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Pulished Date April, 2021
ID: 9835
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Solar Vehicle Market segmentation by EV (BEV, HEV & PHEV), Vehicle Type (PC & CV), Battery (Lithium-Ion, Lead Acid, & Lead Carbon), Solar Panel (Monocrystalline & Polycrystalline) - Industry Analysis, Size, Share, Growth, Trends and Forecast 2021-2026.

Pulished: April, 2021
ID: 9835
Pages: 175

Solar Vehicle Market Size, Trends & Growth (2021 - 2026)

The global solar vehicle market is foreseen to advance at a CAGR of 36.4% during the predicted period to succeed in 107,380 units by 2030 from estimated 8,955 units of 2021.

Solar vehicles are electric vehicles, which run on solar energy as a type of fuel for their propulsion. Solar vehicles are equipped with photovoltaic cells, which are installed inside solar panels and are responsible for converting solar energy into electricity, which is stored directly in the vehicle's battery. These solar panels are made of silicon, which absorbs heat and converts it into electricity. With the increasing adoption of the latest vehicle technologies, the demand for solar vehicles has increased, resulting in the expansion of the solar vehicle market worldwide.

The global solar vehicle market is anticipated to grow at a compound annual rate of 36.4% during the forecast period 2021-2026. The solar vehicle is an electric vehicle integrated with solar panels. In general, solar panels contain photovoltaic cells that help convert solar energy into electrical energy. The propulsion of these vehicles is generally provided by solar energy and, therefore, the efficiency of the solar modules defines the propelling force of the vehicle.

Recent Developments:
In 2019, Hyundai introduced a version of its sonata hybrid that had solar panels to assist recharge its battery. This shall to expand the company’s value in the market.

The car company Mahindra and Mahindra Ltd has received a patent for its multimodal solar energy system, which reduces the interest of the electric charge on the vehicle battery and supports the operation of an air conditioner.
India's largest automaker, Maruti Suzuki, same it had taken an important step to harness solar energy to fulfill its energy wants.

Drivers and Restraints of Solar Vehicle:


Increased levels of concern for the environment has resulted in increased adoption of green vehicles; This factor is expected to drive market expansion. Increased government initiatives to provide subsidies, financial benefits should drive market expansion. Lower prices for components used in the development and integration of solar vehicles are expected to have a positive effect on market expansion.


The inefficiency of solar powered vehicles, because their cost is considerably high, is expected to slow the market expansion. Lack of standardization of products in the market is expected to slow down market expansion.

Solar Vehicle Market Segmentation:

By Electric Vehicle

  • Battery Electric Vehicle (BEV)
  • Hybrid Electric Vehicle (HEV)
  • Plug-in Hybrid Electric Vehicle (PHEV)

By Battery Type

  • Lithium Ion
  • Lead Acid
  • Lead Carbon

The lithium-ion battery segment is expected to post the highest growth during the forecast period. This type of battery provides all the acceptable features necessary for the operation of these vehicles. The battery offers high energy density with fast discharge capacity, allowing for a smooth charge cycle. Also, with the best power conversion ratio, this battery provides maximum efficiency, making it more suitable for these vehicles.

By Solar Panel

  • Monocrystalline
  • Polycrystalline

By Solar panel, the solar vehicle market is divided into monocrystalline panel and polycrystalline panel. Monocrystalline solar panels will increase considerably due to their compact size and better efficiency compared to polycrystalline solar panels. Semi-flexible monocrystalline panels are used in electric cars with significant improvements in efficiency. However, the cost of the top panel compared to polycrystalline panels can hamper market growth during the forecast period.

By Vehicle Type

  • Passenger Vehicle
  • Commercial Vehicle

Passenger vehicle segment is thriving to gain the profits in the coming yeaers. The increase in passenger car sales within the electrical vehicle phase is that the main issue chargeable for the enlargement of this segment throughout the forecast phase. The driving force required for passenger cars is much less than for commercial vehicles. Therefore, solar panels are integrated into passenger cars, helping to achieve the emission reduction target. The commercial vehicle segment is expected to experience gradual growth during the forecast period.

Solar Vehicle Market Region wise analysis:

Marked Segmentation based on the region:

  1. North America
    1. U.S
    2. Canada
  2. Europe
    1. Norway
    2. Germany
    3. Sweden

Europe has been at the forefront of early adoption of electric cars worldwide. Therefore, the adoption of these vehicles in Europe is expected to gain ground during the forecast period. Strict environmental policies and pollution control measures will likely contribute to faster adoption of these vehicles in the region. According to a recent report by ING, Europe's leading financial organization, every new car sold in Europe will be electric in the near future. The combination of solar panels with electric vehicles makes them more efficient, which can lead to a greater adoption of these vehicles in the region. Favorable government support, lower battery prices, and economies of scale are cited because the main reason for the established prediction.

  1. Asia Pacific
    1. China
    2. India
    3. Japan

Asia-Pacific is expected to represent a significant part of the solar vehicle market. This will be attributed to the prevalence of summers and, therefore, to the availability of around 300 days of sunshine throughout the year. In addition, the region's governments specialize in offering a good range of incentives and programs to market vehicles that run on alternative fuel sources. The presence of several specialty automakers launching a multi-vehicle at a diverse price range further accelerates market demand for solar vehicles during the forecast period.

  1. Latin America
    1. Brazil
    2. Mexico
    3. Argentina
  2. Middle East and Africa

a. Middle East

b. Africa

Key Players of Market:

The major key player of the market includes: TOYOTA MOTOR CORPORATION; Volkswagen AG; Panasonic Corporation; ZF Friedrichshafen AG; AB Volvo; BYD Company Ltd.; Schaeffler AG; Continental AG; Tesla; Nissan; Mahindra & Mahindra Ltd.; Sono Motors; GM Cruise LLC; Hanergy Thin Film Power Group Limited; Solar Electric Vehicle Company; Atlas Technologies; JJ PV Solar; Trina Solar; Surat Exim Pvt. Ltd.; Jinko Solar; Sikco Sustainability Assured and Venturi Automobiles

The impact of COVID-19 on Solar vehicle market:

The COVID-19 event is currently moving around the world, a path of destruction in its wake. This report analyzes the impact of the virus on large companies in the industrial automation industry. The report analyzes the impact of COVID-19 on the global industrial automation industry. Identify companies that will appreciate the impact of COVID-19 in a 12-month amount, in the same way as companies that will lose. It includes a thematic screen that classifies the 58 main companies in this industry in the idea of ​​global leadership in the ten topics that matter most to your business, as well as COVID-19. This generates a number one indicator of future performance.

1. Introduction                         

          1.1 Market Definition               

          1.2 Scope of the report            

          1.3 Study Assumptions            

          1.4 Base Currency, Base Year and Forecast Periods                  

2. Research Methodology                            

          2.1 Analysis Design                 

          2.2 Research Phases                

                    2.2.1 Secondary Research        

                    2.2.2 Primary Research  

                    2.2.3 Data Modelling     

                    2.2.4 Expert Validation  

          2.3 Study Timeline                   

3. Report Overview                             

          3.1 Executive Summary           

          3.2 Key Inferencees                  

4. Market Dynamics                           

          4.1 Impact Analysis                  

                    4.1.1 Drivers        

                    4.1.2 Restaints     

                    4.1.3 Opportunities       

          4.2 Regulatory Environment              

          4.3 Technology Timeline & Recent Trends            

5. Competitor Benchmarking Analysis                            

          5.1 Key Player Benchmarking            

                    5.1.1 Market share analysis     

                    5.1.2 Products/Service   

                    5.1.3 Regional Presence 

          5.2 Mergers & Acquistion Landscape          

          5.3 Joint Ventures & Collaborations            

6. Market Segmentation                    

          6.1 Solar Vehicle Market, By EV         

                    6.1.1 Battery Electric Vehicle (BEV)    

                    6.1.2 Hybrid Electric Vehicle (HEV)    

                    6.1.3 Plug-in Hybrid Electric Vehicle (PHEV)

                    6.1.4 Market Size Estimations & Forecasts (2021-2026)

                    6.1.5 Y-o-Y Growth Rate Analysis    

                    6.1.6 Market Attractiveness Index    

          6.2 Solar Vehicle Market, By Vehicle Type             

                    6.2.1 Lithium Ion 

                    6.2.2 Lead Acid    

                    6.2.3 Lead Carbon

                    6.2.4 Market Size Estimations & Forecasts (2021-2026)

                    6.2.5 Y-o-Y Growth Rate Analysis    

                    6.2.6 Market Attractiveness Index    

          6.3 Solar Vehicle Market, By Battery            

                    6.3.1 Monocrystalline    

                    6.3.2 Polycrystalline       

                    6.3.3 Market Size Estimations & Forecasts (2021-2026)

                    6.3.4 Y-o-Y Growth Rate Analysis    

                    6.3.5 Market Attractiveness Index    

          6.4 Solar Vehicle Market, By Solar Panel                

                    6.4.1 Passenger Vehicle 

                    6.4.2 Commercial Vehicle        

                    6.4.3 Market Size Estimations & Forecasts (2021-2026)

                    6.4.4 Y-o-Y Growth Rate Analysis    

                    6.4.5 Market Attractiveness Index    

7. Geographical Landscape                          

          7.1 Global Identity Governance and Administration Market, by Region                  

          7.2 North America - Market Analysis (2021 - 2026)               

                    7.2.1 By Country  



                    7.2.2 By EV 

                    7.2.3 By Vehicle Type    

                    7.2.4 By Battery    

                    7.2.5 By Solar Panel       

          7.3 Europe            

                    7.3.1 By Country  






                     Rest of Europe

                    7.3.2 By EV 

                    7.3.3 By Vehicle Type    

                    7.3.4 By Battery    

                    7.3.5 By Solar Panel       

          7.4 Asia Pacific               

                    7.4.1 By Country  




                     South Korea

                     South East Asia

                     Australia & NZ

                     Rest of Asia-Pacific

                    7.4.2 By EV 

                    7.4.3 By Vehicle Type    

                    7.4.4 By Battery    

                    7.4.5 By Solar Panel       

          7.5 Latin America           

                    7.5.1 By Country  




                     Rest of Latin America

                    7.5.2 By EV 

                    7.5.3 By Vehicle Type    

                    7.5.4 By Battery    

                    7.5.5 By Solar Panel       

          7.6 Middle East and Africa                 

                    7.6.1 By Country  

                     Middle East


                    7.6.2 By EV 

                    7.6.3 By Vehicle Type    

                    7.6.4 By Battery    

                    7.6.5 By Solar Panel       

8. Key Player Analysis                        

          8.1 TOYOTA MOTOR CORPORATION          

                    8.1.1 Business Description      

                    8.1.2 Products/Service   

                    8.1.3 Financials    

                    8.1.4 SWOT Analysis      

                    8.1.5 Recent Developments     

                    8.1.6 Analyst Overview  

          8.2 Volkswagen AG                  

          8.3 Panasonic Corporation                

          8.4 ZF Friedrichshafen AG                 

          8.5 AB Volvo                   

          8.6 BYD Company Ltd              

          8.7 Schaeffler AG           

          8.8 Continental AG                  

          8.9 Tesla              

          8.10 Nissan          

9. Market Outlook & Investment Opportunities                        


          List of Tables                 

          List of Figures                

  • Global and country-level analysis and forecasts of the study market; providing Insights on the major countries/regions in which this industry is blooming and to also identify the regions that are still untapped
  • Segment-level analysis in terms By Cutting Systems and estimations to detect key areas of industry growth in detail
  • Identification of key drivers, restraints, opportunities and challenges (DROC) in the market and their impact on shifting market dynamics
  • Study of the effect of exogenous and endogenous factors that affect the global market; which includes broadly demographic, economics, and political, among other macro-environmental factors presented in an extensive PESTLE Analysis
  • Study the micro environment factors that determine the overall profitability of an Industry, using Porter’s five forces analysis for analyzing the level of competition and business strategy development
  • A comprehensive list of key market players along with their product portfolio, current strategic interests, key financial information, legal issues, SWOT analysis and analyst overview to study and sustain the market environment
  • Competitive landscape analysis listing out the mergers, acquisitions, collaborations in the field along with new product launches, comparative financial studies and recent developments in the market by the major companies
  • An executive summary, abridging the entire report in such a way that decision-making personnel can rapidly become acquainted with background information, concise analysis and main conclusions
  • Expertly devised analyst overview along with Investment opportunities to provide both individuals and organizations a strong financial foothold in the market
  1. Global Solar Vehicle Market By Region, From 2021-2026 ( USD Billion )
  2. Global Solar Vehicle Market By EV, From 2021-2026 ( USD Billion )
  3. Global Battery Electric Vehicle (BEV) Market By Region, From 2021-2026 ( USD Billion )
  4. Global Hybrid Electric Vehicle (HEV) Market By Region, From 2021-2026 ( USD Billion )
  5. Global Plug-in Hybrid Electric Vehicle (PHEV) Market By Region, From 2021-2026 ( USD Billion )
  6. Global Solar Vehicle Market By Vehicle Type , From 2021-2026 ( USD Billion )
  7. Global Lithium Ion Market By Region, From 2021-2026 ( USD Billion )
  8. Global Lead Acid Market By Region, From 2021-2026 ( USD Billion )
  9. Global Lead Carbon Market By Region, From 2021-2026 ( USD Billion )
  10. Global Solar Vehicle Market By Battery , From 2021-2026 ( USD Billion )
  11. Global Monocrystalline Market By Region, From 2021-2026 ( USD Billion )
  12. Global Polycrystalline Market By Region, From 2021-2026 ( USD Billion )
  13. Global Solar Vehicle Market By Solar Panel, From 2021-2026 ( USD Billion )
  14. Global Passenger Vehicle Market By Region, From 2021-2026 ( USD Billion )
  15. Global Commercial Vehicle  Market By Region, From 2021-2026 ( USD Billion )

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