Solar Vehicle Market Expected to Witness a Considerable Growth with an Estimated CAGR of close to 36% From 2019 to 2026 | Volkswagen, Toyota, Ford, Mahindra & Mahindra, Nissan, General Motors, Sono Motors, Jinko Solar


The global solar vehicle market is expected to be valued with approximately 2617 units in 2018 is anticipated to grow with a healthy growth rate of more than 36% over the forecast period 2019-2026. Increasing demand of pollution free vehicle followed by rising government regulations and policies regarding solar vehicle is expected to drive the market growth. Additionally, distributed solar energy would help in reducing transmission and distribution losses thereby, reducing co2 emission. Moreover, automotive manufacturers across the globe have started manufacturing solar vehicles for fulfilling the future demand of emission less vehicle. For instance, in March 2017, The Japanese version of Toyota Prius Prime was integrated with solar panels over the roof by Panasonic. Additionally, iIn April 2015, Mahindra has developed a solar panel integrated passenger car by modifying the Mahindra Reva and Mahindra e2o electric cars. Thus, risingdemand of emission less vehicle across the globe is expected to fuel the market growth over the forecast period.

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Companies Covered in this Report are:

Mahindra & Mahindra
General Motors
Sono Motors
Hanergy Thin Film Power Group
Cruise Car
Solar Electric Vehicle Company
Jinko Solar
Trina Solar

The regional analysis of global solar vehicle market is considered for the key regions such as Asia Pacific, North America, Europe, Latin America and Rest of the World. The Asia Pacific region is estimated to lead the market. Europe is expected to be the fastest growing region, owing to technological advancements and increasing adoption of electric vehicles in the region.

On the basis of segmentation, the solar vehicle market is segmented into EV, Vehicle type, battery, solar panel, neighborhood vehicle and charging station. EV segment is further divided into BEV, HEV and PHEV. Moreover, vehicle type is segmented into PCpc and CV. Battery segment includes lithium-ion, lead acid and lead carbon. Solar panel is further divided into monocrystalline and polycrystalline. Neighborhood vehicles includes Commercial Turf Utility Vehicles, Industrial Utility Vehicles, Golf Carts and Personnel Carrier.

The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming eight years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within each of the regions and countries involved in the study. Furthermore, the report also caters the detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, the report shall also incorporate available opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:

By Vehicle Type:
Passenger Car
Commercial Vehicle

By EV Type:
Battery Electric Vehicle (BEV)
Hybrid Electric Vehicle (HEV)
Plug-In Hybrid Electric Vehicle (PHEV)

By Battery Type:
Lithium-Ion Battery
Lead Carbon

By Solar Panel:
Monocrystalline Solar Panel
Polycrystalline Solar Panel

By Charging Station:

By Neighborhood Electric Vehicles (NEV):
Commercial Turf Utility Vehicles
Industrial Utility Vehicles
Golf Carts
Personnel Carrier

By Regions:
North America
Asia Pacific
Latin America
Rest of the World

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Furthermore, years considered for the study are as follows:
Historical year – 2016, 2017
Base year – 2018
Forecast period – 2019 to 2026

Target Audience of the Global Solar vehicle Market in Market Study:
Key Consulting Companies & Advisors
Large, medium-sized, and small enterprises
Venture capitalists
Value-Added Resellers (VARs)
Third-party knowledge providers
Investment bankers

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