A solar vehicle is an electric vehicle integrated with solar panels. Generally, solar panels consist of photovoltaic cells that help convert solar energy into electric energy. The propulsion of solar vehicles is usually offered through solar energy, and the efficiency of solar modules defines the propulsive force of the vehicle. Although the battery is the prime source of power in a solar electric vehicle, solar energy acts as supplementary power for its functioning. The growing demand for emission-free transportation and stringent environmental regulations mandated by governmental authorities have fueled the growth of solar vehicles worldwide. High dependence on fossil fuels, depleting oil reserves, and global warming concerns have raised the importance of solar energy in the automotive industry. The basic power transmission elements in solar vehicles comprise solar panels, battery, and motor. The PV panels convert solar energy into electrical energy, which is then fed to the battery. The battery further offers electrical energy to the DC motor (usually 12 V or 24 V) and passes on to the shaft connected to the rear wheel of the vehicle. Solar vehicle is the future of the automotive industry and is a cost-effective solution for daily commute.

Visionary leaders are the leading market players in terms of new developments such as product launches, innovative technologies, and the adoption of growth strategies. These players have a broad product offering that caters to most of the regions globally. Visionary leaders primarily focus on acquiring the leading market position through their strong financial capabilities and their well-established brand equity.

Dynamic Differentiators are established players with very strong business strategies. However, they have a weaker product portfolio compared to the visionary leaders. They generally focus only on a specific type of technology related to the product.

Innovators in the competitive leadership mapping are vendors that have demonstrated substantial product innovations as compared to their competitors. The companies have focused on product portfolios. However, they do not have very strong growth strategies for their overall business, when compared with the visionary leaders.

Emerging companies have niche product and service offerings. Their business strategies are not as strong as that of the established vendors. The emerging vendors include the new entrants in the market, emerging in terms of product portfolio and geographic reach, and require time to gain significant traction in the market.