Acumen Research and Consulting estimates that the global solar vehicle market is anticipated to reach market size of around US$ 340 Mn by 2027 and is anticipated to grow at a CAGR of around 40% in terms of revenue during the forecast period 2020 – 2027.
Solar vehicles are hybrid vehicles that use solar power for their propulsion as a form of fuel. Solar panels are fitted with panels installed in solar panels which convert the solar energy directly into the battery of the vehicle and are equipped with photovoltaic cells. These solar panels consist of silicone that absorbs heat and transforms it into electricity. The increasing use of state-of-the-art vehicle technology has led to an increasing demand for solar vehicles and a global market growth in solar vehicles.
Market Insights
The growing concern of global regulators over carbon emissions is a significant factor that has been projected to boost the electric vehicle solar energy market during the forecast period. The alternative to environmental degrade and energy shortages is solar powered electric vehicles. Compared to petrol engines, it makes the engine more powerful and economical. There are all sorts of conventional fuels at the verge of being exhausted and the demand for solar powered electric powered vehicles is expected to rise over the expected period. Furthermore, it helps vehicle owners comply with federal restrictions on fuel system emissions. Solar powered electric vehicles provides various advantages, including no emissions, reduced upkeep, quick charging, noise free operations and improved vehicle performance, with a predicted productivity in effect. It will provide the market with competitive opportunity over the projected period. The best approach to the current issue of urban emissions is a solar-powered electric vehicle, which provides a simple, economic and inoffensive response. Solar energy depends directly on the energy from the sun supply rays, so the changing weather is likely to reduce solar power, thereby affecting the demand of solar vehicles.
Report coverage
The market research study on “Solar Vehicle Market (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; By Solar Panel: Monocrystalline, Polycrystalline; By Vehicle Type: Passenger Vehicle, Commercial Vehicle) - Global Industry, Analysis, Market Size, Opportunities and Forecast, 2020 - 2027” offers detailed insights on the global solar vehicle market entailing insights on its different market segments. Market dynamics with drivers, restraints and opportunities with their impact are provided in the report. The report also provides competitive landscape to understand the current stance of particular player. The report provides insights on global solar vehicle market are electric vehicles, battery type, vehicle type, and major geographic regions. The solar vehicle market analysis is provided for major regional markets including North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa. For each region, the market size for different segments has been covered under the scope of report.
It is estimated that the Asia Pacific region will be the largest in the market until 2027. The region includes some of the world's fastest-growing economies, such as China and India. Asia-Pacific is the leading automobile market with rising customer buying power increasing automobile demand in the country. Climate conditions are also appropriate for these vehicles in southeast Asian countries. Furthermore, the high demand for passenger cars from the region's emerging countries is likely to drive Asia Pacific market growth over the forecast period. In terms of early adoption of electric cars in the world, Europe is at the top of the list. The adoption of such vehicles in Europe is therefore expected to gain momentum throughout the forecast period. The rapid introduction of such vehicles in the area is likely to adhere to stringent environmental policies and emission control initiatives. Each new automobile sold in Europe will be electric in the near future, according to a recent report by ING, one of Europe's leading financial institutions. Solar panels are more integrated with electric vehicles, which can result in higher adoption of these vehicles in the region. The primary reason for the prediction is beneficial government support, lower battery costs and economies of scale.
Key Players
Major players included in this report are Mahindra Electric Mobility Limited, Volkswagen AG, Sono Motors, Ford Motor Company, Toyota Motor Corporation, Nissan, Hanergy Thin Film Power Group, General Motors, Hyundai Motor Company, Cruise Car and other.
The global solar vehicle market is segmented as below:
Market Segmentation
Solar Vehicle Market By Electric Vehicle
Battery Electric Vehicle (BEV)
Hybrid Electric Vehicle (HEV)
Plug-in Hybrid Electric Vehicle (PHEV)
Solar Vehicle Market By Battery Type
Lithium Ion
Lead Acid
Lead Carbon
Solar Vehicle Market By Solar Panel
Monocrystalline
Polycrystalline
Solar Vehicle Market By Vehicle Type
Passenger Vehicle
Commercial Vehicle
Solar Vehicle Market By Geography
North America
Europe
- UK
- Germany
- France
- Spain
- Rest of Europe
Asia-Pacific
- China
- Japan
- India
- Australia
- South Korea
- Rest of Asia-Pacific
Latin America
- Brazil
- Mexico
- Rest of Latin America
Middle East & Africa
- GCC
- South Africa
- Rest of Middle East & Africa
Table Of Content:
CHAPTER 1. INDUSTRY OVERVIEW
1.1. Definition and Scope
1.1.1. Definition of Solar Vehicle
1.1.2. Market Segmentation
1.1.3. List of Abbreviations
1.2. Summary
1.2.1. Market Snapshot
1.2.2. Solar Vehicle Market By Electric Vehicle
1.2.2.1. Global Solar Vehicle Market Revenue and Growth Rate Comparison By Electric Vehicle (2020-2027)
1.2.2.2. Global Solar Vehicle Market Revenue Share By Electric Vehicle in 2019
1.2.2.3. Battery Electric Vehicle (BEV)
1.2.2.4. Hybrid Electric Vehicle (HEV)
1.2.2.5. Plug-in Hybrid Electric Vehicle (PHEV)
1.2.3. Solar Vehicle Market By Battery Type
1.2.3.1. Global Solar Vehicle Market Revenue and Growth Rate Comparison By Battery Type (2020-2027)
1.2.3.1.1. Lithium Ion
1.2.3.1.2. Lead Acid
1.2.3.1.3. Lead Carbon
1.2.4. Solar Vehicle Market By Solar Panel
1.2.4.1. Global Solar Vehicle Market Revenue and Growth Rate Comparison By Solar Panel (2020-2027)
1.2.4.2. Monocrystalline
1.2.4.3. Polycrystalline
1.2.5. Solar Vehicle Market By Vehicle Type
1.2.5.1. Global Solar Vehicle Market Revenue and Growth Rate Comparison By Vehicle Type (2020-2027)
1.2.5.2. Passenger Vehicle
1.2.5.3. Commercial Vehicle
1.2.6. Solar Vehicle Market By Geography
1.2.6.1. Global Solar Vehicle Market Revenue and Growth Rate Comparison by Geography (2020-2027)
1.2.6.2. North America Solar Vehicle Market Revenue and Growth Rate(2020-2027)
1.2.6.3. Europe Solar Vehicle Market Revenue and Growth Rate(2020-2027)
1.2.6.4. Asia-Pacific Solar Vehicle Market Revenue and Growth Rate(2020-2027)
1.2.6.5. Latin America Solar Vehicle Market Revenue and Growth Rate(2020-2027)
1.2.6.6. Middle East and Africa (MEA) Solar Vehicle Market Revenue and Growth Rate(2020-2027)
CHAPTER 2. MARKET DYNAMICS AND COMPETITION ANALYSIS
2.1. Market Drivers
2.2. Restraints and Challenges
2.3. Growth Opportunities
2.4. Porter’s Five Forces Analysis
2.4.1. Bargaining Power of Suppliers
2.4.2. Bargaining Power of Buyers
2.4.3. Threat of Substitute
2.4.4. Threat of New Entrants
2.4.5. Degree of Competition
2.5. Value Chain Analysis
2.6. Cost Structure Analysis
2.6.1. Raw Material and Suppliers
2.6.2. Manufacturing Process Analysis
2.7. Regulatory Compliance
2.8. Competitive Landscape, 2019
2.8.1. Player Positioning Analysis
2.8.2. Key Strategies Adopted By Leading Players
CHAPTER 3. MANUFACTURING PLANTS ANALYSIS
3.1. Capacity and Commercial Production Date of Global Solar Vehicle Major Manufacturers in 2019
3.2. Manufacturing Plants Distribution of Global Solar Vehicle Major Manufacturers in 2019
3.3. R&D Status and Technology Source of Global Solar Vehicle Major Manufacturers in 2019
3.4. Raw Materials Sources Analysis of Global Solar Vehicle Major Manufacturers in 2019
CHAPTER 4. Solar Vehicle MARKET By Electric Vehicle
4.1. Global Solar Vehicle Revenue By Electric Vehicle
4.2. Battery Electric Vehicle (BEV)
4.2.1. Market Revenue and Growth Rate, 2020 - 2027 ($Million)
4.2.2. Market Revenue and Forecast, By Region, 2020 - 2027 ($Million)
4.3. Hybrid Electric Vehicle (HEV)
4.3.1. Market Revenue and Growth Rate, 2020 - 2027 ($Million)
4.3.2. Market Revenue and Forecast, By Region, 2020 - 2027 ($Million)
4.4. Plug-in Hybrid Electric Vehicle (PHEV)
4.4.1. Market Revenue and Growth Rate, 2020 - 2027 ($Million)
4.4.2. Market Revenue and Forecast, By Region, 2020 - 2027 ($Million)
CHAPTER 5. Solar Vehicle MARKET By Battery Type
5.1. Global Solar Vehicle Revenue By Battery Type
5.2. Lithium Ion
5.2.1. Market Revenue and Growth Rate, 2020 - 2027 ($Million)
5.2.2. Market Revenue and Forecast, By Region, 2020 - 2027 ($Million)
5.3. Lead Acid
5.3.1. Market Revenue and Growth Rate, 2020 - 2027 ($Million)
5.3.2. Market Revenue and Forecast, By Region, 2020 - 2027 ($Million)
5.4. Lead Carbon
5.4.1. Market Revenue and Growth Rate, 2020 - 2027 ($Million)
5.4.2. Market Revenue and Forecast, By Region, 2020 - 2027 ($Million)
CHAPTER 6. Solar Vehicle MARKET By Solar Panel
6.1. Global Solar Vehicle Revenue By Solar Panel
6.2. Monocrystalline
6.2.1. Market Revenue and Growth Rate, 2020 - 2027 ($Million)
6.2.2. Market Revenue and Forecast, By Region, 2020 - 2027 ($Million)
6.3. Polycrystalline
6.3.1. Market Revenue and Growth Rate, 2020 - 2027 ($Million)
6.3.2. Market Revenue and Forecast, By Region, 2020 - 2027 ($Million)
CHAPTER 7. Solar Vehicle MARKET By Vehicle Type
7.1. Global Solar Vehicle Revenue By Vehicle Type
7.2. Passenger Vehicle
7.2.1. Market Revenue and Growth Rate, 2020 - 2027 ($Million)
7.2.2. Market Revenue and Forecast, By Region, 2020 - 2027 ($Million)
7.3. Commercial Vehicle
7.3.1. Market Revenue and Growth Rate, 2020 - 2027 ($Million)
7.3.2. Market Revenue and Forecast, By Region, 2020 - 2027 ($Million)
CHAPTER 8. NORTH AMERICA Solar Vehicle MARKET BY COUNTRY
8.1. North America Solar Vehicle Market Revenue and Growth Rate, 2020 - 2027 ($Million)
8.2. North America Solar Vehicle Market Revenue Share Comparison, 2020 & 2027 (%)
8.3. U.S.
8.3.1. U.S. Solar Vehicle Market Revenue and Forecast By Electric Vehicle, 2020 - 2027 ($Million)
8.3.2. Market Revenue and Forecast By Battery Type, 2020 - 2027 ($Million)
8.3.3. Market Revenue and Forecast By Solar Panel, 2020 - 2027 ($Million)
8.3.4. Market Revenue and Forecast By Vehicle Type, 2020 - 2027 ($Million)
8.4. Canada
8.4.1. Market Revenue and Forecast By Electric Vehicle, 2020 - 2027 ($Million)
8.4.2. Market Revenue and Forecast By Battery Type, 2020 - 2027 ($Million)
8.4.3. Market Revenue and Forecast By Solar Panel, 2020 - 2027 ($Million)
8.4.4. Market Revenue and Forecast By Vehicle Type, 2020 - 2027 ($Million)
CHAPTER 9. EUROPE Solar Vehicle MARKET BY COUNTRY
9.1. Europe Solar Vehicle Market Revenue and Growth Rate, 2020 - 2027 ($Million)
9.2. Europe Solar Vehicle Market Revenue Share Comparison, 2020 & 2027 (%)
9.3. UK
9.3.1. Market Revenue and Forecast By Electric Vehicle, 2020 - 2027 ($Million)
9.3.2. Market Revenue and Forecast By Battery Type, 2020 - 2027 ($Million)
9.3.3. Market Revenue and Forecast By Solar Panel, 2020 - 2027 ($Million)
9.3.4. Market Revenue and Forecast By Vehicle Type, 2020 - 2027 ($Million)
9.4. Germany
9.4.1. Market Revenue and Forecast By Electric Vehicle, 2020 - 2027 ($Million)
9.4.2. Market Revenue and Forecast By Battery Type, 2020 - 2027 ($Million)
9.4.3. Market Revenue and Forecast By Solar Panel, 2020 - 2027 ($Million)
9.4.4. Market Revenue and Forecast By Vehicle Type, 2020 - 2027 ($Million)
9.5. France
9.5.1. Market Revenue and Forecast By Electric Vehicle, 2020 - 2027 ($Million)
9.5.2. Market Revenue and Forecast By Battery Type, 2020 - 2027 ($Million)
9.5.3. Market Revenue and Forecast By Solar Panel, 2020 - 2027 ($Million)
9.5.4. Market Revenue and Forecast By Vehicle Type, 2020 - 2027 ($Million)
9.6. Spain
9.6.1. Market Revenue and Forecast By Electric Vehicle, 2020 - 2027 ($Million)
9.6.2. Market Revenue and Forecast By Battery Type, 2020 - 2027 ($Million)
9.6.3. Market Revenue and Forecast By Solar Panel, 2020 - 2027 ($Million)
9.6.4. Market Revenue and Forecast By Vehicle Type, 2020 - 2027 ($Million)
9.7. Rest of Europe
9.7.1. Market Revenue and Forecast By Electric Vehicle, 2020 - 2027 ($Million)
9.7.2. Market Revenue and Forecast By Battery Type, 2020 - 2027 ($Million)
9.7.3. Market Revenue and Forecast By Solar Panel, 2020 - 2027 ($Million)
9.7.4. Market Revenue and Forecast By Vehicle Type, 2020 - 2027 ($Million)
CHAPTER 10. ASIA-PACIFIC Solar Vehicle MARKET BY COUNTRY
10.1. Asia-Pacific Solar Vehicle Market Revenue and Growth Rate, 2020 - 2027 ($Million)
10.2. Asia-Pacific Solar Vehicle Market Revenue Share Comparison, 2020 & 2027 (%)
10.3. China
10.3.1. Market Revenue and Forecast By Electric Vehicle, 2020 - 2027 ($Million)
10.3.2. Market Revenue and Forecast By Battery Type, 2020 - 2027 ($Million)
10.3.3. Market Revenue and Forecast By Solar Panel, 2020 - 2027 ($Million)
10.3.4. Market Revenue and Forecast By Vehicle Type, 2020 - 2027 ($Million)
10.4. Japan
10.4.1. Market Revenue and Forecast By Electric Vehicle, 2020 - 2027 ($Million)
10.4.2. Market Revenue and Forecast By Battery Type, 2020 - 2027 ($Million)
10.4.3. Market Revenue and Forecast By Solar Panel, 2020 - 2027 ($Million)
10.4.4. Market Revenue and Forecast By Vehicle Type, 2020 - 2027 ($Million)
10.5. India
10.5.1. Market Revenue and Forecast By Electric Vehicle, 2020 - 2027 ($Million)
10.5.2. Market Revenue and Forecast By Battery Type, 2020 - 2027 ($Million)
10.5.3. Market Revenue and Forecast By Solar Panel, 2020 - 2027 ($Million)
10.5.4. Market Revenue and Forecast By Vehicle Type, 2020 - 2027 ($Million)
10.6. Australia
10.6.1. Market Revenue and Forecast By Electric Vehicle, 2020 - 2027 ($Million)
10.6.2. Market Revenue and Forecast By Battery Type, 2020 - 2027 ($Million)
10.6.3. Market Revenue and Forecast By Solar Panel, 2020 - 2027 ($Million)
10.6.4. Market Revenue and Forecast By Vehicle Type, 2020 - 2027 ($Million)
10.7. South Korea
10.7.1. Market Revenue and Forecast By Electric Vehicle, 2020 - 2027 ($Million)
10.7.2. Market Revenue and Forecast By Battery Type, 2020 - 2027 ($Million)
10.7.3. Market Revenue and Forecast By Solar Panel, 2020 - 2027 ($Million)
10.7.4. Market Revenue and Forecast By Vehicle Type, 2020 - 2027 ($Million)
10.8. Rest of Asia-Pacific
10.8.1. Market Revenue and Forecast By Electric Vehicle, 2020 - 2027 ($Million)
10.8.2. Market Revenue and Forecast By Battery Type, 2020 - 2027 ($Million)
10.8.3. Market Revenue and Forecast By Solar Panel, 2020 - 2027 ($Million)
10.8.4. Market Revenue and Forecast By Vehicle Type, 2020 - 2027 ($Million)
CHAPTER 11. LATIN AMERICA Solar Vehicle MARKET BY COUNTRY
11.1. Latin America Solar Vehicle Market Revenue and Growth Rate, 2020 - 2027 ($Million)
11.2. Latin America Solar Vehicle Market Revenue Share Comparison, 2020 & 2027 (%)
11.3. Brazil
11.3.1. Market Revenue and Forecast By Electric Vehicle, 2020 - 2027 ($Million)
11.3.2. Market Revenue and Forecast By Battery Type, 2020 - 2027 ($Million)
11.3.3. Market Revenue and Forecast By Solar Panel, 2020 - 2027 ($Million)
11.3.4. Market Revenue and Forecast By Vehicle Type, 2020 - 2027 ($Million)
11.4. Mexico
11.4.1. Market Revenue and Forecast By Electric Vehicle, 2020 - 2027 ($Million)
11.4.2. Market Revenue and Forecast By Battery Type, 2020 - 2027 ($Million)
11.4.3. Market Revenue and Forecast By Solar Panel, 2020 - 2027 ($Million)
11.4.4. Market Revenue and Forecast By Vehicle Type, 2020 - 2027 ($Million)
11.5. Rest of Latin America
11.5.1. Market Revenue and Forecast By Electric Vehicle, 2020 - 2027 ($Million)
11.5.2. Market Revenue and Forecast By Battery Type, 2020 - 2027 ($Million)
11.5.3. Market Revenue and Forecast By Solar Panel, 2020 - 2027 ($Million)
11.5.4. Market Revenue and Forecast By Vehicle Type, 2020 - 2027 ($Million)
CHAPTER 12. MIDDLE EAST & AFRICA Solar Vehicle MARKET BY COUNTRY
12.1. Middle East & Africa Solar Vehicle Market Revenue and Growth Rate, 2020 - 2027 ($Million)
12.2. Middle East & Africa Solar Vehicle Market Revenue Share Comparison, 2020 & 2027 (%)
12.3. GCC
12.3.1. Market Revenue and Forecast By Electric Vehicle, 2020 - 2027 ($Million)
12.3.2. Market Revenue and Forecast By Battery Type, 2020 - 2027 ($Million)
12.3.3. Market Revenue and Forecast By Solar Panel, 2020 - 2027 ($Million)
12.3.4. Market Revenue and Forecast By Vehicle Type, 2020 - 2027 ($Million)
12.4. South Africa
12.4.1. Market Revenue and Forecast By Electric Vehicle, 2020 - 2027 ($Million)
12.4.2. Market Revenue and Forecast By Battery Type, 2020 - 2027 ($Million)
12.4.3. Market Revenue and Forecast By Solar Panel, 2020 - 2027 ($Million)
12.4.4. Market Revenue and Forecast By Vehicle Type, 2020 - 2027 ($Million)
12.5. Rest of Middle East & Africa
12.5.1. Market Revenue and Forecast By Electric Vehicle, 2020 - 2027 ($Million)
12.5.2. Market Revenue and Forecast By Battery Type, 2020 - 2027 ($Million)
12.5.3. Market Revenue and Forecast By Solar Panel, 2020 - 2027 ($Million)
12.5.4. Market Revenue and Forecast By Vehicle Type, 2020 - 2027 ($Million)
CHAPTER 13. COMPANY PROFILE
13.1. Mahindra Electric Mobility Limited
13.1.1. Company Snapshot
13.1.2. Overview
13.1.3. Financial Overview
13.1.4. Type Portfolio
13.1.5. Key Developments
13.1.6. Strategies
13.2. Volkswagen AG
13.2.1. Company Snapshot
13.2.2. Overview
13.2.3. Financial Overview
13.2.4. Type Portfolio
13.2.5. Key Developments
13.2.6. Strategies
13.3. Sono Motors
3.3.1. Company Snapshot
13.3.2. Overview
13.3.3. Financial Overview
13.3.4. Type Portfolio
13.3.5. Key Developments
13.3.6. Strategies
13.4. Ford Motor Company
13.4.1. Company Snapshot
13.4.2. Overview
13.4.3. Financial Overview
13.4.4. Type Portfolio
13.4.5. Key Developments
13.4.6. Strategies
13.5. Toyota Motor Corporation
13.5.1. Company Snapshot
13.5.2. Overview
13.5.3. Financial Overview
13.5.4. Type Portfolio
13.5.5. Key Developments
13.5.6. Strategies
13.6. Nissan
13.6.1. Company Snapshot
13.6.2. Overview
13.6.3. Financial Overview
13.6.4. Type Portfolio
13.6.5. Key Developments
13.6.6. Strategies
13.7. Hanergy Thin Film Power Group
13.7.1. Company Snapshot
13.7.2. Overview
13.7.3. Financial Overview
13.7.4. Type Portfolio
13.7.5. Key Developments
13.7.6. Strategies
12.8. General Motors
12.8.1. Company Snapshot
12.8.2. Overview
12.8.3. Financial Overview
12.8.4. Product Portfolio
12.8.5. Key Developments
12.8.6. Strategies
12.9. Hyundai Motor Company
12.9.1. Company Snapshot
12.9.2. Overview
12.9.3. Financial Overview
12.9.4. Product Portfolio
12.9.5. Key Developments
12.9.6. Strategies
12.10. Cruise Car
12.10.1. Company Snapshot
12.10.2. Overview
12.10.3. Financial Overview
12.10.4. Product Portfolio
12.10.5. Key Developments
12.10.6. Strategies
12.11. Others
12.11.1. Company Snapshot
12.11.2. Overview
12.11.3. Financial Overview
12.11.4. Product Portfolio
12.11.5. Key Developments
12.11.6. Strategies
CHAPTER 14. RESEARCH APPROACH
14.1. Research Methodology
14.1.1. Initial Data Search
14.1.2. Secondary Research
14.1.3. Primary Research
14.2. Assumptions and Scope
