- Passenger Vehicle
- Commercial Vehicle
Solar Powered Car Market size was valued at USD 340.8 million in 2023, and is expected to grow at a 19.9% CAGR from 2024 to 2030. The solar powered cars convert solar energy into electrical energy. This electricity charges the battery, which gives the power to the car engine. Some solar vehicles transfer electricity directly to electric motor without the battery. The photovoltaic cells present in the solar panel helps to convert solar rays into electricity. The photovoltaic cells are made up of semiconductors especially silicon which absorbs light. The electrons in the semiconductor are liberated by the sun rays which in turn provides energy and is used to charge battery and specialized motor in solar automobiles. Increase in preservation of natural resources by using solar vehicles is the key driver in the growth of solar-powered car market. The solar powered car doesn’t require any kind of energy input. The solar powered vehicles are maintenance free when compared to gasoline vehicles. Then solar powered vehicle reduces environmental impacts by decreasing or eliminating fuel consumption. In addition, solar powered vehicles provide noise free operations and require low maintenance when compare with the internal combustion engines. Hence, increase in vehicle emission concern and eco-friendly operations of solar panels vehicles are expected to drive the growth of solar powered car market in the forecasted years.
Fossil fuels like petrol and diesel are the source of energy to majority of the vehicles across the globe. However, the fuel reserves have been decreased significantly in the past years by increased consumption and surge in demand for personal mobility, particularly in countries like India, China, the energy consumption has increased. Increase in fuel prices which compels the people to adopt to solar powered vehicles which comparatively reduces the cost of mobility. Whereas, factors like the operation efficiency of solar powered vehicles are less when compared to Internal combustion engines, weather conditions also considered as important factor to charge the battery, the speed and power of solar powered vehicles is less compared conventional vehicles. Hence these factors are expected to hinder the market growth in the forecasted years.
Study Period
2024-2030Base Year
2023CAGR
19.9%Largest Market
North AmericaFastest Growing Market
Asia Pacific
Solar powered car market is expected to grow owing to increasing environmental consciousness among the public and increase in awareness about the environmental impacts caused by the internal combustion engines is expected to drive the market growth. In addition, decrease in maintenance cost of solar powered vehicle, elimination of consumption of fossil fuel are expected to boost the market growth. The global drop in the price of solar panels across the globe in last decades is expected to propel the solar powered car market in a significant rate in the forecasted years. Furthermore, strict regulations on vehicle emission norms are expected to drive the growth of solar powered car market across the globe.
By Vehicle Type
By Battery Type
By Solar Panel
By Electric vehicle Type
By Geography
Solar Powered Car market was valued at USD 340.8 million in 2023
The leading players in the global Solar Powered Car market are Sono Motors, Volkswagen, Lightyear, Toyota Motor Corporation, Mahindra & Mahindra Ltd., Cruise Car, Inc., Hanergy Thin Film Power Group Ltd., Ford Motor Company, Nissan, Hyundai Motor Company, General Motors, MAN Trucks, Lightyear
TheSolar Powered Car market has been classified into North America, Asia Pacific, Europe, Latin America, Middle East and Africa, and the rest of MEA.
1. Executive Summary |
2. Global Solar Powered Car Market Introduction |
2.1.Global Solar Powered Car Market - Taxonomy |
2.2.Global Solar Powered Car Market - Definitions |
2.2.1.Vehicle Type |
2.2.2.Battery Type |
2.2.3.Solar Panel |
2.2.4.Electric vehicle Type |
2.2.5.Geography |
3. Global Solar Powered Car Market Dynamics |
3.1. Drivers |
3.2. Restraints |
3.3. Opportunities/Unmet Needs of the Market |
3.4. Trends |
3.5. Product Landscape |
3.6. New Product Launches |
3.7. Impact of COVID 19 on Market |
4. Global Solar Powered Car Market Analysis, 2019 - 2023 and Forecast 2024 - 2030 |
4.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
4.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) |
4.3. Market Opportunity Analysis |
5. Global Solar Powered Car Market By Vehicle Type , 2019 - 2023 and Forecast 2024 - 2030 (Sales Value USD Million) |
5.1. Passenger Vehicle |
5.1.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
5.1.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
5.1.3. Market Opportunity Analysis |
5.2. Commercial Vehicle |
5.2.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
5.2.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
5.2.3. Market Opportunity Analysis |
6. Global Solar Powered Car Market By Battery Type , 2019 - 2023 and Forecast 2024 - 2030 (Sales Value USD Million) |
6.1. Lithium-Ion |
6.1.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
6.1.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
6.1.3. Market Opportunity Analysis |
6.2. Lead-Acid |
6.2.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
6.2.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
6.2.3. Market Opportunity Analysis |
6.3. Others |
6.3.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
6.3.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
6.3.3. Market Opportunity Analysis |
7. Global Solar Powered Car Market By Solar Panel , 2019 - 2023 and Forecast 2024 - 2030 (Sales Value USD Million) |
7.1. Monocrystalline |
7.1.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
7.1.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
7.1.3. Market Opportunity Analysis |
7.2. Polycrystalline |
7.2.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
7.2.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
7.2.3. Market Opportunity Analysis |
8. Global Solar Powered Car Market By Electric vehicle Type , 2019 - 2023 and Forecast 2024 - 2030 (Sales Value USD Million) |
8.1. Battery Electric Vehicle |
8.1.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
8.1.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
8.1.3. Market Opportunity Analysis |
8.2. Hybrid Electric Vehicle |
8.2.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
8.2.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
8.2.3. Market Opportunity Analysis |
9. Global Solar Powered Car Market By Geography, 2019 - 2023 and Forecast 2024 - 2030 (Sales Value USD Million) |
9.1. North America |
9.1.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
9.1.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
9.1.3. Market Opportunity Analysis |
9.2. Europe |
9.2.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
9.2.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
9.2.3. Market Opportunity Analysis |
9.3. The Asia Pacific |
9.3.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
9.3.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
9.3.3. Market Opportunity Analysis |
9.4. Latin America |
9.4.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
9.4.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
9.4.3. Market Opportunity Analysis |
9.5. MEA |
9.5.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
9.5.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
9.5.3. Market Opportunity Analysis |
10. North America Solar Powered Car Market ,2019 - 2023 and Forecast 2024 - 2030 (Sales Value USD Million) |
10.1. Vehicle Type Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
10.1.1.Passenger Vehicle |
10.1.2.Commercial Vehicle |
10.2. Battery Type Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
10.2.1.Lithium-Ion |
10.2.2.Lead-Acid |
10.2.3.Others |
10.3. Solar Panel Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
10.3.1.Monocrystalline |
10.3.2.Polycrystalline |
10.4. Electric vehicle Type Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
10.4.1.Battery Electric Vehicle |
10.4.2.Hybrid Electric Vehicle |
10.5. Country Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
10.5.1.United States of America (USA) |
10.5.2.Canada |
11. Europe Solar Powered Car Market ,2019 - 2023 and Forecast 2024 - 2030 (Sales Value USD Million) |
11.1. Vehicle Type Analysis and Forecast by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
11.1.1.Passenger Vehicle |
11.1.2.Commercial Vehicle |
11.2. Battery Type Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
11.2.1.Lithium-Ion |
11.2.2.Lead-Acid |
11.2.3.Others |
11.3. Solar Panel Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
11.3.1.Monocrystalline |
11.3.2.Polycrystalline |
11.4. Electric vehicle Type Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
11.4.1.Battery Electric Vehicle |
11.4.2.Hybrid Electric Vehicle |
11.5. Country Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
11.5.1.Germany |
11.5.2.France |
11.5.3.Italy |
11.5.4.United Kingdom (UK) |
11.5.5.Spain |
11.5.6.Rest of EU |
12. The Asia Pacific Solar Powered Car Market ,2019 - 2023 and Forecast 2024 - 2030 (Sales Value USD Million) |
12.1. Vehicle Type Analysis and Forecast by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
12.1.1.Passenger Vehicle |
12.1.2.Commercial Vehicle |
12.2. Battery Type Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
12.2.1.Lithium-Ion |
12.2.2.Lead-Acid |
12.2.3.Others |
12.3. Solar Panel Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
12.3.1.Monocrystalline |
12.3.2.Polycrystalline |
12.4. Electric vehicle Type Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
12.4.1.Battery Electric Vehicle |
12.4.2.Hybrid Electric Vehicle |
12.5. Country Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
12.5.1.China |
12.5.2.India |
12.5.3.Australia and New Zealand (ANZ) |
12.5.4.Japan |
12.5.5.Rest of APAC |
13. Latin America Solar Powered Car Market ,2019 - 2023 and Forecast 2024 - 2030 (Sales Value USD Million) |
13.1. Vehicle Type Analysis and Forecast by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
13.1.1.Passenger Vehicle |
13.1.2.Commercial Vehicle |
13.2. Battery Type Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
13.2.1.Lithium-Ion |
13.2.2.Lead-Acid |
13.2.3.Others |
13.3. Solar Panel Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
13.3.1.Monocrystalline |
13.3.2.Polycrystalline |
13.4. Electric vehicle Type Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
13.4.1.Battery Electric Vehicle |
13.4.2.Hybrid Electric Vehicle |
13.5. Country Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
13.5.1.GCC Countries |
13.5.2.South Africa |
13.5.3.Rest of MEA |
14. MEA Solar Powered Car Market ,2019 - 2023 and Forecast 2024 - 2030 (Sales Value USD Million) |
14.1. Vehicle Type Analysis and Forecast by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
14.1.1.Passenger Vehicle |
14.1.2.Commercial Vehicle |
14.2. Battery Type Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
14.2.1.Lithium-Ion |
14.2.2.Lead-Acid |
14.2.3.Others |
14.3. Solar Panel Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
14.3.1.Monocrystalline |
14.3.2.Polycrystalline |
14.4. Electric vehicle Type Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
14.4.1.Battery Electric Vehicle |
14.4.2.Hybrid Electric Vehicle |
14.5. Country Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
14.5.1.Brazil |
14.5.2.Mexico |
14.5.3.Rest of LA |
15. Competition Landscape |
15.1. Market Player Profiles (Introduction, Brand/Product Sales, Financial Analysis, Product Offerings, Key Developments, Collaborations, M & A, Strategies, and SWOT Analysis) |
15.2.1.Sono Motors |
15.2.2.Volkswagen |
15.2.3.Lightyear |
15.2.4.Toyota Motor Corporation |
15.2.5.Mahindra & Mahindra Ltd. |
15.2.6.Cruise Car, Inc. |
15.2.7.Hanergy Thin Film Power Group Ltd. |
15.2.8.Ford Motor Company |
15.2.9.Nissan |
15.2.10.Hyundai Motor Company |
15.2.11.General Motors |
15.2.12.MAN Trucks |
15.2.13.Lightyear |
16. Research Methodology |
17. Appendix and Abbreviations |