The document summarizes a report on the global solar-powered vehicle market. It discusses key factors driving market growth, including government initiatives to promote solar vehicles and regulations limiting combustion engine vehicles. The market is segmented by solar panel type, battery type, propulsion, vehicle type, and region. Asia Pacific currently holds the largest share, driven by China and India's support for electric vehicles. Major players are expanding through new product launches, acquisitions, and focusing on battery technology. The market is expected to grow steadily due to the rising demand for eco-friendly transportation.

1. Summary
Global Solar-Powered Vehicle Market Information by Solar Panel (Monocrystalline and Polycrystalline Solar Panel),
by Battery Type (Lithium-Ion Battery, Lead-Acid, Lead-Carbon and others), by Propulsion (Battery and Hybrid
Electric Vehicle), by Vehicle Type (Passenger Car and Commercial Vehicle) and by Region (North America, Europe,
Asia-Pacific and Rest of the World) - Forecast till 2025
Solar-Powered Vehicle Market Overview
The global Solar-Powered Vehicle Market is growing briskly. The market growth increased in recent years and is
expected to grow with a steady pace during the forecast period. According to Market Research Future (MRFR), the
global Solar-Powered Vehicle Market would register a significant growth by 2025, at an outstanding CAGR of 21%
during the forecast period (2019 – 2025).
The market is predominantly driven by growing government initiatives and subsidies to encourage continued
expansion of solar-powered vehicles. Moreover, increasing long-distance driving ranges of electric cars and the
rising demand for environment-friendly vehicles fosters the growth of the market.
Growing focus on curbing vehicle emissions, and increasing investments in R&D by OEMs to develop zero-emission
cars are some of the major factors impacting the market growth, positively. Additionally, the growing government
support for the developments of the solar car, the stringent regulations in Europe and North America towards
controlling the vehicle emissions support the growth of the market.
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Furthermore, imposed restrictions for the development and sales of ICE vehicles (expected to come into effect by
2030) in various countries such as Germany, the UK, the US, and China would further contribute in the growth of
the market. The rising production of solar-based electric vehicles, alongside, the rapid industrialization, worldwide
provides ample opportunity for the expansion and growth of this market.
Major Players
Players leading the global Solar-Powered Vehicle Market include Hanergy Holding Group (China), Guangzhou Jcar
Industrial Company Ltd (China), Venturi Eclectic (France), Ford Motor Company (US), Sono Motors GmbH (Germany),
Mahindra & Mahindra (India), The Solar Electric Vehicle Company (US), Cruise Car (US), Immortus (Australia), and
Kiira Motors Corporation (KMC) (Uganda), among others.
Solar-Powered Vehicle Market - Segmentation

2. The report segments the market into five key dynamics to widen the scope of understanding,
By Solar Panel : Monocrystalline Solar Panel and Polycrystalline Solar Panel.
By Battery Type : Lithium-Ion Battery, Lead-Acid, and Lead-Carbon, among others.
By Propulsion : Battery Electric Vehicle and Hybrid Electric Vehicle.
By Vehicle Type: Commercial Vehicle and Passenger Car.
By Regions : Asia Pacific, North America, Europe, and the Rest-of-the-World.
Regional Analysis
The Asia Pacific region is forecasted to hold the largest share in the global Solar-Powered Vehicle Market during
the forecast period. Increasing production and sales of batteries and hybrid electric vehicles in China and Japan is
propelling the growth of the regional market. Besides, the increase in the demand for solar-powered electric bus
led by government initiatives is estimated to boost the market in this region.
The excellent example of such initiatives is the Indian government’s effort to introduce 5 MN solar-powered electric
vehicles across the country by 2020. Furthermore, the ample availability of sunlight in most of the countries in the
region due to the geospatial topology encourages the growth of the Solar-Powered Vehicle Market in the region.
In China, there is a massive push for New Energy Vehicles (NEVs) to cut down the urban pollution. In another effort
to scale up and earn international attention, some Chinese solar-powered vehicles manufacturers have begun to
ship solar-powered electric trucks to the United States. This, as a result, will pave the way for China to have an
increased influence on the global Solar-Powered Vehicle Market.
Whereas in India, High GST (goods and services tax) on batteries might affect the sales in the Solar-Powered Vehicle
Market. High tax on batteries used in solar-powered vehicles under the GST regime may turn into a major roadblock
to the government’s drive to push NEVs. The government needs to step up investments in solar-powered vehicle
technology to help bring down the costs of batteries and encourage the adoption of green mobility solutions.
The Solar-Powered Vehicle Market in the North American region is another promising market which is projected to
witness significant growth throughout the review period. The US, among other North American countries, holds
the largest share in the regional market. In the US, the new tax plan/tax credit per vehicle has boosted sales of
solar-powered vehicles further impacting the sales in the regional solar-powered vehicles market.
Global Solar-Powered Vehicle Market - Competitive Analysis
Well-established, the Solar-Powered Vehicle Market appears to be competitive and fragmented due to the presence
of several large players. They incorporate strategic initiatives such as acquisition, collaboration, expansion, and

3. product launch to gain a competitive advantage in this market. They emphasize on the product innovation and new
manufacturing processes, which, in turn, would fuel the already intensified competition during the forecast period.
Solar-Powered Vehicle Market demonstrates high growth prospect, which attracts several new entrants to the
market, further intensifying the market competition. Battery-makers operating in the market are increasingly turning
to nickel to help the sales of solar-powered cars. Manufacturers strive to offer expansive IT expertise that supports
rechargeable batteries, as well as, new energy vehicles, solar farming, and other energy storage options.
Industry/ Innovation/ Related News
June 20, 2019 ---- Lightyear (the Netherlands), an automotive start-up announced the development of its first solar-
powered car - Lightyear One. With its solar panels stretching across its roof to charge the electric vehicle’s batteries,
the Lightyear One car has a charging port to plug into a charger. They won the Bridgestone World Solar Challenge, a
competition for solar-powered cars.
July 15, 2019 --- Toyota Motor Corp (Japan), a car manufacturing giant, announced the beginning of testing of its
solar-powered and self-charging car – Prius. The new version of Prius hybrid car, with up to 860 watts of thin solar
film will be able to charge its “solar battery” as it drives, and add more than 50kms to its fossil fuel-free driving range.
The 1kW output from solar panels on the car is a potential game-changer for not just hybrids, but also full battery
electric vehicles.
Table Of Contents
1. Executive Summary
2. Scope Of The Report
2.1. Market Definition
2.2. Scope Of The Study
2.2.1. Definition
2.2.2. Research Objective
2.2.3. Assumptions
2.2.4. Limitations
2.3. Research Process
2.3.1. Primary Research
2.3.2. Secondary Research
2.4. Market Size Estimation
2.5. Forecast Model
3. Market Landscape
3.1. Porter’s Five Forces Analysis
3.1.1. Threat Of New Entrants
3.1.2. Bargaining Power Of Buyers

4. 3.1.3. Threat Of Substitutes
3.1.4. Segment Rivalry
3.1.5. Bargaining Power Of Buyers
3.2. Value Chain/Supply Chain Analysis
Continues…..
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vehicle-market-7946
List Of Tables
Table 1 Global Solar-Powered Vehicle Market, By Region, 2017–2025
Table 2 North America: Solar-Powered Vehicle Market, By Country, 2017–2025
Table 3 Europe: solar power for vehicles Market, By Country, 2017–2025
Table 4 Asia-Pacific: Solar-Powered Vehicle Market, By Country, 2017–2025
Table 5 RoW: Solar-Powered Vehicle Market, By Region, 2017–2025
Continues….
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