Solar Vehicle Market Growth 2026 - Key drivers, Business insights, Trends and Major

The term "solar vehicle" implies solar energy is used to power vehicles. Solar powered vehicles are completely or partly powered by solar energy. In such vehicles, solar panel contains Photovoltaic (PV) cell to convert solar energy into electric energy. Presently, solar power cars use the solar energy in two ways, either they directly convert solar energy into electrical energy and use it to power the vehicle or they store the electric energy in battery for use in night or non-sunny days. Solar powered vehicles are of two types: hybrid vehicles and electric vehicles. Hybrid vehicles contain two types of power: one is the power gained from internal combustion engine, which is generally present in vehicles and other is the power gained from electric motor, to power the vehicle electrically. Solar electric vehicles generally contain electric motors to store energy in rechargeable batteries. The increase in emission of hazardous gases by automotive vehicles has triggered the usage of ecofriendly vehicles. It also complies with the stringent emissions norms regulated by governments of various countries. Hence, major OEMs are focusing on developing zero-emission vehicles to reduce the use of fossil fuels and their subsequent emissions. These factors encourage the growth of the solar vehicle market.

The solar vehicle market is in nascent stage so various initiatives are taken by the key players for the market growth. In January 2019, Sono Motors announced its partnership with Bosch to provide Sion's central control unit and a software-based solution for its intelligent networking. In 2017, Audi partnered with Alta Devices Inc, to install solar cells into the roof glass of passenger cars.

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The factors that drive the solar vehicle market are the declining prices of solar panels, technological advancements in the automobile industry, increasing emphasis of different governments of to promote environment-friendly vehicles. In addition, factor that restrains the market are high installation cost, low operational efficiency, and requirement for huge investment in R&D for integrating technologically advanced and aesthetical solar panels. However, increasing acceptance of electric vehicles and hybrid vehicles across the world provide growth opportunities market expansion.

The market is segmented on the basis of component, EV type, vehicle type, battery, solar panel, charging stations, and region. Based on component into EV battery cells and packs, on-board charger, infotainment system, and instrument cluster. By EV type, it is categorized into BEV, HEV, and PHEV. On the basis of vehicle type, it is bifurcated into PC and CV. On the basis of battery type, it is categorized into lithium-ion, lead acid, and lead carbon. On the basis of solar panel type, it is bifurcated into monocrystalline and polycrystalline. by charging stations type into normal, super, and inductive charging. By region, it is analyzed for Asia-Pacific, Europe, North America, South America, and LAMEA.

Key Benefits For Stakeholders

1 This study comprises analytical depiction of the solar vehicle market with current trends and future estimations to depict the imminent investment pockets.
2 The overall market potential is determined to understand the profitable trends to gain a stronger foothold in solar vehicle industry.
3 The report presents information related to key drivers, restraints, and opportunities with a detailed impact analysis.
4 The current market is quantitatively analyzed from 2019 to 2026 to benchmark the financial competency.
5 Porter's five forces analysis illustrates the potency of the buyers and suppliers in the industry.

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* EV Battery Cells and Packs
* On-Board Charger
* Infotainment System
* Instrument Cluster

By EV Type
* BEV
* HEV
* PHEV

By Battery Type
* Lithium-ion
* Lead acid
* Lead carbon

By Vehicle Type
* Passenger Vehicles
* Commercial Vehicles

By Solar Panel Type
* Monocrystalline
* Polycrystalline

By Charging Stations Type
* Normal
* Super
* Inductive Charging

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Key Market Players Profiled
* Sono Motors
* Volkswagen
* Toyota Kirloskar Motor
* Ford Motor Company
* Mahindra
* Nissan
* GM
* Cruise Car
* Solar Electric Vehicle Company
* ZF Friedrichshafen AG

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