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

Global Solar Vehicle Market size was valued at USD 293.3 million in 2022 and is poised to grow from USD 355.8 million in 2023 to USD 1736.40 million by 2031, growing at a CAGR of 21.98% during the forecast period (2024-2031).

The global market of solar vehicles has a great potential for development due to the growing consciousness of people to environmental issues and regulations of authorities regarding the usage of clean energy. Based on our analysis, it is clear that the incorporation of sophisticated solar systems in cars is an efficient way of solving the problem of using fossil fuel in vehicles. Innovations like higher photovoltaic conversion efficiency, use of lighter materials, etc. are supporting the growth of the market. Also, the growing usage of electric cars with integrated photovoltaic devices for charging, along with the increased investment in Solar car development by automotive industries, reveals the market’s prospect.

Our analysis also reveals that, the global solar vehicle market has been characterized this past decade by a dynamic pattern of patent activity, as identified by SkyQuest. The trend in patent applications shows a lot of volatility, and there seems to be a higher number of applications in 2019, 62, which demonstrates that there is increased innovation and development of solar vehicle technologies. On the other hand, there were 15 applications in the year 2014 and 2020, which indicates low patent activity at times. The granted patents have also been fluctuant but saw a significant increase to 20 in 2021 from a low of 3 in 2016 conforming to the phase of maturity in technology advancement and formalities. These changes in the applications and the grants of patents are all relative to the current market and pertinent to the improvement and adjustment of the practical applications of solar energy, battery power, and vehicle incorporation techniques.

US Solar Vehicle Market is poised to grow at a sustainable CAGR for the next forecast year.