New York, Oct. 03, 2023 (GLOBE NEWSWIRE) -- Sales of the global Solar Powered Vehicles Market size accounted for USD 396.5 million in 2022 and is projected to surpass around USD 2,543 million by 2032, and it is poised to reach a CAGR of 21.0% from 2023 to 2032.
Solar-powered vehicles are electric vehicles that are entirely powered by direct solar energy. Solar-powered vehicles use photovoltaic (PV) cells to convert sun energy into electric vehicles. Solar-powered vehicles are eco-friendly and have zero emission levels because these vehicles do not utilize non-renewable resources or burning fuels.
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Key Takeaway:
- By vehicle type, the passenger vehicle segment dominated the market with the largest revenue share of 63% in 2022.
- By battery type, the lithium-ion battery segment held the largest revenue share of 39% in 2022.
- The monocrystalline segment accounted for the largest revenue share of 62% in 2022 by solar panel type.
- In 2022, Europe dominated the market with the highest revenue share of 31%.
- The North American region is expected to grow at a significant CAGR from 2023 to 2032.
With increasing globalization, disposable income, and technological advancements, the demand for solar-powered vehicles is increasing. Solar-powered vehicles generate electricity that doesn’t emit greenhouse gases or hazardous pollutants. Solar panels used in vehicles are made of silicon, which absorbs heat and converts it to electrical energy stored in the battery and used in vehicles.
Factors affecting the growth of the solar-powered vehicles market.
There are several factors that can affect the growth of the solar-powered vehicles market. Some of these factors include:
Solar vehicle companies are concentrating on increasing battery power and durability to provide more mileage and longer durability. In addition, several key players in solar-powered vehicles, such as Mahindra, Hyundai, and Toyota, are focusing on manufacturing commercially available vehicles with solar rooftop panels. Big companies in solar-powered vehicles are adopting market strategies such as merging, acquisition, and competitive pricing. As a result, prices for solar panels are decreasing rapidly, positively impacting market growth. Such trends are currently witnessed in the market, driving the global market growth of solar-powered vehicles.
Market Growth
Petrol and diesel are the primary sources of ignition vehicles. However, the prices of these fuels are very high and are not affordable for middle-class individuals. Due to this, they are shifting towards solar vehicles to overcome such problems. Solar-powered electric vehicles do not emit hazardous gases and use renewable energy sources by reducing fuel costs. Due to this, the popularity of solar-powered vehicles is increasing, driving market growth. On the other hand, ignition vehicles emit more carbon dioxide and other hazardous gases, which harm the environment; due to this, the government implemented acts on the emission of hazardous gases, which is the main factor for the market growth.
Regional Analysis
The solar-powered vehicles market was dominated by Europe, which accounted for the most significant revenue share of 31% in 2022. The region's growth is propelled by the high adoption of solar-powered vehicles in developed countries such as Germany, France, and the U.K. Strict government regulations on zero CO2 emission for new passenger cars and light commercial vehicles are expected to create significant growth opportunities in the solar-powered vehicles market. On the other hand, the North American region is expected to grow at the fastest CAGR during the forecast period owing to large numbers of solar-powered vehicle companies in the U.S. and Canada. In addition, increasing restrictions on the emission of hazardous gases are expected to drive the market during the forecast period in North America.
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Competitive Landscape
Key players focus on manufacturing vehicles with more mileage and attractive designs to attract customers. Solar vehicle companies are concentrating on increasing battery power and durability to provide more mileage and longer durability. In addition, leading solar-powered vehicle companies are adopting market strategies such as merging, acquisition, and competitive pricing. Several major key players in the solar-powered vehicles market include Volkswagen AG, Toyota Motor Corporation, Ford, Mahindra & Mahindra Limited., Sono Motors GmbH, Hanergy Thin Film Power Group, Lightyear, Alke, Hyundai Motor Company, Toyota Motor Corp, and Other Key Players.
Scope of the Report
| Report Attributes | Details |
| Market Value (2022) | USD 396.5 Million |
| Forecast Revenue 2032 | USD 2,543 Million |
| CAGR (2023 to 2032) | 21.0% |
| Europe Revenue Share | 31% |
| Base Year | 2022 |
| Historic Period | 2016 to 2022 |
| Forecast Year | 2023 to 2032 |
Market Drivers
Increasing consumer preference for self-charging vehicles and rising disposable income drive the solar-powered car market. As a result, the adoption of the latest vehicle technologies is increasing, driving market growth. Also, due to increasing environmental pollution owing to fuel-based vehicles and the high cost of fuels, individuals are shifting towards adopting solar power-based vehicles due to their zero-emission and cost-effectiveness. Furthermore, due to increasing government regulations on the emission of hazardous gases, manufacturers are focusing on using renewable sources such as solar energy for vehicles, driving the growth of the solar-powered vehicles market.
Market Restraints
Solar-powered vehicles are technologically advanced, and manufacturing requires a skilled workforce. Thus, the lack of a skilled workforce has a negative impact on market growth. Moreover, technical constraints are affecting or could potentially affect this market. For instance, the efficiency of solar panels is still insufficient to power a car for long distances, especially during periods of low sunlight. Batteries that can store solar energy are still relatively expensive and heavy and occupy significant space. Solar panels and battery systems add weight to the vehicle, which can counteract the benefits of the energy they provide. In addition, the initial implementation costs of solar panels are very high and require regular maintenance, which is the primary factor restraining market growth.
Market Opportunities
Fossil fuels such as petrol and diesel are non-renewable sources of energy. They require high extraction and processing costs; hence, manufacturers are moving towards solar-powered vehicles to reduce extraction costs. Also, increasing fuel prices and low availability of such fuels drive the need for solar-powered vehicles. Worldwide demand for solar-powered vehicles is increasing due to their attractive designs and zero emissions. In addition, solar power vehicles create noise-free operations, requiring low maintenance compared to ICE-based vehicles. This is anticipated to create lucrative global solar-powered vehicle market growth opportunities.
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Report Segmentation of the Solar-powered Vehicles Market
Vehicle Type Insight
Based on vehicle type, the passenger vehicle segment was dominant in the market with the largest market share. The increasing global population is the primary factor for the segment's growth. In addition, solar panels used in commercial vehicles do not emit hazardous gases, which is expected to drive market growth. As environmental consciousness grows among the general public, many consumers actively seek greener alternatives to traditional combustion-engine vehicles. Passenger vehicles are the most direct way for consumers to transition to more sustainable modes of transportation. Therefore, manufacturers are focusing on producing solar-powered vehicles, which is expected to drive demand in the market.
Battery Type Insight
Based on battery type, the lithium-ion battery segment dominated the market, with the largest market revenue share in 2022. Lithium-ion batteries are lightweight, and they increase the driving range of vehicles. The charging time required for lithium-ion batteries is less than for other batteries, which is the primary growth factor of the segment. In addition, lithium-ion batteries are long-lasting and have high safety; due to this, they have high demand in solar-powered vehicles.
Solar Panel Type Insight
Based on the solar panel type, the monocrystalline segment was dominant, with the largest market revenue share in 2022. Monocrystalline solar panels provide higher efficiency due to their high-temperature coefficients that cause low output degradation, such as driving range and battery pack temperature. In addition, monocrystalline solar panels in solar-powered vehicles are space efficient and require less space than other counterparts.
Market Segmentation
By Vehicle Type
- Passenger vehicle
- Commercial Vehicle
By Battery Type
- Lithium Ion Battery
- Lead Acid Battery
- Lead Carbon Battery
By Solar Panel Type
- Monocrystalline
- Crystalline
By Geography
- North America
- The US
- Canada
- Europe
- Germany
- France
- The UK
- Spain
- Italy
- Russia & CIS
- Rest of Europe
- APAC
- China
- Japan
- South Korea
- India
- ASEAN
- Rest of APAC
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Middle East & Africa
- GCC
- South Africa
- Rest of MEA
Key Market Players
- Volkswagen AG
- Toyota Motor Corporation
- Ford
- Mahindra & Mahindra Limited.
- Sono Motors GmbH
- Hanergy Thin Film Power Group
- Lightyear
- Alke
- Hyundai Motor Company
- Other Key Players
Recent Development of the Solar-powered Vehicles Market
- In May 2023, Toyota used Japanese chemical company Kaneka’s 26.63%-efficient solar cells for electric vehicles.
- In October 2021, ARI Motors presented the ARI 485, a small, lightweight utility vehicle equipped with five of Sono’s solar panels that provide up to 450 Watts. These solar cells should extend the vehicle range by up to 48 kilometers.
- In May 2019, Hanergy announced a partnership with DHL to become the provider of CIGS flexible solar panels for the rooftops of their commercial vehicles in the UK and Germany.
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