Solar Powered Vehicles Market by Electric Vehicle, Vehicle Type, Type, Geography and Demand Forecast, 2013-2023

The solar powered vehicles market size is expected to witness a notable growth during the forecast period, majorly driven by increased emphasis by governments of various countries to promote environment-friendly vehicles. Moreover, the declining prices of solar panels and technological advancements in the industry would continue to benefit the solar powered vehicles market during the forecast period.

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On the basis of electric vehicle type, the global solar powered vehicles market is categorized as hybrid electric vehicles and fully electric vehicles. Hybrid electric vehicles use both internal combustion engine (ICE) and battery to propel the vehicle. Full electric vehicles do not have ICE and use only the power generated by battery. The full electric vehicle category would witness faster growth during the forecast period, due to increasing government support for these vehicles in the form of incentives and subsidies.

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Despite the falling prices of solar panels, installing them in the vehicles is still costly, thus hampering the growth of the solar powered vehicles market. For instance, installing a solar powered roof on passenger cars can increase its retail price by $1,000-$1,500. The gains of expected mileage, many times do not justify the increase in retail prices of solar powered vehicles when compared to non-solar powered ones, thus affecting the solar powered vehicles market. The huge R&D investments required for integrating technologically advanced and aesthetical solar panels to the vehicles also increases the costs, which restrains the growth of the market.

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Some of the key international automotive companies in the market include Ford Motor Company and Toyota Motor Corporation and Audi AG. In 2017, Audi announced its partnership with Alta Devices Inc, to embed solar cells into the roof glass of passenger cars. During the same year, Panasonic Corporation showcased the solar roof (capable of producing 180 Watts of output) for the Toyota Prius Prime, for the Japanese market.

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