Solar Powered Vehicle Market: Long-Term Value and Growth Seen Ahead

HTF Market Report

Updated · Jun 22, 2023

Solar Powered Vehicle Market: Long-Term Value and Growth Seen Ahead

Published Via 11Press : Solar energy is used by solar-powered vehicles as their main or backup power source for their propulsion or other electrical systems. These automobiles’ outside surfaces use solar panels or photovoltaic cells that use sunlight to generate electricity. The electricity produced can be used to run the electric motors in the car, recharge the battery, or power other systems like the air conditioner, lights, or entertainment. The main forces behind the emergence of solar-powered automobiles are cost-saving and environmental consciousness. Using lightweight solar panels and driving solar-powered automobiles. The absence of infrastructure and the bulky panels’ negative impact on the vehicle economy is the market’s two biggest problems. The main driver of the car industry’s future will be cooperation between various sectors of the sector.

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Attributes Details
Study Period 2018-2028
Base Year 2022
Forecast Period 2023-2029
Volume Unit K Units
Value Unit USD (M)
Customization in Scope You may make changes when you purchase the Solar Powered Vehicle Market study. The final result may incorporate additional regional, country, or segment-level breakdowns, depending on practicality.

The report offers Major leading Key players:

  • Lightyear
  • Sono Motors
  • Hanergy
  • Aptera Motors
  • Toyota
  • Ford
  • Tesla
  • Nissan
  • Cruise Car
  • Mahindra and Mahindra

By Application:

  • Residential
  • Commercial
  • Industrial

By Type:

  • Passenger Vehicles
  • Commercial Vehicles

Solar Powered Vehicle

Key Developments in the Market:

  • Mahindra Electric Mobility Limited (MEML) and its parent business, Mahindra and Mahindra Limited (M&M), formally merged on January 13, 2023. The M&M Board committed that MEML and M&M will merge on April 1, 2021, in order to synchronize EV development, production, and sales activities.
  • The well-praised combination of last-mile mobility 3- and 4-wheelers, passenger and freight vehicles, powered by gasoline, CNG, diesel, and electricity will be managed by M&M’s Last Mile Mobility (LMM) business. The Lightyear 0 began production on December 6th, 2022, at the Valmet Automotive factory in Finland.
  • Prior to gradually scaling up production in the first quarter of 2023, it plans to build one car each week. The Dutch company is the first to manufacture an electric automobile that generates power openly from sunlight after six years of research and development. The final version of the Lightyear 0 solar car was presented in June.
  • According to the Worldwide Harmonised Light Vehicle Test Procedure (WLTP), it has a 625-kilometer range and uses 10.5 kWh per 100 km. However, the Dutch company thinks that a 60 kWh battery pack could theoretically provide a range of 695 kilometers. The market for solar-powered cars is dominated by a few major firms, but there are also new competitors vying for market share.
  • It’s crucial to remember that the market for solar-powered vehicles is continually changing, and new trends may have developed after my knowledge threshold. Understanding the current market trends requires being current on news and changes in this industry.

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Regulatory Insights:

  • Many countries offer financial incentives and subsidies to promote the purchase and use of solar-powered vehicles. These incentives for solar-powered vehicles include tax credits, rebates, subsidies, and lower registration fees. the implementation of ZEV regulations or laws that compel automakers to produce a specific number of zero-emission vehicles, such as electric and hydrogen fuel cell automobiles.
  • Solar-powered vehicles can help automakers achieve these requirements and adhere to ZEV regulations, advancing their development and marketability.

Influencing Trend:

  • Solar panel installation on various automotive parts, such as roofs, hoods, and spoilers, is one noteworthy trend. Manufacturers are exploring innovative strategies to boost solar panel efficiency and surface area while preserving car aerodynamics. Another important advance is the creation of flexible and lightweight solar panels.
  • These panels may be fully integrated into the exteriors of vehicles, offering designers more creative flexibility while maintaining affordability and toughness.

Market Growth Drivers:

  • Clean and sustainable transport options are increasingly in demand as a result of climate change awareness and the need to reduce greenhouse gas emissions. Vehicles driven by solar energy produce no exhaust emissions and have a significant carbon footprint reduction potential.
  • The ability to partially recharge a vehicle’s battery with solar energy rather than only depending on grid electricity might result in long-term fuel or electricity savings, which is another reason driving the market demand for solar-powered automobiles.


  • The addition of solar panels increases vehicle weight and may have an impact on aerodynamics and overall design. Due to design constraints, installing solar panels may be more difficult without degrading the vehicle’s overall efficiency and performance.
  • The added weight may also make the vehicle less maneuverable. It will need improvements in solar panels, energy storage, and power management systems to overcome current constraints and increase the practicality of solar-powered vehicles.


  • The infrastructure for charging solar-powered automobiles is not as well-established as the infrastructure for charging conventional electric vehicles. Due to the lack of solar charging facilities and solar-powered parking spots, solar-powered cars’ options for convenient and easy charging are constrained.
  • Therefore, there is greater room for technological and infrastructure improvement in the solar power vehicle industry.


  • Collaborations between vehicles, solar panel manufacturers, and energy companies are multiplying. These partnerships aim to combine expertise and assets to hasten the creation and adoption of solar-powered cars.
  • The construction of solar power infrastructure can go more quickly with increased cooperation between different automakers.

Market Study Data Sources for Solar Powered Vehicles

  • HTF MI has employed a targeted and practical research strategy for the solar-powered vehicle market that enables analysis of the pertinent market dynamics in several global regions.
  • Additionally, in order to provide customers and organizations the chance to triumph in Solar Powered Vehicle Market specialized markets and develop in new territories, our analysts undertake in-depth assessments of geographical regions.
  • The analysis of the global market for solar-powered vehicles also demonstrates how the shifting player dynamics affect the expansion of the industry.
  • also, our market researchers carefully study the goods and services provided by various companies in the solar-powered vehicle market that are vying for market dominance.

Primary Data Collection Methods:

  • InMail, Google, Survey Monkey, LinkedIn Groups, and Other Professional Forums are used to collect primary data from industry participants and appointees, subject-matter experts, and C-level executives of the Solar Powered Vehicle Industry.

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The Report’s personalization

HTF MI contains not only complete market prediction but also a substantial value-added commentary on the following topics:

  • Influencing Trends for Solar-Powered Vehicles
  • Technological Trends and Innovations
  • Growth Drivers and Constraints for the Solar-Powered Vehicle Market Life Cycle Indicators To grab significant market opportunities, new entrants into the solar-powered vehicle market must overcome entry and exit barriers.
  • Determine Market Position, Gap Analysis, and Key Business Segments
  • In light of this difficult environment, a study on solar-powered vehicles reveals the current state and significant features of the market.
  • HTF MI analysts planned a survey of the companies in the solar-powered vehicle business as a way to put an end to this. Understanding why and how the solar-powered vehicle business is anticipated to evolve is based on the snapshot that results. the future of the solar-powered vehicle business.
  • Financial research, surveys, and interviews with industry professionals are used to glean insights.
  • How can each business in this broad group of actors negotiate the new competitive surroundings to place themselves to maintain the value they now assert or grab the new addressable chance?

Contact Us :
Craig Francis (PR & Marketing Manager)
HTF MI Consulting Private Limited
Phone: +1 434 322 0091
[email protected]

Content has been published via 11press. for more details please contact at [email protected]

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