Solar Vehicle Market Report 2024

The solar vehicle market size has grown exponentially in recent years. It will grow from $0.3 billion in 2023 to $0.36 billion in 2024 at a compound annual growth rate (CAGR) of 22.3%. Historic period growth was driven by enhanced government incentives for renewable energy, heightened environmental consciousness, the burgeoning popularity of electric vehicles, escalating oil prices, and the expansion of solar energy production.

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%. Forecast period growth will be fueled by growing investments in startups focused on solar-powered cars, increasing adoption of self-charging vehicles, heightened concerns about environmental pollution, rising demand for sustainable transportation solutions, and expanding urbanization. Key trends anticipated in the forecast period encompass technological advancements, the evolution of V2G technology, integration with smart grids, energy management systems, and the implementation of solar-powered auxiliary systems.

The solar vehicle market is anticipated to grow as the demand for electric vehicles (EVs) rises. EVs utilize one or more electric motors powered by rechargeable batteries or other energy storage devices. Factors driving EV demand include environmental benefits, cost savings, technological advancements, energy security, regulatory support, and changing consumer preferences. Solar technology currently supplements EV energy needs, with ongoing improvements in efficiency and integration likely expanding its role in future automotive applications. This trend aims to increase energy autonomy and reduce reliance on traditional charging infrastructure. For example, the International Energy Agency reported a 35% annual increase in EV sales, totaling 3.5 million units in 2023 compared to 2022, highlighting the growth impact on the solar vehicle market.

Leading firms in the solar vehicle sector are concentrating on innovative solutions, such as electric cars equipped with solar panels, to meet the rising demand for sustainable transportation. These vehicles feature electric motors and solar panels that convert sunlight into electricity, typically integrated into the vehicle's roof or other surfaces. In mid-2022, Lightyear, a Dutch company specializing in solar-powered vehicles, introduced the Lightyear 0. This model incorporates highly efficient solar panels capable of generating up to 70 kilometers (43 miles) of daily range from sunlight alone. Its streamlined design minimizes energy consumption, boasting an industry-leading drag coefficient of 0.19. The vehicle's lightweight, aerodynamic construction, coupled with advanced materials and an efficient electric powertrain, ensures optimal performance and sustainability.

In March 2024, Nissan Motor Corporation acquired Nissan shares from Renault Group for €358 million ($383.58 million), enhancing operational integration and decision-making processes. This acquisition is expected to strengthen synergies in technology development, manufacturing efficiencies, and global market strategies for Nissan, which is actively involved in the production of solar vehicles. Renault Group, a French automaker, is recognized for its contributions to the solar vehicle sector.

Major companies operating in the solar vehicle market are Volkswagen AG, Toyota Motor Corporation, Ford Motor Company, General Motors Company, Bayerische Motoren Werke AG, Hyundai Motor Company, Tesla Inc., Renault SA, Bollore Group, Karma Automotive LLC, Fisker Inc., Solaris Bus & Coach SA, Suzhou Eagle Electric Vehicle Manufacturing Co. Ltd., Sono Motors GmbH, Aptera Motors Corp., Cruise Car Inc., Sunswift Solar Racing Team, Lightyear One, Venturi Automobiles, Hanergy Holding Group.

North America was the largest region in the solar vehicle market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the solar vehicle market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The countries covered in the solar vehicle market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

A solar vehicle relies on solar energy captured by solar panels installed on its surface to power its electric motors. Photovoltaic (PV) cells within these panels directly convert sunlight into electricity, which is either stored in batteries or used immediately to drive the vehicle.

Solar vehicles primarily fall into two categories battery electric vehicles (BEVs) and hybrid electric vehicles (HEVs). A BEV operates solely on electric power stored in rechargeable batteries, eliminating the need for an internal combustion engine and resulting in zero tailpipe emissions, which enhances their eco-friendliness. These vehicles utilize different battery types such as lithium-ion and lead acid, along with various types of solar panels such as mono-crystalline and poly-crystalline, tailored for applications ranging from passenger cars to commercial vehicles.

The solar vehicles market research report is one of a series of new reports that provides solar vehicles market statistics, including solar vehicles industry global market size, regional shares, competitors with a solar vehicles market share, detailed solar vehicles market segments, market trends, and opportunities, and any further data you may need to thrive in the solar vehicles industry. This solar vehicles research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The solar vehicle market consists of sales of solar electric buses, solar-powered boats, solar-powered UAVs, solar-powered scooters, and solar-powered charging stations. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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