Impact of Electric Vehicle Demand on the Solar Vehicle Market: The Driving Engine Behind Solar Vehicle Market Evolution in 2025

Use code ONLINE30 to get 30% off on global market reports and stay ahead of tariff changes, macro trends, and global economic shifts.

Solar Vehicle Market Size Growth Forecast: What to Expect by 2025?
In the past few years, the solar vehicle market has seen an incredible surge in size. It is projected to expand from $0.36 billion in 2024 to $0.44 billion in 2025, with a compound annual growth rate (CAGR) of 22.6%. The substantial growth during the historic period can be associated with enhanced government initiatives towards renewable energy, heightened awareness about the environment, the escalating popularity of electric vehicles, increasing oil prices, and the expansion of solar energy production.

How Will the Solar Vehicle Market Size Evolve and Grow by 2029?
Expectations are that the solar vehicle market will experience significant growth in the coming years, reaching a value of $0.99 billion by 2029. This represents a compound annual growth rate (CAGR) of 22.3%. Factors contributing to this predicted growth include escalating investments in solar car startups, the rising popularity of vehicles that can recharge themselves, growing concerns about environmental pollution, increased demand for environmentally friendly transport, and urbanization trends. Emerging technology advancements, the implementation of vehicle-to-grid (V2G) technology, integration with smart grids, energy management systems, and solar-powered auxiliary systems are expected to be key trends over the forecast period.

View the full report here:
https://www.thebusinessresearchcompany.com/report/solar-vehicle-global-market-report

What Drivers Are Propelling the Growth of Solar Vehicle Market Forward?
The expansion of the solar vehicle market is anticipated due to the surging demand for electric vehicles. Electric vehicles (EVs) operate on one or more electric engines, utilizing power stored in rechargeable batteries or other energy storage systems. The appeal of electric vehicles lies in their environmental advantages, cost-efficiency, technological progress, considerations of energy security, administrative support, and shifting customer choices. As of now, solar technology provides auxiliary energy to electric vehicles, but its role may proliferate in future automative uses due to constant improvements in solar efficiency and vehicle incorporation, possibly providing enhanced energy independence and lessening reliance on conventional charging systems. As an example, the International Energy Agency, an intergovernmental organization based in France, reported that there was a 35% annual surge in the sales of electric vehicles with an increase of 3.5 million in 2023 in comparison to 2022. Consequently, the ever-rising demand for electric vehicles is fuelling the expansion of the solar vehicle market.

Get your free sample here:
https://www.thebusinessresearchcompany.com/sample.aspx?id=17259&type=smp

Which Emerging Trends Are Transforming the Solar Vehicle Market in 2025?
Prominent businesses in the solar vehicle sector are currently focusing their efforts on bringing new, innovative products to the market, such as electric cars equipped with solar technology, to cater to the increasing demand for eco-friendly transportation options. These eco-friendly automobiles, integrated with solar panels, are powered by electric motors and utilize solar energy for electricity. The solar panels, usually embedded in the car's roof, hood, or other surfaces, effortlessly transform sunlight into electricity. For instance, in the month of June 2022, the Netherlands-based company, Lightyear, which specializes in creating solar-powered cars, released the Lightyear 0-an electric car with solar panels embedded in its roof. This innovative vehicle flaunts a highly proficient solar panel array that can generate a daily range of up to 70 kilometers (43 miles) just from sunlight, drastically minimizing dependence on traditional charging infrastructures. Its streamlined design aids in reducing energy consumption, boasting an exceptional drag coefficient of as low as 0.19, one of the most efficient in the market. This lightweight, aerodynamic construction is coupled with state-of-the-art materials and a highly efficient electric powertrain, promising top-notch performance and sustainability.

What Are the Key Segments in the Solar Vehicle Market?
The solar vehicle market covered in this report is segmented -

1) By Type: Battery Electric Vehicle (BEV), Hybrid Electric Vehicle (HEV)
2) By Battery Type: Lithium Ion, Lead Acid, Other Battery Types
3) By Solar Panel Type: Mono-Crystalline, Poly-Crystalline
4) By Application: Passenger Car, Commercial Vehicle

Subsegments:
1) By Battery Electric Vehicle (BEV): Passenger BEVs, Commercial BEVs, Two-Wheelers (BEV)
2) By Hybrid Electric Vehicle (HEV): Plug-in Hybrid Electric Vehicles (PHEV), Non-plug-in Hybrid Electric Vehicles (HEV), Mild Hybrid Electric Vehicles (MHEV)

Tailor your insights and customize the full report here:
https://www.thebusinessresearchcompany.com/customise?id=17259&type=smp

Who Are the Key Players Shaping the Solar Vehicle Market's Competitive Landscape?
Major companies operating in the solar vehicle market are Volkswagen AG, Toyota Motor Corporation, Ford Motor Company, General Motors Company, Bayerische Motoren Werke AG, Hyundai Motor Company, Tesla Inc., Renault SA, Bollore Group, Karma Automotive LLC, Fisker Inc., Solaris Bus & Coach SA, Suzhou Eagle Electric Vehicle Manufacturing Co. Ltd., Sono Motors GmbH, Aptera Motors Corp., Cruise Car Inc., Sunswift Solar Racing Team, Lightyear One, Venturi Automobiles, Hanergy Holding Group

What Geographic Markets Are Powering Growth in the Solar Vehicle Market?
North America was the largest region in the solar vehicle market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the solar vehicle market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

Purchase the full report today:
https://www.thebusinessresearchcompany.com/purchaseoptions.aspx?id=17259

This Report Supports:
1.Business Leaders & Investors - To identify growth opportunities, assess risks, and guide strategic decisions.
2.Manufacturers & Suppliers - To understand market trends, customer demand, and competitive positioning.
3.Policy Makers & Regulators - To track industry developments and align regulatory frameworks.
4.Consultants & Analysts - To support market entry, expansion strategies, and client advisory work.

Connect with us on:
LinkedIn: https://in.linkedin.com/company/the-business-research-company,
Twitter: https://twitter.com/tbrc_info,
YouTube: https://www.youtube.com/channel/UC24_fI0rV8cR5DxlCpgmyFQ.

Contact Us
Europe: +44 7882 955267,
Asia: +91 88972 63534,
Americas: +1 310-496-7795 or
Email: mailto:info@tbrc.info

Learn More About The Business Research Company
With over 15,000+ reports from 27 industries covering 60+ geographies, The Business Research Company has built a reputation for offering comprehensive, data-rich research and insights. Our flagship product, the Global Market Model delivers comprehensive and updated forecasts to support informed decision-making.

This release was published on openPR.