Pune, India, July 17, 2023 (GLOBE NEWSWIRE) -- The global solar vehicle market size was valued at USD 383.4 million in 2022. The market is anticipated to expand from USD 456.6 million in 2023 to USD 1,658.6 million by 2030, exhibiting a CAGR of 20.2% over the forecast period. The rise is due to the surging awareness regarding the environmental impact of fossil fuels. Additional factors favouring industry expansion comprise the growing advancements in solar panel technology and enhancements in battery storage systems. This information is provided by Fortune Business Insights™ in its research report, titled “Solar Vehicle Market, 2023-2030”.
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Report Highlights:
| Report Coverage | Details | |
| Forecast Period | 2023-2030 | |
| Forecast Period 2023 to 2030 CAGR | 20.2% | |
| 2030 Value Projection | USD 1,658.6 Million | |
| Base Year | 2022 | |
| Market Size in 2022 | USD 383.4 Million | |
| Historical Data for | 2019-2021 | |
| No. of Pages | 150 | |
Drivers & Restraints:-
Escalation in Industry Value Propelled by Increasing Government Support for Eco-Friendly Vehicles
The solar vehicle market growth is being impelled by the surging government support for eco-friendly vehicles. An additional factor favoring industry expansion is the rising investment in electric vehicle charging infrastructure.
However, regions with less sunlight record limited sales, which is anticipated to hinder industry expansion to some extent.
COVID-19 Impact:-
Supply Chain Disruptions Hindered Industry Expansion amid Coronavirus Pandemic
The coronavirus pandemic negatively impacted the market considering the supply chain disruptions. This created difficulties associated with sourcing components and materials for several manufacturers. Furthermore, the pandemic highlighted the significance of sustainability and the need for the reduction of carbon emissions.
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Segments:-
Passenger Vehicles Segment to Lead Impelled by Soaring Demand for Fuel-Efficient Vehicles
On the basis of vehicle type, the market is subdivided into commercial vehicles and passenger vehicles. The passenger vehicles segment is anticipated to depict substantial expansion over the forecast period. The surge is driven by the increasing demand for hybrid electric vehicles, plug-in hybrid vehicles, and battery-electric vehicles.
Lithium Ion Segment to Register Appreciable Demand Driven by Growing EV Sales
By battery type, the market for solar vehicles is fragmented into lead-acid, lithium-ion, and others. The lithium-ion segment is estimated to register lucrative growth by holding a significant market share throughout the study period. The rise is due to growing sales of electric vehicles at the global level.
Monocrystalline Segment to Gain Prominence Owing to High Product Adoption
Based on solar panel, the market is bifurcated into monocrystalline and polycrystalline. The monocrystalline segment is slated to record remarkable growth over the anticipated period. The expansion is propelled by the rising product adoption on account of superior performance.
By region, the market for solar vehicles is segmented into North America, Asia Pacific, Europe, and the rest of the world.
Regional Insights:-
North America to Dominate Due to Escalating Solar Panel Adoption
North America dominates the global solar vehicle market share and is poised to remain dominant throughout the anticipated period. The surge is propelled by the escalating solar panel adoption in hybrid electric vehicles in the region.
Asia Pacific is expected to experience significant market growth in the coming years due to increasing concerns about air pollution and the need to reduce greenhouse gas emissions, thereby promoting the use of electric and solar-powered vehicles.
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Report Coverage:-
The report provides an analysis of the major trends propelling the market expansion across the globe. It further delves into the key factors boosting the global business landscape. Some of the other components include the key steps undertaken by major market players for expanding their geographical footprints.
Competitive Landscape:-
Major Companies Strike Partnership Agreements to Propel Industry Expansion
Leading industry players are centred on adopting an array of strategic initiatives for strengthening the positions of their businesses. These include acquisitions, merger agreements, and the formation of alliances. Other initiatives comprise partnership agreements, collaborations, and a rise in product development activities.
List of Key Players Covered in the Solar Vehicle Market Report:-
- Sono Motors GmbH (Germany)
- Lightyear (Netherlands)
- VENTURI (Monaco)
- Nissan (Japan)
- Mahindra & Mahindra Limited (India)
- Toyota Motor Corporation (Japan)
- Ford Motor Company (U.S.)
- Volkswagen AG (Germany)
- Daimler AG (Germany)
- Tesla, Inc (U.S.)
The Solar Vehicle Market Segmentation:-
By Vehicle Type
- Passenger Vehicle
- Commercial Vehicle
By Battery Type
- Lithium Ion
- Lead Acid
- Others
By Solar Panel Type
- Monocrystalline
- Polycrystalline
Notable Industry Development:-
June 2022 – Lightyear launched its Lightyear 0 electric car. The vehicle has solar panels on roof, bonnet, and boot to enable charging while driving.
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Table of Content:-
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Market Trends
- Key Insights
- Key Industry Developments – Mergers, Acquisitions and Partnerships
- Porter’s Five Forces Analysis
- Impact of COVID-19 on Solar Vehicle Market
- Key Industry Developments
- Global Solar Vehicle Market Analysis, Insights, and Forecast, 2019-2030
- Key Findings / Definitions
- Market Analysis, Insights, and Forecast – By Solar Panel Type
- Monocrystalline
- Polycrystalline
- Market Analysis, Insights, and Forecast – By Battery Type
- Lithium Ion
- Lead Acid
- Others
- Market Analysis, Insights, and Forecast – By Vehicle Type
- Passenger Vehicle
- Commercial Vehicle
- Market Analysis, Insights, and Forecast – By Region
- North America
- Europe
- Asia Pacific
- Middle East and Africa
Toc continued...
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