Solar Vehicle Market Size, Industry Analysis Report, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2021 – 2027
Report ID: GMI3519
Solar Vehicle Market size is expected to grow at a substantial rate over the projected timeframe owing to stringent emission norms across the globe focusing on reducing dependency on fossil fuels and improving efficiency from such vehicles. These vehicles consist of solar panels, powered by photovoltaic cells, that convert solar energy into electricity. The improved vehicle efficiency along with easier driving operations are further expected to boost the solar vehicle market size.
The benefits offered by these vehicles over the conventional fueled vehicles including low or no noise along with reduced carbon emissions are providing a positive outlook for the solar vehicle market growth over the projected timeframe. Rising prices of petroleum-based fuels along with the availability of abundance of solar power at free cost further enhances the industry share over the study timeframe.
OEM’s are investing in R&D for developing advanced technologies for harnessing solar energy for powering their electric vehicles. For instance, in October 2018, Hyundai along with Kia presented their solar roof technology with the capability of charging the vehicle during normal driving. Additionally, in 2017, Audi showcased its automotive solar sunroof that are ideal for electric vehicles with the capabilities of charging the vehicle conveniently, and lowering the time required for overall vehicle charging.
Multiple research organizations and institutions are engaged in projects for developing solar powered vehicles with significant improvements in efficiency and reduced emissions. For instance, in December 2018, researchers from the University of New South Wales (UNSW) developed a solar powered electric car with a range of up to 100kms.
Based on vehicle, the solar vehicle market share is segmented into hybrid electric vehicles, battery electric vehicles, and plug-in hybrid electric vehicles. The BEV will showcase considerable growth owing to easier integration of solar panels to charge the battery through solar energy. Additionally, the development of Photovoltaic (PV) technology including transparent photovoltaic (TPV) cells will reduce the vehicle charging time significantly and support the market expansion.
The solar vehicle market share based on battery is segmented into lithium-ion, lead acid, and lead carbon battery. The lithium-ion battery will showcase significant growth owing to the benefits offered by these batteries including high energy density with rapid charging capabilities with optimum efficiency compared to its counterparts. Advancements in battery technologies along with a focus on electric vehicles are positively influencing the market demand. For instance, the Dutch start-up, Lightyear has announced the design and delivery of the world’s first commercial electric vehicle powered entirely on solar power by 2020.
The solar vehicle market share based on panel is bifurcated into monocrystalline panels and polycrystalline panels. The monocrystalline solar panels will grow considerably owing to the compact size and higher efficiency compared to the polycrystalline solar panels. The semiflexible monocrystalline panels are used in electric cars with significant improvements in efficiency. However, the higher panel cost compared to the polycrystalline panels may hamper the market expansion over the study timeframe.
Asia Pacific is expected to account for a significant share in the solar vehicle market. This can be attributed to the prevalence for summers and the availability of around 300 days of sunlight throughout the year. Moreover, governments across the region are focusing on offering a wide range of incentives and schemes to promote vehicles powered by alternative sources of fuel. The presence of several automobile manufacturers focusing on launching a multiple vehicle at diversified price range further accelerates the solar vehicle market demand over the projected timeframe. For instance, in 2017, Panasonic announced the launch of a solar car roof for the Toyota Prius model.
The industry participants in the solar vehicle market includes Sono Motors, Volkswagen AG, Toyota Motor Corporation, Ford Motor Company, Mahindra Electric Mobility Limited, Nissan, General Motors, and Cruise Car. Industry participants are investing in R&D for developing advanced solar panel solutions for catering to the rising customer demand. For instance, in April 2015, Mahindra announced the integration of its electric vehicles. Namely the Reva and e2o with solar panels to improve the overall vehicle efficiency.
Industry participants are also engaged in strategic contracts and partnerships for developing innovative connectivity solutions for gaining a competitive edge and improve their market share. For instance, in January 2019, Sono Motors and Bosch entered into a strategic partnership for developing advanced connectivity solutions for its Sion solar vehicle.
Solar Vehicle Market, By Vehicle, 2013 - 2025 (Units, USD Million)
Solar Vehicle Market, By Battery, 2013 - 2025 (Units, USD Million)
- Lead Acid
- Lead Carbon
Solar Vehicle Market, By Solar Panel Type, 2013 - 2025 (Units, USD Million)
The above information has been provided on a regional and country basis for the following:
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa
- Sono Motors
- Volkswagen AG
- Toyota Motor Corporation
- Ford Motor Company
- Mahindra Electric Mobility Limited
- General Motors
- Cruise Car
- Kiira Motors Corporation
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