Solar Vehicle Market Report: Trends, Forecast and Competitive Analysis to 2030

Solar Vehicle Trends and Forecast

The future of the global solar vehicle market looks promising with opportunities in the passenger vehicle and commercial vehicle markets. The global solar vehicle market is expected to reach an estimated $1.76 billion by 2030 with a CAGR of 25.4% from 2024 to 2030. The major drivers for this market are rising concerns towards air pollution, growing demand for electric vehicles, and increasing preference for self-charging automotive.

A more than 150-page report is developed to help in your business decisions.

Solar Vehicle by Segment

The study includes a forecast for the global solar vehicle by battery type, solar panel, vehicle type, and region.

Solar Vehicle Market by Battery Type [Shipment Analysis by Value from 2018 to 2030]:

• Lithium-Ion Battery
• Lead Acid
• Lead Carbon

Solar Vehicle Market by Solar Panel [Shipment Analysis by Value from 2018 to 2030]:

• Monocrystalline
• Polycrystalline

Solar Vehicle Market by Vehicle Type [Shipment Analysis by Value from 2018 to 2030]:

• Passenger Vehicle
• Commercial Vehicles

Solar Vehicle Market by Region [Shipment Analysis by Value from 2018 to 2030]:

• North America
• Europe
• Asia Pacific
• The Rest of the World

List of Solar Vehicle 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 vehicle companies cater increasing demand, ensure competitive effectiveness, develop innovative products & technologies, reduce production costs, and expand their customer base. Some of the solar vehicle companies profiled in this report include-

• Ford Motor Company
• General Motors
• Hanergy Thin Film Power Group
• Jinkosolar
• Lightyear
• Mahindra & Mahindra
• Nissan Motor
• Solar Electric Vehicle Company
• Sono Motors
• Toyota Motor

Solar Vehicle Market Insights

Lucintel forecasts that lithium-ion is expected to witness highest growth over the forecast period due to its significant usage in olr vehicles given to its high energy density, quick discharge speed, optimum efficiency, and highest power conversion ratio.

APAC is expected to witness highest growth over the forecast period due to significant demand for electric and solar-powered vehicles among population and existence of major manufacturers in the region.

Features of the Global Solar Vehicle Market

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

Trend and Forecast Analysis: Market trends (2018 to 2023) and forecast (2024 to 2030) by various segments and regions.

Segmentation Analysis: Solar vehicle market size by various segments, such as by battery type, solar panel, vehicle type, and region in terms of ($B).

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

Growth Opportunities: Analysis of growth opportunities in different battery types, solar panels, vehicle types, and regions for the solar vehicle market.

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

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

FAQ

Q.1 What is the solar vehicle market size?

Answer: The global solar vehicle market is expected to reach an estimated $1.76 billion by 2030.

Q.2 What is the growth forecast for solar vehicle market?

Answer: The global solar vehicle market is expected to grow with a CAGR of 25.4% from 2024 to 2030.

Q.3 What are the major drivers influencing the growth of the solar vehicle market?

Answer: The major drivers for this market are rising concerns towards air pollution, growing demand for electric vehicles, and increasing preference for self-charging automotive.

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

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

Q5. Who are the key solar vehicle market companies?

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

• Ford Motor Company
• General Motors
• Hanergy Thin Film Power Group
• Jinkosolar
• Lightyear
• Mahindra & Mahindra
• Nissan Motor
• Solar Electric Vehicle Company
• Sono Motors
• Toyota Motor

Q6. Which solar vehicle market segment will be the largest in future?

Answer: Lucintel forecasts that lithium-ion is expected to witness highest growth over the forecast period due to its significant usage in olr vehicles given to its high energy density, quick discharge speed, optimum efficiency, and highest power conversion ratio.

Q7. In solar vehicle market, which region is expected to be the largest in next 5 years?

Answer: APAC is expected to witness highest growth over the forecast period due to significant demand for electric and solar-powered vehicles among population and existence of major manufacturers in the region.

Q.8 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 vehicle market by battery type (lithium-ion battery, lead acid, and lead carbon), solar panel (monocrystalline and polycrystalline), vehicle type (passenger vehicle 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 has occurred in the last 5 years and what has its impact been on the industry?