Solar Powered Electric Vehicle Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2018 - 2026

Solar Powered Electric Vehicle Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2018 - 2026

  • Transparency Market Research
  • Ongoing
  • Electric Vehicle

Report Description


Solar powered electric vehicle is an electric vehicle that uses solar energy as a power source. It is an eco-friendly vehicle that utilizes solar cells to convert the Sun's radiant energy into electricity and works on the principle of the photovoltaic effect. Solar panels are mounted on the solar powered electric vehicle that contains photovoltaic cells which convert solar energy into electric energy and help to power the vehicle. Electricity produced using the solar panels is stored in batteries, and these charged batteries are employed to drive the motor, which serves here as an engine and moves the vehicle. There is no mixing of fuel, as it uses solar energy as a mode of fuel; subsequently, there is no combustion of fuel in solar powered electric vehicles. Solar powered electric vehicles are expected emphasize the need for utilizing renewable energy in the automotive industry.

Growing concern regarding carbon emissions by global regulatory bodies is a major factor that is estimated to drive the solar powered electric vehicle market during the forecast period. Solar powered electric vehicle is an answer to environmental degradation and energy shortages. It makes the vehicle more efficient and economical, as compared to fuel vehicles. All kinds of conventional sources of fuel are on the verge of exhaustion, which in turn is estimated to lead to an increase in demand for solar powered electric vehicles during the forecast period. It also helps vehicle owners to comply with state regulations regarding emissions from fuel systems. Solar powered electric vehicles offer numerous benefits such as no pollution, less maintenance, easy to charge, noise-free operation and increased vehicle efficiency, which in turn is expected to provide lucrative opportunities for the market during the forecast period. A solar powered electric vehicle is the best option, which provides the most comprehensive answer to the present issue of urban pollution in a simple, economic, and inoffensive manner. Solar energy directly relies on the Sun’s rays, which provide energy to the entire vehicle, and hence, change in weather is likely to reduce the power of solar energy. This is expected to hamper the solar powered electric vehicle market. 

The global solar powered electric vehicle market can segmented based on solar panel location, vehicle type, vehicle parts, and region. Based on solar panel location, the solar powered electric vehicle market can be divided into three segments. Among which, roof placed solar panel accounts for a major share of the market, as compared to other segments. Roof placed solar panels are designed to absorb direct solar radiant energy and the segment holds a prominent share owing to its larger surface area, which results in increased energy absorption. 

Based on vehicle type, the solar powered electric vehicle market can be segregated into two segments. The passenger vehicle segment holds a larger share of the market share as compared to other segments. The passenger vehicle segment can be further sub-segmented into hatchbacks, multi-purpose vehicles, sedans, and sport utility vehicles. 

Based on vehicle parts, the solar powered electric vehicle market can be classified into four segments. The solar panel segment dominates the market. This is due to its function of absorbing the Sun’s radiant energy and providing power source to the vehicle. 

In terms of geography, the solar powered electric vehicle market can be bifurcated into five regions. Among region, North America and Europe account for a major share of the global solar powered electric vehicle market due to rising environmental concern, less cost, increasing demand for electric vehicles, and expansion of the automotive sector, leading to the increased production of solar powered electric vehicles. 

Key players operating in the global solar powered electric vehicle market include EVX Pty Ltd., Toyota Motor Corporation., Solar Electric Vehicle Company, Venturi, Ford Motor Company, and Nissan Motor Corporation.

The report offers a comprehensive evaluation of the market. It does so via in-depth qualitative insights, historical data, and verifiable projections about market size. The projections featured in the report have been derived using proven research methodologies and assumptions. By doing so, the research report serves as a repository of analysis and information for every facet of the market, including but not limited to: Regional markets, technology, types, and applications.

The study is a source of reliable data on:

  • Market segments and sub-segments
  • Market trends and dynamics
  • Supply and demand
  • Market size
  • Current trends/opportunities/challenges
  • Competitive landscape
  • Technological breakthroughs
  • Value chain and stakeholder analysis

The regional analysis covers:

  • North America (U.S. and Canada)
  • Latin America (Mexico, Brazil, Peru, Chile, and others)
  • Western Europe (Germany, U.K., France, Spain, Italy, Nordic countries, Belgium, Netherlands, and Luxembourg)
  • Eastern Europe (Poland and Russia)
  • Asia Pacific (China, India, Japan, ASEAN, Australia, and New Zealand)
  • Middle East and Africa (GCC, Southern Africa, and North Africa)

The report has been compiled through extensive primary research (through interviews, surveys, and observations of seasoned analysts) and secondary research (which entails reputable paid sources, trade journals, and industry body databases). The report also features a complete qualitative and quantitative assessment by analyzing data gathered from industry analysts and market participants across key points in the industry’s value chain.

A separate analysis of prevailing trends in the parent market, macro- and micro-economic indicators, and regulations and mandates is included under the purview of the study. By doing so, the report projects the attractiveness of each major segment over the forecast period.

Highlights of the report:

  • A complete backdrop analysis, which includes an assessment of the parent market
  • Important changes in market dynamics
  • Market segmentation up to the second or third level
  • Historical, current, and projected size of the market from the standpoint of both value and volume
  • Reporting and evaluation of recent industry developments
  • Market shares and strategies of key players
  • Emerging niche segments and regional markets
  • An objective assessment of the trajectory of the market
  • Recommendations to companies for strengthening their foothold in the market   

Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis. 

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