Dublin, Oct. 08, 2024 (GLOBE NEWSWIRE) -- The "Solar Vehicle Market Report 2024" report has been added to ResearchAndMarkets.com's offering.
The solar vehicle market demonstrates a significant growth pattern, with expectations to ascend from $0.3 billion in 2023 to $0.36 billion in 2024, marking a compound annual growth rate (CAGR) of 22.3%. The domain's uplift is the outcome of multifaceted aspects including intensified government incentives towards renewable energy, rising environmental awareness, and an expanding solar energy infrastructure, alongside the increased adoption of electric vehicles and surging oil costs.
Projected Growth Trajectory
Looking towards the horizon, forecasts anticipate the market to burgeon to $0.81 billion by 2028, maintaining a CAGR of 22.4%. The propulsion of growth in this era is attributed to heightened investment in solar vehicle startups, an upsurge in self-charging vehicle adoption, amplified attention to environmental pollution, and a growing call for sustainable transit solutions amidst continued urbanization. Emerging developments in the sector include technological innovations, the unfolding of Vehicle-to-Grid (V2G) technology, integration with smart grids, enhanced energy management systems, and the advent of solar-powered auxiliary systems.
Driving Factors for Electric Vehicles (EVs)
The demand for Electric Vehicles (EVs) is a key component propelling the solar vehicle domain. Renewable technologies like solar panels complement the energy matrix for EVs, which are typified by the usage of electric motors and rechargeable energy storage systems. Drivers for this inclination towards EVs comprise their minimal environmental impact, cost-effectiveness, progressive technological feats, energy security, regulatory backing, and shifting consumer predilections.
Innovation and Strategic Movements in the Solar Vehicle Sector
Dominant industry contributors are concentrating their efforts on groundbreaking solutions including electric automobiles outfitted with solar panels. These endeavours are a response to the escalating call for renewable transportation modes. One notable product is the Lightyear 0, introduced by the Dutch firm Lightyear, which showcases state-of-the-art solar panels generating significant daily range purely from solar energy. In the corporate arena, Nissan Motor Corporation's recent acquisition of shares from Renault Group exemplifies a reinforced commitment to synergistic advancements and market strategy in relation to solar vehicles.
Stakeholders and Geographic Performance
Key players steering developments in the solar vehicle market comprise automakers and technology firms such as Volkswagen AG, Toyota Motor Corporation, and Tesla Inc. North America led the charge as the largest region in the solar vehicle market in 2023, with Asia-Pacific projected as the most rapidly advancing region in the upcoming period.
Solar Vehicle Categories and the Market Outlook
Solar vehicles are categorized into battery electric vehicles (BEVs) and hybrid electric vehicles (HEVs), with BEVs being especially noted for their absence of tailpipe emissions and a variety of battery and solar panel technologies being employed across different vehicle types. The solar vehicle market realm is entering a bright phase of expansion and evolution, reflecting a collective stride towards sustainable, clean energy transportation and an innovatively electrified future.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 175 |
| Forecast Period | 2024 - 2028 |
| Estimated Market Value (USD) in 2024 | $0.36 Billion |
| Forecasted Market Value (USD) by 2028 | $0.81 Billion |
| Compound Annual Growth Rate | 22.4% |
| Regions Covered | Global |
For more information about this report visit https://www.researchandmarkets.com/r/q6b1ao
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