Global: Solar Vehicle (Polycrystalline) Market: Sales Value (in Million US$), 2017 & 2022
  • Figure 31: Global: Solar Vehicle (Polycrystalline) Market Forecast: Sales Value (in Million US$), 2023-2028
  • Figure 32: Global: Solar Vehicle (Slow Charging) Market: Sales Value (in Million US$), 2017 & 2022
  • Figure 33: Global: Solar Vehicle (Slow Charging) Market Forecast: Sales Value (in Million US$), 2023-2028
  • Figure 34: Global: Solar Vehicle (Fast Charging) Market: Sales Value (in Million US$), 2017 & 2022
  • Figure 35: Global: Solar Vehicle (Fast Charging) Market Forecast: Sales Value (in Million US$), 2023-2028
  • Figure 36: North America: Solar Vehicle Market: Sales Value (in Million US$), 2017 & 2022
  • Figure 37: North America: Solar Vehicle Market Forecast: Sales Value (in Million US$), 2023-2028
  • Figure 38: United States: Solar Vehicle Market: Sales Value (in Million US$), 2017 & 2022
  • Figure 39: United States: Solar Vehicle Market Forecast: Sales Value (in Million US$), 2023-2028
  • Figure 40: Canada: Solar Vehicle Market: Sales Value (in Million US$), 2017 & 2022
  • Figure 41: Canada: Solar Vehicle Market Forecast: Sales Value (in Million US$), 2023-2028
  • Figure 42: Asia Pacific: Solar Vehicle Market: Sales Value (in Million US$), 2017 & 2022
  • Figure 43: Asia Pacific: Solar Vehicle Market Forecast: Sales Value (in Million US$), 2023-2028
  • Figure 44: China: Solar Vehicle Market: Sales Value (in Million US$), 2017 & 2022
  • Figure 45: China: Solar Vehicle Market Forecast: Sales Value (in Million US$), 2023-2028
  • Figure 46: Japan: Solar Vehicle Market: Sales Value (in Million US$), 2017 & 2022
  • Figure 47: Japan: Solar Vehicle Market Forecast: Sales Value (in Million US$), 2023-2028
  • Figure 48: India: Solar Vehicle Market: Sales Value (in Million US$), 2017 & 2022
  • Figure 49: India: Solar Vehicle Market Forecast: Sales Value (in Million US$), 2023-2028
  • Figure 50: South Korea: Solar Vehicle Market: Sales Value (in Million US$), 2017 & 2022
  • Figure 51: South Korea: Solar Vehicle Market Forecast: Sales Value (in Million US$), 2023-2028
  • Figure 52: Australia: Solar Vehicle Market: Sales Value (in Million US$), 2017 & 2022
  • Figure 53: Australia: Solar Vehicle Market Forecast: Sales Value (in Million US$), 2023-2028
  • Figure 54: Indonesia: Solar Vehicle Market: Sales Value (in Million US$), 2017 & 2022
  • Figure 55: Indonesia: Solar Vehicle Market Forecast: Sales Value (in Million US$), 2023-2028
  • Figure 56: Others: Solar Vehicle Market: Sales Value (in Million US$), 2017 & 2022
  • Figure 57: Others: Solar Vehicle Market Forecast: Sales Value (in Million US$), 2023-2028
  • Figure 58: Europe: Solar Vehicle Market: Sales Value (in Million US$), 2017 & 2022
  • Figure 59: Europe: Solar Vehicle Market Forecast: Sales Value (in Million US$), 2023-2028
  • Figure 60: Germany: Solar Vehicle Market: Sales Value (in Million US$), 2017 & 2022
  • Figure 61: Germany: Solar Vehicle Market Forecast: Sales Value (in Million US$), 2023-2028
  • Figure 62: France: Solar Vehicle Market: Sales Value (in Million US$), 2017 & 2022
  • Figure 63: France: Solar Vehicle Market Forecast: Sales Value (in Million US$), 2023-2028
  • Figure 64: United Kingdom: Solar Vehicle Market: Sales Value (in Million US$), 2017 & 2022
  • Figure 65: United Kingdom: Solar Vehicle Market Forecast: Sales Value (in Million US$), 2023-2028
  • Figure 66: Italy: Solar Vehicle Market: Sales Value (in Million US$), 2017 & 2022
  • Figure 67: Italy: Solar Vehicle Market Forecast: Sales Value (in Million US$), 2023-2028
  • Figure 68: Spain: Solar Vehicle Market: Sales Value (in Million US$), 2017 & 2022
  • Figure 69: Spain: Solar Vehicle Market Forecast: Sales Value (in Million US$), 2023-2028
  • Figure 70: Russia: Solar Vehicle Market: Sales Value (in Million US$), 2017 & 2022
  • Figure 71: Russia: Solar Vehicle Market Forecast: Sales Value (in Million US$), 2023-2028
  • Figure 72: Others: Solar Vehicle Market: Sales Value (in Million US$), 2017 & 2022
  • Figure 73: Others: Solar Vehicle Market Forecast: Sales Value (in Million US$), 2023-2028
  • Figure 74: Latin America: Solar Vehicle Market: Sales Value (in Million US$), 2017 & 2022
  • Figure 75: Latin America: Solar Vehicle Market Forecast: Sales Value (in Million US$), 2023-2028
  • Figure 76: Brazil: Solar Vehicle Market: Sales Value (in Million US$), 2017 & 2022
  • Figure 77: Brazil: Solar Vehicle Market Forecast: Sales Value (in Million US$), 2023-2028
  • Figure 78: Mexico: Solar Vehicle Market: Sales Value (in Million US$), 2017 & 2022
  • Figure 79: Mexico: Solar Vehicle Market Forecast: Sales Value (in Million US$), 2023-2028
  • Figure 80: Others: Solar Vehicle Market: Sales Value (in Million US$), 2017 & 2022
  • Figure 81: Others: Solar Vehicle Market Forecast: Sales Value (in Million US$), 2023-2028
  • Figure 82: Middle East and Africa: Solar Vehicle Market: Sales Value (in Million US$), 2017 & 2022
  • Figure 83: Middle East and Africa: Solar Vehicle Market Forecast: Sales Value (in Million US$), 2023-2028
  • Figure 84: Global: Solar Vehicle Industry: SWOT Analysis
  • Figure 85: Global: Solar Vehicle Industry: Value Chain Analysis
  • Figure 86: Global: Solar Vehicle Industry: Porter's Five Forces Analysis

List of Tables

  • Table 1: Global: Solar Vehicle Market: Key Industry Highlights, 2022 and 2028
  • Table 2: Global: Solar Vehicle Market Forecast: Breakup by Propulsion Type (in Million US$), 2023-2028
  • Table 3: Global: Solar Vehicle Market Forecast: Breakup by Vehicle Type (in Million US$), 2023-2028
  • Table 4: Global: Solar Vehicle Market Forecast: Breakup by Battery Type (in Million US$), 2023-2028
  • Table 5: Global: Solar Vehicle Market Forecast: Breakup by Solar Panel Type (in Million US$), 2023-2028
  • Table 6: Global: Solar Vehicle Market Forecast: Breakup by Charging Type (in Million US$), 2023-2028
  • Table 7: Global: Solar Vehicle Market Forecast: Breakup by Region (in Million US$), 2023-2028
  • Table 8: Global: Solar Vehicle Market: Competitive Structure
  • Table 9: Global: Solar Vehicle Market: Key Players
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