Solar-Powered Vehicle Market Research Report - Global Forecast till 2027

Global Solar-Powered Vehicle Market Research Report: Information by Solar Panel (Monocrystalline and Polycrystalline Solar Panel), by Battery Type (Lithium-Ion Battery, Lead-Acid, Lead-Carbon and others), by Propulsion (Battery and Hybrid Electric Vehicle), by Vehicle Type (Passenger Car and Commercial Vehicle) and by Region (North America, Europe, Asia-Pacific and Rest of the World) - Forecast till 2027

ID: MRFR/AM/6474-HCR | February 2021 | Region: Global | 100 pages

Please note that the assessment period of report has been updated from 2019-2025 to 2020-2027. Cordially fill the sample form for updated data.

Market Synopsis


Solar-powered vehicles harness energy from sun and generate power using a solar array, which is a combination of hundreds of solar cells. A solar array uses photovoltaic cells (PV cells) to convert sunlight into electricity. Photovoltaic cells are made up of semiconductors, usually silicon, that absorb sunlight and generates electricity, which powers the battery and the specialized motors in solar cars. A solar-powered system is a simple solution to harness solar energy.


The Global Solar-Powered Vehicle Market is projected to grow at 21% CAGR during the forecast period. The major key driving factors for the growth of this market are the growing government initiatives and subsidies to encourage continue expansion of solar-powered vehicles, increasing long distance driving ranges of electric vehicles, growing demand for environment friendly vehicles, growing focus to curb vehicle emissions, and increasing investments in R&D by OEMs to develop zero-emission vehicles.


The lack of standardization, high costs, and energy loss during transmission are the key restraining factors for the growth of this market. However, the growing disposable income in countries such as China, India, and Germany, the increasing demand for solar based electric vehicle charging stations, and rapid industrialization, are providing ample opportunity for the expansion and growth of this market.


The global solar-powered vehicle market is expected to witness exponential growth during the study period. The rising production of solar based electric vehicles, globally, also drives the growth of the global market. Additionally, the growing sales and government support for solar car, the stringent regulations in Europe and North America regarding vehicle emissions, and the ban announced on ICE vehicles by various countries such as Germany, the UK, the US, and China that will come into effect by 2030, further contribute in the market growth.


Key Players


Major firms operating in  the global solar-powered vehicle market market are Guangzhou Jcar Industrial Company Ltd (China), Hanergy Holding Group (China), Venturi Eclectic (France), Sono Motors GmbH (Germany), Ford Motor Company (US), Mahindra & Mahindra (India), Cruise Car (US), The Solar Electric Vehicle Company (US), Kiira Motors Corporation (KMC) (Uganda), and Immortus (Australia).


Segmentation: Global Solar-Powered Vehicle Market 
 Solar-Powered Vehicle Market_Image


The global solar-powered vehicle market is segmented based on solar panel, battery type, propulsion, vehicle type, and region. On the basis of soalr panel, the global market has been divided into monocrystalline and polycrystalline. On the basis of battery type, the global market has been segmented into lithium-ion battery, lead-acid, lead-carbon, and others. On the basis of propulsion, the global market has been divided into battery electric vehicle and hybrid electric vehicle. On the basis of vehicle type, the global market has been divided into passenger car and commercial vehicle.


Geographically, the global solar-powered vehicle market has been segmented into four major regions, namely, North America, Europe, Asia-Pacific, and the rest of the world. Asia-Pacific is estimated to hold the largest market share during the forecast period owing to the increasing production and sales of battery and hybrid electric vehicles in China and Japan. Moreover, the increase in the demand for solar-powered electric bus is expected to boost the market in this region. For instance, the Government of India (GoI), has taken an initiative to introduce 5 million solar powered electric vehicles in the country by 2020. Furthermore, the availability of an average of 300 days of sunlight in China and India, the rising disposable income, growing population, and urbanization, further boost the market growth in this region.


North America is projected to witness a significant growth in global solar-powered vehicle market during forecast period, where the US is expected to hold the largest share.


The report for global solar-powered vehicle market of Market Research Future covers extensive primary research. This is accompanied with detailed analysis of qualitative and quantitative aspects by various industry experts and key opinion leaders to gain deeper insights into the market and industry performance. The report gives a clear picture of the current market scenario, which includes the historical and forecasted market size, in terms of value and volume, technological advancement, macroeconomic, and governing factors of the market. The report provides comprehensive information about the strategies of the top companies in the industry, along with a broad study of the different market segments and regions.



Frequently Asked Questions (FAQ) :


The Global Solar-Powered Vehicle Market will be grow at 21% CAGR in the forecast period.

The lack of standardization, high costs, and energy loss during transmission are the key factors hindering the growth of this market.

The rising production of solar based electric vehicles is the basic factor driving the growth of the global market.

Sono Motors GmbH (Germany), Hanergy Holding Group (China), Guangzhou Jcar Industrial Company Ltd (China), Venturi Eclectic (France) are the key players of the market.

North America, Europe, Asia-Pacific, and the rest of the world are the important regions included in the market’s study.

Table of Contents

1. Executive Summary

2. Scope of the Report

2.1. Market Definition

2.2. Scope of the Study

2.2.1. Definition

2.2.2. Research Objective

2.2.3. Assumptions

2.2.4. Limitations

2.3. Research Process

2.3.1. Primary Research

2.3.2. Secondary Research

2.4. Market Size Estimation

2.5. Forecast Model

3. Market Landscape

3.1. Porter’s Five Forces Analysis

3.1.1. Threat of New Entrants

3.1.2. Bargaining Power of Buyers

3.1.3. Threat of Substitutes

3.1.4. Segment Rivalry

3.1.5. Bargaining Power of Buyers

3.2. Value Chain/Supply Chain Analysis

4. Market Dynamics

4.1. Introduction

4.2. Market Drivers

4.3. Market Restraints

4.4. Market Opportunities

4.5. Market Trends

5. Global Solar-Powered Vehicle Market, by Solar Panel

5.1. Introduction

5.2. Monocrystalline Solar Panel

5.2.1. Market Estimates & Forecast, 2020-2027

5.2.2. Market Estimates & Forecast, by Region, 2020-2027

5.3. Polycrystalline Solar Panel

5.3.1. Market Estimates & Forecast, 2020-2027

5.3.2. Market Estimates & Forecast, by Region, 2020-2027

6. Global Solar-Powered Vehicle Market, by Battery Type

6.1. Lithium-Ion Battery

6.1.1. Market Estimates & Forecast, 2020-2027

6.1.2. Market Estimates & Forecast, by Region, 2020-2027

6.2. Lead-Acid

6.2.1. Market Estimates & Forecast, 2020-2027

6.2.2. Market Estimates & Forecast, by Region, 2020-2027

6.3. Lead-Carbon

6.3.1. Market Estimates & Forecast, 2020-2027

6.3.2. Market Estimates & Forecast, by Region, 2020-2027

6.4. Others

6.4.1. Market Estimates & Forecast, 2020-2027

6.4.2. Market Estimates & Forecast, by Region, 2020-2027

7. Global Solar-Powered Vehicle Market, by Propulsion

7.1. Introduction

7.2. Battery Electric Vehicle

7.2.1. Market Estimates & Forecast, 2020-2027

7.2.2. Market Estimates & Forecast, by Region, 2020-2027

7.3. Hybrid Electric Vehicle

7.3.1. Market Estimates & Forecast, 2020-2027

7.3.2. Market Estimates & Forecast, by Region, 2020-2027

8. Global Solar-Powered Vehicle Market, by Vehicle Type

8.1. Introduction

8.2. Passenger Car

8.2.1. Market Estimates & Forecast, 2020-2027

8.2.2. Market Estimates & Forecast, by Region, 2020-2027

8.3. Commercial Vehicle

8.3.1. Market Estimates & Forecast, 2020-2027

8.3.2. Market Estimates & Forecast, by Region, 2020-2027

9. Global Solar-Powered Vehicle Market, by Region

9.1. Introduction

9.2. North America

9.2.1. Market Estimates & Forecast, by Country, 2020-2027

9.2.2. Market Estimates & Forecast, by Solar Panel, 2020-2027

9.2.3. Market Estimates & Forecast, by Battery Type, 2020-2027

9.2.4. Market Estimates & Forecast, by Propulsion, 2020-2027

9.2.5. Market Estimates & Forecast, by Vehicle Type, 2020-2027

9.2.6.

9.2.7. US

9.2.7.1. Market Estimates & Forecast, by Solar Panel, 2020-2027

9.2.7.2. Market Estimates & Forecast, by Battery Type, 2020-2027

9.2.7.3. Market Estimates & Forecast, by Propulsion, 2020-2027

9.2.7.4. Market Estimates & Forecast, by Vehicle Type, 2020-2027

9.2.7.5.

9.2.8. Canada

9.2.8.1. Market Estimates & Forecast, by Solar Panel, 2020-2027

9.2.8.2. Market Estimates & Forecast, by Battery Type, 2020-2027

9.2.8.3. Market Estimates & Forecast, by Propulsion, 2020-2027

9.2.8.4. Market Estimates & Forecast, by Vehicle Type, 2020-2027

9.2.9. Mexico

9.2.9.1. Market Estimates & Forecast, by Solar Panel, 2020-2027

9.2.9.2. Market Estimates & Forecast, by Battery Type, 2020-2027

9.2.9.3. Market Estimates & Forecast, by Propulsion, 2020-2027

9.2.9.4. Market Estimates & Forecast, by Vehicle Type, 2020-2027

9.3. Europe

9.3.1. Market Estimates & Forecast, by Country, 2020-2027

9.3.2. Market Estimates & Forecast, by Solar Panel, 2020-2027

9.3.3. Market Estimates & Forecast, by Battery Type, 2020-2027

9.3.4. Market Estimates & Forecast, by Propulsion, 2020-2027

9.3.5. Market Estimates & Forecast, by Vehicle Type, 2020-2027

9.3.6. UK

9.3.6.1. Market Estimates & Forecast, by Solar Panel, 2020-2027

9.3.6.2. Market Estimates & Forecast, by Battery Type, 2020-2027

9.3.6.3. Market Estimates & Forecast, by Propulsion, 2020-2027

9.3.6.4. Market Estimates & Forecast, by Vehicle Type, 2020-2027

9.3.7. Germany

9.3.7.1. Market Estimates & Forecast, by Solar Panel, 2020-2027

9.3.7.2. Market Estimates & Forecast, by Battery Type, 2020-2027

9.3.7.3. Market Estimates & Forecast, by Propulsion, 2020-2027

9.3.7.4. Market Estimates & Forecast, by Vehicle Type, 2020-2027

9.3.8. France

9.3.8.1. Market Estimates & Forecast, by Solar Panel, 2020-2027

9.3.8.2. Market Estimates & Forecast, by Battery Type, 2020-2027

9.3.8.3. Market Estimates & Forecast, by Propulsion, 2020-2027

9.3.8.4. Market Estimates & Forecast, by Vehicle Type, 2020-2027

9.3.9. Italy

9.3.9.1. Market Estimates & Forecast, by Solar Panel, 2020-2027

9.3.9.2. Market Estimates & Forecast, by Battery Type, 2020-2027

9.3.9.3. Market Estimates & Forecast, by Propulsion, 2020-2027

9.3.9.4. Market Estimates & Forecast, by Vehicle Type, 2020-2027

9.3.9.5.

9.3.10. Rest of Europe

9.3.10.1. Market Estimates & Forecast, by Solar Panel, 2020-2027

9.3.10.2. Market Estimates & Forecast, by Battery Type, 2020-2027

9.3.10.3. Market Estimates & Forecast, by Propulsion, 2020-2027

9.3.10.4. Market Estimates & Forecast, by Vehicle Type, 2020-2027

9.4. Asia-Pacific

9.4.1. Market Estimates & Forecast, by Country, 2020-2027

9.4.2. Market Estimates & Forecast, by Solar Panel, 2020-2027

9.4.3. Market Estimates & Forecast, by Battery Type, 2020-2027

9.4.4. Market Estimates & Forecast, by Propulsion, 2020-2027

9.4.5. Market Estimates & Forecast, by Vehicle Type, 2020-2027

9.4.6. China

9.4.6.1. Market Estimates & Forecast, by Solar Panel, 2020-2027

9.4.6.2. Market Estimates & Forecast, by Battery Type, 2020-2027

9.4.6.3. Market Estimates & Forecast, by Propulsion, 2020-2027

9.4.6.4. Market Estimates & Forecast, by Vehicle Type, 2020-2027

9.4.7. Japan

9.4.7.1. Market Estimates & Forecast, by Solar Panel, 2020-2027

9.4.7.2. Market Estimates & Forecast, by Battery Type, 2020-2027

9.4.7.3. Market Estimates & Forecast, by Propulsion, 2020-2027

9.4.7.4. Market Estimates & Forecast, by Vehicle Type, 2020-2027

9.4.8. India

9.4.8.1. Market Estimates & Forecast, by Solar Panel, 2020-2027

9.4.8.2. Market Estimates & Forecast, by Battery Type, 2020-2027

9.4.8.3. Market Estimates & Forecast, by Propulsion, 2020-2027

9.4.8.4. Market Estimates & Forecast, by Vehicle Type, 2020-2027

9.4.9. Rest of Asia-Pacific

9.4.9.1. Market Estimates & Forecast, by Solar Panel, 2020-2027

9.4.9.2. Market Estimates & Forecast, by Battery Type, 2020-2027

9.4.9.3. Market Estimates & Forecast, by Propulsion, 2020-2027

9.4.9.4. Market Estimates & Forecast, by Vehicle Type, 2020-2027

9.5. Rest of the World

9.5.1.1. Market Estimates & Forecast, by Region, 2020-2027

9.5.1.2. Market Estimates & Forecast, by Solar Panel, 2020-2027

9.5.1.3. Market Estimates & Forecast, by Battery Type, 2020-2027

9.5.1.4. Market Estimates & Forecast, by Propulsion, 2020-2027

9.5.1.5. Market Estimates & Forecast, by Vehicle Type, 2020-2027

9.5.2. Middle East & Africa

9.5.2.1. Market Estimates & Forecast, by Solar Panel, 2020-2027

9.5.2.2. Market Estimates & Forecast, by Battery Type, 2020-2027

9.5.2.3. Market Estimates & Forecast, by Propulsion, 2020-2027

9.5.2.4. Market Estimates & Forecast, by Vehicle Type, 2020-2027

9.5.3. Latin America

9.5.3.1. Market Estimates & Forecast, by Solar Panel, 2020-2027

9.5.3.2. Market Estimates & Forecast, by Battery Type, 2020-2027

9.5.3.3. Market Estimates & Forecast, by Propulsion, 2020-2027

9.5.3.4. Market Estimates & Forecast, by Vehicle Type, 2020-2027


10. Competitive Landscape

11. Company Profile

11.1. Guangzhou Jcar Industrial Company Ltd

11.1.1. Company Overview

11.1.2. Products/Services Offered

11.1.3. Financial Overview

11.1.4. Key Developments

11.1.5. Key Strategies

11.1.6. SWOT Analysis

11.2. Hanergy Holding Group

11.2.1. Company Overview

11.2.2. Products/Services Offered

11.2.3. Financial Overview

11.2.4. Key Developments

11.2.5. Key Strategies

11.2.6. SWOT Analysis

11.3. Venturi Eclectic

11.3.1. Company Overview

11.3.2. Products/Services Offered

11.3.3. Financial Overview

11.3.4. Key Developments

11.3.5. Key Strategies

11.3.6. SWOT Analysis

11.4. Sono Motors GmbH

11.4.1. Company Overview

11.4.2. Products/Services Offered

11.4.3. Financial Overview

11.4.4. Key Developments

11.4.5. Key Strategies

11.4.6. SWOT Analysis

11.5. Ford Motor Company

11.5.1. Company Overview

11.5.2. Products/Services Offered

11.5.3. Financial Overview

11.5.4. Key Developments

11.5.5. Key Strategies

11.5.6. SWOT Analysis

11.6. Mahindra & Mahindra

11.6.1. Company Overview

11.6.2. Products/Services Offered

11.6.3. Financial Overview

11.6.4. Key Developments

11.6.5. Key Strategies

11.6.6. SWOT Analysis

11.7. Cruise Car

11.7.1. Company Overview

11.7.2. Products/Services Offered

11.7.3. Financial Overview

11.7.4. Key Developments

11.7.5. Key Strategies

11.7.6. SWOT Analysis

11.8. The Solar Electric Vehicle Company

11.8.1. Company Overview

11.8.2. Products/Services Offered

11.8.3. Financial Overview

11.8.4. Key Developments

11.8.5. Key Strategies

11.8.6. SWOT Analysis

11.9. Kiira Motors Corporation (KMC)

11.9.1. Company Overview

11.9.2. Products/Services Offered

11.9.3. Financial Overview

11.9.4. Key Developments

11.9.5. Key Strategies

11.9.6. SWOT Analysis

11.10. Immortus

11.10.1. Company Overview

11.10.2. Products/Services Offered

11.10.3. Financial Overview

11.10.4. Key Developments

11.10.5. Key Strategies

11.10.6. SWOT Analysis



List of Tables

Table 1 Global Solar-Powered Vehicle Market, by Region, 2020-2027

Table 2 North America: Solar-Powered Vehicle Market, by Country, 2020-2027

Table 3 Europe: Solar-Powered Vehicle Market, by Country, 2020-2027

Table 4 Asia-Pacific: Solar-Powered Vehicle Market, by Country, 2020-2027

Table 5 RoW: Solar-Powered Vehicle Market, by Region, 2020-2027

Table 6 Global Solar-Powered Vehicle Market, by Solar Panel, by Regions, 2020-2027

Table 7 North America: Solar-Powered Vehicle Market, by Solar Panel, by Country, 2020-2027

Table 8 Europe: Solar-Powered Vehicle Market, by Solar Panel, by Country, 2020-2027

Table 9 Asia-Pacific: Solar-Powered Vehicle Market, by Solar Panel, by Country, 2020-2027

Table 10 RoW: Solar-Powered Vehicle Market, by Solar Panel, by Country, 2020-2027

Table 11 Global Solar-Powered Vehicle Market, by Battery Type, by Regions, 2020-2027

Table 12 North America: Solar-Powered Vehicle Market, by Battery Type, by Country, 2020-2027

Table 13 Europe: Solar-Powered Vehicle Market, by Battery Type, by Country, 2020-2027

Table 14 Asia-Pacific: Solar-Powered Vehicle Market, by Battery Type, by Country, 2020-2027

Table 15 RoW: Solar-Powered Vehicle Market, by Battery Type, by Country, 2020-2027

Table 16 Global Solar-Powered Vehicle Market, by Propulsion, by Regions, 2020-2027

Table 17 North America: Solar-Powered Vehicle Market, by Propulsion, by Country, 2020-2027

Table 18 Europe: Solar-Powered Vehicle Market, by Propulsion, by Country, 2020-2027

Table 19 Asia-Pacific: Solar-Powered Vehicle Market, by Propulsion, by Country, 2020-2027

Table 20 RoW: Solar-Powered Vehicle Market, by Propulsion, by Country, 2020-2027

Table 21 Global Solar-Powered Vehicle by Vehicle Type Market, by Regions, 2020-2027

Table 22 North America: Solar-Powered Vehicle Market, by Vehicle Type, by Country, 2017-2025

Table 23 Europe: Solar-Powered Vehicle Market, by Vehicle Type, by Country, 2020-2027

Table 24 Asia-Pacific: Solar-Powered Vehicle Market, by Vehicle Type, by Country, 2020-2027

Table 25 RoW: Solar-Powered Vehicle Market, by Vehicle Type, by Country, 2017-2025

Table 26 Global Solar-Powered Vehicle Market, by Region, 2020-2027

Table 27 Global Solar-Powered Vehicle Market, by Solar Panel, 2020-2027

Table 28 Global Solar-Powered Vehicle Market, by Battery Type, 2020-2027

Table 29 Global Solar-Powered Vehicle Market, by Propulsion, 2020-2027

Table 30 Global Solar-Powered Vehicle Market, by Vehicle Type, 2020-2027


List of Figures

Figure 1 Research Process of MRFR

Figure 2 Top-Down and Bottom-Up Approach

Figure 3 Market Dynamics

Figure 4 Impact Analysis: Market Drivers

Figure 5 Impact Analysis: Market Restraints

Figure 6 Porter's Five Forces Analysis

Figure 7 Value Chain Analysis

Figure 8 Global Solar-Powered Vehicle Market Share, by Solar Panel, 2020 (%)

Figure 9 Global Solar-Powered Vehicle Market, by Solar Panel, 2020-2027 (USD MILLION)

Figure 10 Global Solar-Powered Vehicle Market Share, by Battery Type, 2020 (%)

Figure 11 Global Solar-Powered Vehicle Market, by Battery Type, 2020-2027 (USD MILLION)

Figure 12 Global Solar-Powered Vehicle Market Share, by Propulsion, 2020 (%)

Figure 13 Global Solar-Powered Vehicle Market, by Propulsion, 2020-2027 (USD MILLION)

Figure 18 Global Solar-Powered Vehicle Market Share, by Vehicle Type, 2020 (%)

Figure 19 Global Solar-Powered Vehicle Market, by Vehicle Type, 2020-2027 (USD MILLION)

Figure 20 Global Solar-Powered Vehicle Market Share (%), BY REGION, 2020

Figure 21 Global Solar-Powered Vehicle Market, BY Region, 2020-2027 (USD MILLION)

Figure 22 North America: Solar-Powered Vehicle Market Share (%), 2020

Figure 23 North America: Solar-Powered Vehicle Market, by Country, 2020-2027 (USD MILLION)

Figure 24 Europe: Solar-Powered Vehicle Market Share (%), 2020

Figure 25 Europe: Solar-Powered Vehicle Market BY Country, 2020-2027 (USD MILLION)

Figure 26 Asia-Pacific: Solar-Powered Vehicle Market Share (%), 2020

Figure 27 Asia-Pacific: Solar-Powered Vehicle Market BY Country, 2020-2027 (USD MILLION)

Figure 28 Rest of the World: Solar-Powered Vehicle Market Share (%), 2020

Figure 29 Rest of the World: Solar-Powered Vehicle Market BY Country, 2020-2027 (USD MILLION)