Solar Vehicle Market Analysis

Solar Vehicle Market Analysis

To get key market trends

  Download Free Sample

Based on vehicle type, the passenger vehicles segment held over 60% of the market share in 2022. Technological advancements in solar-powered cars are driving the growth of passenger vehicles within the market. Ongoing innovations in solar panel efficiency, energy storage, and electric battery type systems enhance the performance and appeal of solar-powered passenger cars.
 

For instance, in February 2023, Vayve Mobility is set to introduce India's inaugural solar-powered electric vehicle, Eva. Equipped with 150-watt solar panels on the sunroof, the vehicle can achieve a daily range of 10-12 km or 3,000 km annually. This solar capability is supplementary to the power derived from the 14kWH battery, enabling the car to cover 250 km on battery power.
 

Based on the battery type, the lithium-ion battery type segment accounted for 40% of the solar vehicle market share in 2022. The high energy density of Lithium-ion (Li-ion) batteries is a key factor propelling their use in the market. Li-ion batteries offer a superior power-to-weight ratio, providing efficient energy storage for solar-powered vehicles. This characteristic is essential for maximizing the vehicle's range and performance. The ability to store more energy in a compact and lightweight form enhances the overall efficiency of solar vehicles, making Li-ion batteries a preferred choice for powering these eco-friendly vehicles.
 

Asia Pacific solar vehicle market recorded more than 35% of the revenue share in 2022. Advancements in technology and strategic partnerships are driving factors in the market. Ongoing technological innovations in solar energy and electric vehicle technologies enhance the efficiency and appeal of solar vehicles. Simultaneously, strategic collaborations between government bodies, industry players, and research institutions facilitate knowledge exchange, promote innovation, and address challenges in the development and adoption of solar-powered vehicles. These synergies contribute to a dynamic ecosystem that accelerates the growth and integration of advanced solar vehicle technologies in the Asia Pacific region.