Solar Car Market Report: Trends, Forecast and Competitive Analysis

Solar Car Market Trends and Forecast

The future of the solar car market looks promising with opportunities in the passenger cars and commercial vehicles markets. The global solar car market is expected to grow with a CAGR of 35% to 37% from 2023 to 2028. The major drivers for this market are increasing demand for the fuel efficient and eco-friendly transportation solutions, government policies and funding to support electric vehicles, and huge adoption of renewable energy sources due to depletion of fossil fuels.

Solar Car Market by Solar Panel, Battery Type, Material, Electric Vehicle Type, and Vehicle Type

Emerging Trends in the Solar Car Market

Emerging trends, which have a direct impact on the dynamics of the industry, include stringent government regulations to curb the emission of greenhouse gases, technological advancement of solar vehicle rooftops, and increased trend of self-charging vehicles.

A more than 150-page report is developed to help in your business decisions.  Sample figures with some insights are shown below. To learn the scope, benefits, companies researched and other details of the global solar car market report.

Solar Car Market by Segments

Solar Car Market by Segments

The study includes a forecast for the global solar car market by solar panel, battery type, material, electric vehicle type, vehicle type, and region, as follows:

Solar Car Market by Solar Panel [Value ($B) Shipment Analysis from 2017 to 2028]:

Monocrystalline

Polycrystalline

Solar Car Market by Battery Type [Value ($B) Shipment Analysis from 2017 to 2028]:

Lithium-ion

Lead-Acid

Lead Carbon

Solar Car Market by Material [Value ($B) Shipment Analysis from 2017 to 2028]:

Crystalline Silicon Solar Cells

Thin-Film Solar Cells

Solar Car Market by Electric Vehicle Type [Value ($B) Shipment Analysis from 2017 to 2028]:

Battery Electric Vehicles (BEV)

Plug-in Hybrid Electric Vehicles (PHEV)

Hybrid Electric Vehicles (HEV)

Solar Car Market by Vehicle Type [Value ($B) Shipment Analysis from 2017 to 2028]:

Passenger Cars

Commercial Vehicles

Solar Car Market by Region [Value ($B) Shipment Analysis from 2017 to 2028]:

North America

Europe

Asia Pacific

The Rest of the World

List of Solar Car Companies

Companies in the market compete on the basis of product quality offered. Major players in this market focus on expanding their manufacturing facilities, R&D investments, infrastructural development, and leverage integration opportunities across the value chain. With these strategies solar car companies cater increasing demand, ensure competitive effectiveness, develop innovative products & technologies, reduce production costs, and expand their customer base. Some of the solar car companies profiled in this report include. 

Toyota

Lightyear

Volkswagen

Ford Motor Company

Fiat Chrysler Automobiles

America Cruise Car

Hanergy

Solar Car Market Insights

Lucintel forecast that monocrystalline will remain the largest segment over the forecast period because it provides higher efficiency owing to their high-temperature coefficient that ensures low output deterioration and are manufactured from the superior grade silicon that enables minimal resistance in electricity flow.

Passenger cars are expected to remain the largest segment due to the rising disposable income, growing desire for emission free vehicles, changing demographics and shifting preferences of the consumers towards eco-friendly fuel, and increasing environment consciousness among the population.

Asia Pacific will remain the largest region due to the growth in purchasing power of the population and increasing awareness towards the environment friendly solar technology, demand for urban mobility solutions in rapidly developing economies such as India and China, and government investment in renewable energy sources in the region.

Features of the Solar Car Market

Market Size Estimates: Solar car market size estimation in terms of value ($B)

Trend And Forecast Analysis: Market trends (2017-2022) and forecast (2023-2028) by various segments and regions.

Segmentation Analysis: Solar car market size by various segments, such as by solar panel, battery type, material, electric vehicle type, vehicle type, and region

Regional Analysis: Solar car market breakdown by North America, Europe, Asia Pacific, and the Rest of the World.

Growth Opportunities: Analysis on growth opportunities in different by solar panel, battery type, material, electric vehicle type, vehicle type, and regions for the solar car market.

Strategic Analysis: This includes M&A, new product development, and competitive landscape for the solar car market.

Analysis of competitive intensity of the industry based on Porter's Five Forces model.

FAQ

Q1. What is the solar car market size?

Answer: The global solar car market is expected to reach an estimated $xx billion by 2028.

Q2. What is the growth forecast for solar car market?

Answer: The global solar car market is expected to grow with a CAGR of 35% to 37% from 2023 to 2028.

Q3. What are the major drivers influencing the growth of the solar car market?

Answer: The major drivers for this market are increasing demand for the fuel efficient and eco-friendly transportation solutions, government policies and funding to support electric vehicles, and huge adoption of renewable energy sources due to depletion of fossil fuels.

Q4. What are the major segments for solar car market?

Answer: The future of the solar car market looks promising with opportunities in the passenger cars and commercial vehicles markets.

Q5. What are the emerging trends in solar car market?

Answer: Emerging trends, which have a direct impact on the dynamics of the industry, include stringent government regulations to curb the emission of greenhouse gases, technological advancement of solar vehicle rooftops, and increased trend of self-charging vehicles.

Q6. Who are the key solar car companies?

Answer: Some of the key solar car companies are as follows:

Toyota

Lightyear

Volkswagen

Ford Motor Company

Fiat Chrysler Automobiles

America Cruise Car

Hanergy

Q7. Which solar car segment will be the largest in future?

Answer: Lucintel forecast that monocrystalline will remain the largest segment over the forecast period because it provides higher efficiency owing to their high-temperature coefficient that ensures low output deterioration and are manufactured from the superior grade silicon that enables minimal resistance in electricity flow.

Q8. In solar car market, which region is expected to be the largest in next 5 years?

Answer: Asia Pacific will remain the largest region due to the growth in purchasing power of the population and increasing awareness towards the environment friendly solar technology, demand for urban mobility solutions in rapidly developing economies such as India and China, and government investment in renewable energy sources in the region.

Q9. Do we receive customization in this report?

Answer: Yes, Lucintel provides 10% Customization Without any Additional Cost.

This report answers following 11 key questions

• Q.1. What are some of the most promising, high-growth opportunities for the solar car market by solar panel (monocrystalline and polycrystalline), battery type (lithium-ion, lead acid, and lead carbon), material (crystalline silicon solar cells and thin-film solar cells), electric vehicle type (battery electric vehicles (BEV), plug-in hybrid electric vehicles (PHEV), and hybrid electric vehicles (HEV)), vehicle type (passenger cars and commercial vehicles) and region (North America, Europe, Asia Pacific, and the Rest of the World)?
• Q.2. Which segments will grow at a faster pace and why?
• Q.3. Which region will grow at a faster pace and why?
• Q.4. What are the key factors affecting market dynamics? What are the key challenges and business risks in this market?
• Q.5. What are the business risks and competitive threats in this market?
• Q.6. What are the emerging trends in this market and the reasons behind them?
• Q.7. What are some of the changing demands of customers in the market?
• Q.8. What are the new developments in the market? Which companies are leading these developments?
• Q.9. Who are the major players in this market? What strategic initiatives are key players pursuing for business growth?
• Q.10. What are some of the competing products in this market and how big of a threat do they pose for loss of market share by material or product substitution?
• Q.11. What M&A activity did occur in the last five years and what has been the impact on the industry?