Solar Vehicle Market 2019-2030| MarketsandMarkets

According to the new market research report "Solar Vehicle Market by EV (BEV, HEV & PHEV), Vehicle Type (PC & CV), Battery (Lithium-ion, Lead acid, & Lead carbon), Solar Panel (monocrystalline & polycrystalline), Neighborhood vehicles, Charging Stations, and Region - Global Forecast to 2030", published by MarketsandMarkets™, Global Solar Vehicle Market is projected to grow at a CAGR of 36.41% from 8,955 units in 2022 to reach 107,380 units by 2030

The major players in Solar Vehicle Market includes Volkswagen (Germany), Toyota (Japan), Ford (US), Mahindra (India), Nissan (Japan), GM (US), Sono Motors (Germany), Cruise Car (US), and Solar Electric Vehicle Company (US), among others.

By Battery: Lithium-ion battery is the largest segment of the Solar Vehicle Market during the forecast period

The lithium-ion battery is the most common and widely accepted by solar vehicle manufacturers globally. The battery is recognized as the best rechargeable battery that provides higher energy density and makes it most suitable for these vehicles. Lithium-ion batteries are largely used in electric vehicles because of their increased power per mass unit. This battery also offers the best charge to weight solution, resulting in increased battery lifecycle. Hence, the lithium-ion battery segment is expected to dominate the market during the forecast period.

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By Vehicle Type: PHEV segment is expected to be the fastest growing segment in the Solar Vehicle Market

The plug-in hybrid electric vehicle (PHEV) is similar to hybrid electric vehicle (HEV) except PHEV batteries can be charged by plugging to an outlet. The PHEV segment is expected to grow at the fastest rate in this market. The demand for electric vehicles is rapidly growing because of increasing environmental pollution and disturbance of ecological balance. This has pushed the growth of the PHEV segment during the forecast period. Integration of solar panels enables the battery of PHEV to be charged through solar rays, thereby eliminating the need of plugging it to an electric outlet. This factor is responsible for the fastest growth of the PHEV segment in the market.

Rest of the World (RoW): Brazil is expected to be the fastest growing country in the Rest of the World region by 2030

The RoW region is estimated to be the fastest market by 2030. The region comprises some of the developing economies of the world such as Brazil, Dubai, and South Africa. The increasing spending power in countries like Brazil and South Africa among others in the region are contributing to the increasing demand for passenger cars. The rising imbalance of ecology because of excessive emissions by automobiles is generating the need for eco-friendly mobility solutions which will ultimately be responsible for the growth of solar vehicles in the RoW region. Furthermore, the rising electric vehicle sales in the region and their enhanced efficiency by integrating solar panels into it is another factor contributing to the fastest growth of the market in the RoW region.

Recent Developments

• In January 2019, Sono Motors partnered with Bosch to provide the Sion’s central control unit and a software-based solution for its intelligent networking. The electric car with solar integration, the first ever to go into series production, is designed with maximum efficiency for the user, offering car, ride, and power sharing.
• In November 2018, Hanergy’s US-based subsidiary, Global Solar Energy Inc. (Hanergy GSE) inked a cooperation agreement with TAM-Europe Company, a subsidiary of China Hi-Tech Group Corporation. The two parties collaborated to develop solar car roof system solutions and manufacture solar vehicles in the future, which rely solely on solar energy.
• In March 2017, The Japanese version of Toyota Prius Prime was integrated with solar panels over the roof by Panasonic. With this development, Panasonic's new setup is capable of generating up to 180 W. Toyota claimed that the solar roof could provide the Toyota Prius Prime PHEV with about 6 km of range a day when parked outside. Notably, the panel did not change the shape of the Prius Prime’s roof, while the contours and drag coefficient also remained the same.
• In December 2017, Nissan partnered with solar installers to promote solar energy with new electric vehicle purchases. The company has a strong reputation among solar installers being the pioneer in electric vehicles integrated with solar panels.
• In April 2015, Mahindra aimed at developing solar panel integrated passenger cars by modifying the Mahindra Reva and Mahindra e2o electric cars. Mahindra Reva sells solar powered charging systems to power electric cars and thus runs on clean energy.

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