Solar-Powered Vehicle Market Overview:
Solar-Powered Vehicle Market Size was valued at USD 0.9 billion in 2021. The solar-powered vehicle market industry is projected to grow from USD 1.1 billion in 2022 to USD 4.1 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 21.00% during the forecast period (2022 - 2030). The rise in popularity of self-charging vehicles has prompted the development of the solar-powered vehicle, which has aided in the expansion of the market. The desire for emission-free vehicles and the rise in consumer income levels have made it possible for manufacturers of solar vehicles to offer solar cars and solar commercial vehicles. These are projected to serve as market drivers for market advancement.
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
Solar-Powered Vehicle Market Trends
Low Fossil Fuel Supply and Declining Air Quality Index to Propel the Market Growth
According to estimates, 135 million Americans would reside in counties with dangerous levels of air pollution in 2021. The US, one of the largest economies in the world, consumes around 25% of the coal, 27% of the natural gas, and 26% of the oil that is accessible worldwide. Every year, pollution causes the deaths of around 100 million people worldwide. Governments are offering incentives on electric vehicles to combat these problems and enhance the area's air quality. In the event that there is no solar energy available, solar-powered cars would also be equipped with a charger so that they may still function. The growth of the electric car market has been significantly influenced by government subsidies for the adoption of electric vehicles. Additionally, all of the subsidies are probably applicable to solar cars as well, which is anticipated to boost the market for solar-powered vehicles. Thus, this factor is driving the market CAGR.
Solar-powered vehicles are automatically charged by ingesting sunshine. It has a powertrain that is quite comparable to the one in electric cars. Solar-powered automobiles are different from electric cars in that they don't need a charging station. It has to be charged at a charging station only when it is dark outside. Due to the significantly low maintenance and operating costs of solar-powered vehicles, the market is anticipated to grow at a considerable rate throughout the projected period. The number of solar automobiles is anticipated to reach 1,646 in 2022 and is projected to increase at a 15.2% CAGR. Solar-powered vehicles operate virtually silently, reducing noise pollution. The market for solar-powered vehicles is forecast to grow as it is anticipated that solar-powered vehicles would be even more cost-effective than electric vehicles.
However, the primary source of ignition in automobiles is crude oil, which is extracted and refined to produce diesel and gasoline. Oil costs have increased alarmingly over the last two decades, making it impossible for low- and middle-class consumers to afford. Oil price increases have compelled many to switch to energy-efficient options, which lowers the overall cost per mile driven. This is predicted to increase demand for solar-powered vehicles relative to fuel-powered vehicles, which would support the market's expansion over the forecast period. Thus, it is anticipated that this aspect will accelerate solar-powered vehicle market revenue globally.
Solar-Powered Vehicle Market Segment Insights:
Solar-Powered Vehicle Solar Panel Insights
The Solar-Powered Vehicle Market segmentation, based on solar panel is divided into Monocrystalline Solar Panel and Polycrystalline Solar Panel. The monocrystalline solar panel segment dominated the solar-powered vehicle market revenue in 2021 and is projected to be the faster-growing segment during the forecast period, 2022-2030. The electrons required to produce electricity have greater room to flow in these cells since they are made of a single crystal. Due to the fact that monocrystalline solar cells are more efficient than their other counterparts as a result of this feature, the market for these solar cells is anticipated to grow over the next few years.
Solar-Powered Vehicle Battery Type Insights
The Solar-Powered Vehicle Market segmentation has been segmented by battery type into Lithium-ion battery, Lead-acid battery, Lead-carbon battery and Others. The lithium-ion battery segment dominated the market growth in 2021 and is projected to be the faster-growing segment during the forecast period, 2022-2030. When compared to other types of batteries, lithium-ion batteries have a high charge density, are lightweight, and have an efficient charging-discharging system. When compared to other battery types, lithium-ion batteries perform better, require less maintenance, and are better for the environment.
Solar-Powered Vehicle Propulsion Insights
The Solar-Powered Vehicle Market data has been segmented by propulsion into Battery vehicles and Hybrid electric vehicles. The battery vehicles segment dominated the market in 2021 and is projected to be the faster-growing segment during the forecast period, 2022-2030. The size of the global market for solar-powered vehicles has been influenced by battery-powered cars, and this trend is anticipated to continue. Sales of battery and hybrid electric vehicles throughout Asia during the anticipated period may boost the propulsion segment's contribution to the expansion of the worldwide market.
Figure 2: Solar-Powered Vehicle Market by Propulsion, 2021 & 2030 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Solar-Powered Vehicle Regional Insights
By region, the study provides the market insights into North America, Europe, Asia-Pacific, and the Rest of the World. The Asia Pacific solar-powered vehicle market accounted for USD 0.4 billion in 2021 and is expected to exhibit a 43.90% CAGR during the study period because of the increase in battery and hybrid vehicle manufacturing and sales in China and Japan. Increased disposable income in some Asian countries, including India, may also contribute to the region's strong market expansion throughout the anticipated timeframe.
Further, the major countries studied in the market report are: The U.S., Canada, Germany, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure 3: Solar-Powered Vehicle Market Share By Region 2021 (%)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Europe solar-powered vehicle market accounts for the fastest growing market share. Some of the drivers propelling the market in Europe are the rising popularity of electric vehicles, the use of renewable energy sources to power automobiles, and the increase in government funding in solar energy projects. Every automobile sold in Europe in the near future will be an electric vehicle, according to a report by the financial organisation ING, which is based in Europe. Further, the UK solar-powered vehicle market held the largest market share, and the Germany solar-powered vehicle market was the fastest-growing market in the region.
North America solar-powered vehicle market is expected to grow at a substantial CAGR from 2022 to 2030 is linked to elements like cheap battery prices and the growing use of solar panels in hybrid electric vehicles. Government investments in solar energy projects as well as the quick commercialization of electric vehicles have given companies in the solar-powered vehicle business multiple revenue sources. Moreover, US solar-powered vehicle market held the largest market share, and the Canada solar-powered vehicle market was the fastest-growing market in this region
Solar-powered vehicle Key Market Players & Competitive Insights
Major market players are spending a lot on R&D to increase their product lines, which will help the solar-powered vehicle industry grow even more. Market participants are also taking various strategic initiatives to grow their worldwide footprint, including new product launches, contractual agreements, mergers and acquisitions, increased investments, market developments and collaboration with other organizations. Competitors in the industry must offer cost-effective items to expand and survive in an increasingly competitive and rising market industry.
One of the primary business strategies manufacturers adopt in the global solar-powered vehicle industry to benefit clients and expand the sector is manufacturing locally to reduce operating costs. In recent years, solar-powered vehicle industry has provided medicine with some of the most significant benefits. The solar-powered vehicle market major player such as 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).
The German start-up Sono Motors is currently developing the Sion, a fully electric automobile that is solar powered. Its solar cells or the electrical grid can both be used to recharge its batteries. In July 2022, the first solar electric vehicle (SEV), known as the Sion, will be produced, according to Sono Motors GmbH, a solar-powered mobility startup. The company has also unveiled a "Solar Bus Kit" for fleets of public transportation that provides a solution to lower fuel use and greenhouse gas emissions in inner cities.
The headquarters of the American multinational automaker Ford Motor Company are in Dearborn, Michigan. Henry Ford formed it, and on June 16, 1903, it became a legal entity. In July 2021, to go along with its F-150 Lightning electric vehicle and other planned EVs, Ford is getting ready to release a number of solar and smart energy products. Ford stated that high demand, including reservations, for its most recent vehicle introductions, such as the electric Mustang Mach-E crossover and the revamped F-150 SUV, has left it "spring-loaded" for growth throughout the second half of the year and beyond.
Key companies in the solar-powered vehicle market includes
- 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)
- Immortus (Australia)
Solar-Powered Vehicle Industry Developments
July 2021: To create its solar-powered electric vehicle, Lightyear finds a factory. In a memorandum of intent signed with Lightyear, Finnish contract manufacturer Valmet Automotive stated that the two organisations intended to work together to begin manufacturing prototypes in early 2022 and begin production of almost 1,000 vehicles by the middle of the year.
June 2020: The Lightyear 0 electric vehicle was unveiled by Dutch startup company Lightyear. It has solar panels built into the roof, bonnet, boot, and tailgate to charge the vehicle while it is in motion. The Lightyear O automobile uses solar energy in addition to conventional electric charging, allowing owners to drive while the car is recharging in the sun.
Solar-Powered Vehicle Market Segmentation
Solar-Powered Vehicle Solar Panel Outlook (USD Billion, 2018-2030)
- Monocrystalline Solar Panel
- Polycrystalline Solar Panel
Solar-Powered Vehicle Battery Type Outlook (USD Billion, 2018-2030)
- Lithium-ion battery
- Lead-acid battery
- Lead-carbon battery
Solar-Powered Vehicle Propulsion Outlook (USD Billion, 2018-2030)
- Battery vehicles
- Hybrid electric vehicles
Solar-Powered Vehicle Regional Outlook (USD Billion, 2018-2030)
- North America
- Rest of Europe
- South Korea
- Rest of Asia-Pacific
- Rest of the World
- Middle East
- Latin America
|Market Size 2021
||USD 0.9 Billion
|Market Size 2022
||USD 1.1 Billion
|Market Size 2030
||USD 4.1 Billion
|Compound Annual Growth Rate (CAGR)
||2018 & 2020
||Value (USD Billion)
||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
||Solar Panel, Battery Type, Propulsion, and Region
||North America, Europe, Asia Pacific, and Rest of the World
||The U.S, Canada, Germany, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil
|Key Companies Profiled
||Guangzhou Jcar Industrial Company Ltd (China), Hanergy Holding Group (China), Venturi Eclectic (France), Sono Motors GmbH (Germany), Ford Motor Company (US), Mahindra & Mahindra (India)
|Key Market Opportunities
||Low Fossil Fuel Supply Propel the Market Growth
|Key Market Dynamics
||Decreasing air quality index and a limited fossil fuel supply Solar-powered vehicles have advantages over conventional electric vehicles in a number of areas
Frequently Asked Questions (FAQ) :
The market size was expected to be USD 0.9 billion in 2021.
The market is expected to register a CAGR of ~21.00% over the next ten years.
Asia Pacific held the largest market share in the market.
Guangzhou Jcar Industrial Company Ltd (China), Hanergy Holding Group (China), Venturi Eclectic (France), Sono Motors GmbH (Germany), Ford Motor Company (US), Mahindra & Mahindra (India) are the key players in the market.
The monocrystalline solar panel category led the segment in the market.
The battery vehicle category had the largest market share in the market.
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