Global Solar Vehicle Market Highlights 2022 – 2030
The global solar vehicle market is estimated to garner a substantial revenue by growing at a CAGR of ~37% over the forecast period, i.e., 2022 – 2030. The growth of the market can be attributed to the rising concerns about environmental pollution, and increasing investments in research and development activities by OEMs for developing zero-emission vehicles around the world. Furthermore, significant reduction in the prices of components utilized in the development and integration of solar vehicles is a crucial factor projected to offer abundant opportunities to the market in the upcoming years.
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Along with these, growing initiatives undertaken by governments for providing subsidies, intensifying demand for energy-efficient sources as an alternative to fuel, and surge in production of electric vehicles across the globe, are expected to drive market growth in the near future. According to the International Energy Agency, sales of electric cars topped 2.1 million worldwide in 2019. The same year, electric cars, which accounted for 2.6% of global car sales and about 1% of global car stock in 2019, registered a 40% year-on-year increase.
The market is segmented by electric vehicle type into battery electric vehicle (BEV), hybrid electric vehicle (HEV), and plug-in hybrid electric vehicle (PHEV), out of which, the hybrid electric vehicle (HEV) segment is anticipated to hold the largest share in the global solar vehicle market. This can be accounted to the implementation of stringent vehicle emission norms and regulations, and removal custom duties for hybrid and electric vehicles by several countries globally. Additionally, on the basis of battery type, the lithium-ion battery is assessed to acquire the largest share during the forecast period, which can be credited to the high energy density and rapid discharging ability of these batteries. Apart from these, lithium-ion batteries offer maximum efficiency, making them more suitable for solar vehicles, which in turn is predicted to drive the market segment’s growth in the near future.
Major Macro-Economic Indicators Impacting the Market Growth
In 2018, the world’s total energy supply was 14282 Mtoe, wherein the highest share in terms of source was captured by oil, accounting for 31.6%, followed by coal (26.9%), natural gas (22.8%), biofuels and waste (9.3%), nuclear (4.9%), hydro (2.5%), and other (2.0%). Where there was an increase in energy demand in 2018, the year 2019 witnessed slow growth as the energy efficiency improved owing to decline in the demand for cooling and heating. However, in 2020, the electricity demand decreased by 2.5% in the first quarter of 2020 due to the outbreak of Coronavirus resulting in government imposed shutdowns in order to limit the spread of the virus, which was further followed by shutdown of numerous business operations impacting their growth. This also resulted in decline of 5.8% in the worldwide CO2 emissions which was recorded to be five times larger than the one recorded during the global financial crisis in 2009. However, in 2021, the demand for oil, gas and coal is estimated to witness growth, which is further projected to create opportunities for market growth. Moreover, rising environment degradation and awareness related to climate change is motivating many key players to employ sustainable energy strategies and invest significantly in environment-friendly power generation technologies with an aim to promote sustainable development among various nations around the world. Such factors are anticipated to promote the growth of the market in upcoming years.
Global Solar Vehicle Market Regional Synopsis
On the basis of geographical analysis, the global solar vehicle market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and the Middle East & Africa region. The market in the Asia Pacific is estimated to witness noteworthy growth over the forecast period on the back of the increasing installation of electric vehicle charging stations, and largescale production of electric vehicles in China. It is calculated that China will account for almost 43 percent of the electric vehicles produced globally by the end of 2027, reaching a value of 13 million automobile units. In addition, rise in the number of government initiatives to reduce greenhouse gas emissions, especially in India and South Korea, is also projected to boost the region’s market growth in the coming years. Moreover, Europe is expected to grab the largest market share by the end of 2030, ascribing to the early adoption of electric vehicles, growing integration of solar panels with electric vehicles, and escalating investments by prominent automobile manufacturers in the region to decrease greenhouse emissions from vehicles.
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The global solar vehicle market is further classified on the basis of region as follows:
- North America (U.S. & Canada) Market size, Y-O-Y growth & Opportunity Analysis
- Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth & Opportunity Analysis
- Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC, Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth & Opportunity Analysis
- Asia-Pacific (China, India, Japan, South Korea, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth & Opportunity Analysis
- Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth & Opportunity Analysis
Market Segmentation
Our in-depth analysis of the global solar vehicle market includes the following segments:
By Electric Vehicle Type
- Battery Electric Vehicle (BEV)
- Hybrid Electric Vehicle (HEV)
- Plug-In Hybrid Electric Vehicle (PHEV)
By Battery Type
- Lithium-Ion
- Lead Acid
- Others
By Solar Panel
- Monocrystalline
- Polycrystalline
Growth Drivers
- Rising Concerns About Environmental Pollution
- Increasing Investments in Research and Development Activities by OEMs for Developing Zero-Emission Vehicles
Challenges
- Less Operational Efficiency of Solar Vehicles
Top Featured Companies Dominating the Market
- Toyota Motor Corporation
- Company Overview
- Business Strategy
- Key Product Offerings
- Financial Performance
- Key Performance Indicators
- Risk Analysis
- Recent Development
- Regional Presence
- SWOT Analysis
- Ford Motor Company
- Bridgestone Corporation
- Volkswagen AG
- Panasonic Corporation
- ZF Friedrichshafen AG
- AB Volvo
- Schaeffler AG
- Continental AG
- Sono Motors GmbH
