The Global Solar Vehicle Market is estimated to grow at a CAGR of 43.3% during the forecast period 2023-2030. As per the market study, the global market is estimated to grow $329.5 million in the year 2023 and is expected to reach $4,087.6 million by the end of the year 2030.
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Solar vehicles are type of electric vehicles that are fuelled by solar energy. These vehicles are equipped with photovoltaic cells and the solar panels are made of silicon. Rising trend of self-charging vehicles in the market boost the demand of solar vehicles. The market growth is also impacted by increasing per capita income of individuals in some developing regions.
The Global Solar Vehicle Market is driven by various growth driven factors such as increase in demand for energy-efficient solutions and growth in concerns related to environmental pollution. However, high costs related to integration of technology and less operational frequency will impede the market growth in the future period. While on the other hand, technological advancements considering solar vehicles and increasing investment and rising focus towards research activities related to far-field wireless charging technologies will offer some lucrative market opportunities for the market growth during the forecast period 2023-2030.
Segmentation Overview of the Global Solar Vehicle Market
The Global Solar Vehicle Market is segmented on the basis of Electric Vehicle Type, Battery Type, Solar Panel and Vehicle Type. These major market segments are further categorized into various sub-segments to study the market in detail.
The Electric Vehicle Type Segment of the Global Solar Vehicle Market is Sub-Segmented into:
- Battery Electric Vehicle (BEV)
- Hybrid Electric Vehicle (HEV)
- Plug-in Hybrid Electric Vehicle (PHEV)
The Battery Type Segment of the Global Solar Vehicle Market is Sub-Segmented into:
- Lithium Ion
- Lead Acid
- Lead Carbon
The Solar Panel Segment of the Global Solar Vehicle Market is Sub-Segmented into:
The Vehicle Type Segment of the Global Solar Vehicle Market is Sub-Segmented into:
- Passenger Vehicle
- Commercial Vehicle
Geographical Overview of the Global Solar Vehicle Market
On the basis of geographical segmentation, the global solar vehicle market was studied across North America (U.S., Canada and Mexico); Europe (Germany, UK, Russia, France and Rest of Europe); Asia Pacific (China, India, Japan, Korea and Rest of Asia Pacific); LAMEA (Brazil, Saudi Arabia and Rest of LAMEA). As per the analysis, the North American market is estimated to account as the largest shareholder of the global marketplace, accounting for more than 2/5th of the global solar vehicle market share in the year 2023. The regional market is estimated to maintain the dominant position in the global market during the forecast period. The regional dominance is due to high investments from various manufacturers and continuous developments considering provide emission free vehicles. Whereas, Europe is anticipated to witness the highest growth at a CAGR of ~46% during the forecast period 2023-2030. The regional growth is due to stringent government regulations related to domestic production of electric vehicles and adoption of low emission vehicles.
Key Players Insights
Hyundai Motor Company, Lightyear, Alke, Solar Electric Vehicle Company, Hanergy Thin Film Power Group, Sono Motors, Mahindra & Mahindra, Ford, Toyota Motor Corporation and Volkswagen AG are some major players included in the research study of the global solar vehicle market.
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