The Solar Vehicle Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Solar Vehicle Global Market Report 2024, The solar vehicle market size is expected to see exponential growth in the next few years. It will grow to $0.81 billion in 2028 at a compound annual growth rate (CAGR) of 22.4%. The growth in the forecast period can be attributed to increasing investments in solar-powered car startups, rising popularity of self-charging vehicles, increase in concern about environmental pollution, increasing demand for sustainable transportation, and rising urbanization. Major trends in the forecast period include technological advancements, the development of V2G technology, integration with smart grids, energy management systems, and solar-powered auxiliary systems.
The growing demand for electric vehicles is expected to propel the growth of the solar vehicle market going forward. Electric vehicles (EVs) are vehicles that are powered by one or more electric motors, using electrical energy stored in rechargeable batteries or other energy storage devices. The demand for electric vehicles is due to environmental benefits, cost savings, technological advancements, energy security considerations, regulatory support, and evolving consumer preferences. Solar technology in electric vehicles currently serves as a supplemental energy source, and ongoing advancements in solar efficiency and vehicle integration may expand its role in future automotive applications, potentially offering greater energy autonomy and reducing dependency on traditional charging infrastructure. For instance, in April 2024, according to the International Energy Agency, a France-based intergovernmental organization, sales of electric vehicles increased by 3.5 million in 2023 compared to 2022, a 35% annual rise. Therefore, the growing demand for electric vehicles is driving the growth of the solar vehicle market.
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The solar vehicle market covered in this report is segmented –
1) By Type: Battery Electric Vehicle (BEV), Hybrid Electric Vehicle (HEV)
2) By Battery Type: Lithium Ion, Lead Acid, Other Battery Types
3) By Solar Panel Type: Mono-Crystalline, Poly-Crystalline
4) By Application: Passenger Car, Commercial Vehicle
Major companies operating in the solar vehicle market are focused on developing innovative products, such as electric automobiles with solar panels, to meet the growing demand for sustainable transportation solutions. Electric automobiles with solar panels refer to vehicles powered by electric motors and equipped with solar panels that capture sunlight to generate electricity. These solar panels are typically integrated into the vehicle’s roof, hood, or other surfaces and convert sunlight into electrical energy. For instance, in June 2022, Lightyear, a Netherlands-based company that develops solar-powered cars, launched Lightyear 0 electric automobiles with solar panels on the roof. This vehicle features an integrated array of highly efficient solar panels that can generate up to 70 kilometers (43 miles) of range per day from sunlight alone, significantly reducing reliance on charging infrastructure. Its sleek design minimizes energy consumption, boasting an impressive drag coefficient of just 0.19, one of the lowest in the industry. The lightweight, aerodynamic build is complemented by advanced materials and a highly efficient electric powertrain, ensuring optimal performance and sustainability.
The solar vehicle market report table of contents includes:
- Executive Summary
- Solar Vehicle Market Characteristics
- Solar Vehicle Market Trends And Strategies
- Solar Vehicle Market – Macro Economic Scenario
- Global Solar Vehicle Market Size and Growth
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- Global Solar Vehicle Market Competitive Dashboard
- Key Mergers And Acquisitions In The Solar Vehicle Market
- Solar Vehicle Market Future Outlook and Potential Analysis
- Appendix
List Of Tables:
Table 1: Global Historic Market Growth, 2018-2023, $ Billion
Table 2: Global Forecast Market Growth, 2023-2028F, 2033F, $ Billion
Table 3: Global Solar Vehicle Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Table 4: Global Solar Vehicle Market, Segmentation By Battery Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Table 5: Global Solar Vehicle Market, Segmentation By Solar Panel Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
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Table 75: Volkswagen AG Financial Performance
Table 76: Toyota Motor Corporation Financial Performance
Table 77: Ford Motor Company Financial Performance
Table 78: General Motors Company Financial Performance
Table 79: Bayerische Motoren Werke AG Financial Performance
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