PUBLISHER: Roots Analysis | PRODUCT CODE: 1883292
PUBLISHER: Roots Analysis | PRODUCT CODE: 1883292
As per Roots Analysis, the global solar vehicle market size is estimated to grow from USD 477 million in the current year USD 2,869 million by 2035, at a CAGR of 17.69% during the forecast period, till 2035.

The opportunity for solar vehicle market has been distributed across the following segments:
Type of Vehicle
Type of Battery
Type of Electronic Vehicle
Type of Solar Panel
Type of Enterprise
Geographical Regions
Solar Vehicle Market: Growth and Trends
On average, a standard passenger vehicle produces over 4.5 metric tons of carbon dioxide annually. This statistic highlights the importance of solar vehicles, which utilize sunlight to drive electric motors. Solar cars operate using photovoltaic (PV) cells that transform sunlight into electricity, either for immediate use in powering the vehicle or for storage in batteries. It is important to note that solar vehicles are preferred for their advancements in lightweight materials, effective energy conversion systems, and their capacity to function with minimal environmental impact. Moreover, the growth trend in the solar vehicle market is driven by increasing demand for eco-friendly alternatives to gasoline-powered cars.
The solar vehicle market is anticipated to grow substantially over the forecast period, due to strict regulations aimed at promoting sustainability within the automotive sector. A significant innovation is the development of maximum power point tracking (MPPT) circuits, which have optimized energy production from solar panels. Additionally, other advancements in manufacturing encompass enhanced battery performance and hybrid-electric technology. Importantly, rising environmental concerns related to greenhouse gas emissions have prompted authorities and regulatory organizations in various countries to promote the use of eco-friendly vehicles while ensuring road safety.
Solar Vehicle Market: Key Segments
Based on type of vehicle, the global solar vehicle market is segmented into commercial vehicles and passenger vehicles. According to our estimates, currently, the passenger vehicles segment captures the majority of the market share. Additionally, this segment is expected to expand at a notably higher CAGR in the near future. This growth can be linked to increasing consumer awareness regarding environmental concerns, advancements in solar technology, and favorable government initiatives.
Based on type of battery, the global solar vehicle market is segmented into lead acid, lithium ion, nickel cadmium and others. According to our estimates, currently, the lithium-ion segment captures the majority of the market share. Additionally, this segment is projected to experience a relatively higher CAGR during the forecast period. This growth can be linked to their superior energy density, enabling more energy storage in a compact size, along with their extended cycle life, ensuring long-term durability and cost-effectiveness.
Based on type of electronic vehicle, the global solar vehicle market is segmented into battery electric vehicle and hybrid electric vehicle. According to our estimates, currently, the hybrid solar vehicle segment captures the majority of the market share. Additionally, this segment is expected to experience a comparatively higher compound annual growth rate during the forecast period. This growth is driven by government incentives for solar vehicles and strict emission regulations that improve their cost-effectiveness.
Based on type of solar panel, the global solar vehicle market is segmented into monocrystalline, polycrystalline and others. According to our estimates, currently, the monocrystalline segment captures the majority of the market share. This is due to the high energy efficiency in solar cars, enabling more electricity generation in smaller spaces.
Conversely, the polycrystalline segment is expected to experience a faster growth rate during the forecast period. This can be attributed to their affordability and ease of manufacturing, as polycrystalline panels are generally about 20% cheaper, making them an appealing choice for both consumers and manufacturers looking for cost-effective solar options.
Based on type of enterprise, the global solar vehicle market is segmented into large and small and medium enterprise. According to our estimates, currently, the large enterprise segment captures the majority of the market share. This growth can be attributed to their ability to invest in solar vehicle technologies, take advantage of considerable resources, achieve economies of scale, and promote business expansion.
Based on geographical regions, the solar vehicle market is segmented into North America, Europe, Asia, Latin America, Middle East and North Africa, and the rest of the world. According to our estimates, currently North America captures the majority share of the market, owing to strong governmental backing, growing awareness of the environmental advantages of solar vehicles, and notable advancements in solar technology for transportation.
Consequently, Asia is projected to experience the highest compound annual growth rate (CAGR) during the forecast period. Key factors driving this growth include the rapid development of solar vehicle charging infrastructure and an increasing consumer demand for sustainable transportation solutions.
Solar Vehicle Market: Research Coverage
The report on the solar vehicle market features insights on various sections, including:
Key Questions Answered in this Report
Reasons to Buy this Report
Additional Benefits