Solar-Powered Vehicle Market is predicted to reach USD 4.1 billion at a CAGR of 21% during the forecast period

Market Research Future (MRFR) has published a cooked research report on the “Global Solar-Powered Vehicle Market” that contains information from 2022 to 2030. The Solar-Powered Vehicle Market is estimated to register a CAGR of 21% during the forecast period of 2022 to 2030.

MRFR recognizes the following companies as the key players in the Solar-Powered Vehicle Market— Guangzhou Jcar Industrial Company Ltd, Hanergy Holding Group, Venturi Eclectic, Sono Motors GmbH, Ford Motor Company, Mahindra & Mahindra, Cruise Car, The Solar Electric Vehicle Company (US), and Kiira Motors Corporation (KMC).

Market Highlights

The Solar-Powered Vehicle Market is accounted to register a CAGR of 21% during the forecast period and is estimated to reach USD 4.1 Billion by 2030.

The Solar-Powered Vehicle Market refers to the commercial landscape involving vehicles that are partially or entirely powered by solar energy. These vehicles use solar panels to capture sunlight and convert it into electricity, which is then used to power the vehicle's electric drivetrain or to supplement its conventional power source.

The growth of the solar-powered vehicle market is driven by factors such as increasing environmental concerns, advancements in solar panel technology, improvements in battery efficiency, and government incentives promoting clean transportation solutions. However, challenges like the limited surface area available for solar panels on vehicles and the intermittency of sunlight in some regions can impact the practicality and efficiency of these vehicles.

Segment Analysis

The Solar-Powered Vehicle Market has been segmented based on battery type and propulsion.

On the basis of battery type, the market is segmented into Lithium-ion battery, Lead-acid battery and Lead-carbon battery. The lithium-ion battery segment dominated the market. When compared to other types of batteries, lithium-ion batteries have a high charge density, are lightweight, and have an efficient charging-discharging system. 

Based on propulsion, the market has been segmented into Battery vehicles and Hybrid electric vehicles. The battery vehicles segment dominated the market. The size of the global market for solar-powered vehicles has been influenced by battery-powered cars, and this trend is anticipated to continue.

Browse In-depth Details [Table of Content, List of Figures, List of Tables] of Solar Powered Vehicle Market Research Report

Regional Analysis

The Solar-Powered Vehicle Market, based on region, has been divided into the North America, Europe, Asia-Pacific, and Rest of the World. North America consists of US and Canada. The Europe Solar-Powered Vehicle Market comprises of Germany, France, the UK, Italy, Spain, and the rest of Europe. The Solar-Powered Vehicle Market in Asia-Pacific has been segmented into China, India, Japan, Australia, South Korea, and the rest of Asia-Pacific. The Rest of the World Solar-Powered Vehicle Market comprises of Middle East, Africa, and Latin America.

In North America, particularly in the United States, there has been some interest and development in solar-powered vehicles. solar-powered vehicles are not yet widely adopted for mainstream use in this region due to factors like limited charging infrastructure and the dominance of traditional gasoline-powered vehicles.

European countries have shown more interest in sustainable transportation options, including electric and hybrid vehicles. Several European countries have invested in research and development of solar-powered vehicle technology, but the market adoption remains relatively modest.

Asia-Pacific, especially China and Japan, has seen more experimentation and adoption of solar-powered vehicles. China, as a major player in the electric vehicle market, has shown interest in integrating solar technology into EVs to increase their efficiency and range.

Furthermore, the rest of the world's Solar-Powered Vehicle Market is divided into the Middle East, Africa, and Latin America.  Solar-powered vehicles have not gained significant traction in most Latin American countries. Similar to other regions, issues like charging infrastructure, cost, and limited technological advancements might be barriers to adoption.

Key Findings of the Study

• The Solar-Powered Vehicle Market is expected to reach USD 4.1 Billion by 2030, at a CAGR of 21% during the forecast period.


• Asia-Pacific, especially China and Japan, has seen more experimentation and adoption of solar-powered vehicles. China, as a major player in the electric vehicle market, has shown interest in integrating solar technology into EVs to increase their efficiency and range.


• Based on propulsion, the market has been segmented into Battery vehicles and Hybrid electric vehiclesholding the largest market in 2022.


• Guangzhou Jcar Industrial Company Ltd, Hanergy Holding Group, Venturi Eclectic, Sono Motors GmbH, Ford Motor Company, Mahindra & Mahindra, Cruise Car, The Solar Electric Vehicle Company (US), and Kiira Motors Corporation (KMC).