Solar Vehicle Market Size, Share, Growth Analysis, By Type(Passenger Vehicles and Commercial Vehicles), By Battery Type(Lithium-Ion, Lead-acid, Nickel Cadmium and Flow Batteries), By Solar Panel(Monocrystalline, Polycrystalline, and Thin-film), By Region - Industry Forecast 2024-2031

SkyQuest’s regional analysis reveals that Asia Pacific is holding the largest share in the solar vehicle market. This domination is attributed to the increased use of electric vehicles (EVs) in sociality, especially in China, Japan, and South Korea that have set ambitious goals on the use of renewable energy sources in their countries with an aim of minimizing on carbon emissions. Subsidies and tax incentives provided on the use of solar vehicles by manufacturers as well as the end consumers have also boosted the solar vehicle market. Also, the fact that several large automotive makers and ample research and development exercise in solar power are other prominent factors that fuel the growth of solar vehicle market in this region. 

On the other hand, Europe is an emerging market for solar vehicle. The market is expected to grow at CAGR of 22.8% in the projected period. The reason behind this rapid growth is attributed to the increasing stringency of environmental laws in addition to the European Union’s determination to decrease its greenhouse gas emissions. Countries such as Germany, Netherlands and Norway are heavily investing highly in solar automobile systems/trucks and equipment. The European Union’s Green Deal and corresponding policies for other countries that support more sustainable approaches to transport solutions are the primary driving forces behind this growth. In addition, higher consumer consciousness and request for green automobiles, combined with enhancements in solar panel generality and implementation on automobiles are the key factors that are rapidly driving the solar vehicle market in Europe.