Solar Vehicle Market Overview:
According to the latest report by IMARC Group, titled “Solar Vehicle Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028,” offers a comprehensive analysis of the industry, which comprises insights on solar vehicle market size. The report also includes competitor and regional analysis, and contemporary advancements in the global market. The global solar vehicle market size reached US$ 265.9 Million in 2022. Looking forward, IMARC Group expects the market to reach US$ 1,925.9 Million by 2028, exhibiting a growth rate (CAGR) of 39.9% during 2023-2028.
A solar vehicle refers to an electric automobile that runs on solar energy by using photovoltaic (PV) cells to convert sunlight energy to electricity. It has either monocrystalline or polycrystalline panels and is commonly available in hybrid and electric variants. In addition to this, the hybrid solar vehicle is powered by an internal combustion engine (ICE). The electric variants run on electric motors and deposit power in rechargeable batteries. These solar-powered vehicles are particularly cost-effective and aid in minimizing environmental and noise pollution levels. Furthermore, they function smoothly, even in the absence of direct sunlight.
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Market Trends:
The rising consumer environmental consciousness and continuous technological advancements in the automotive sector across the globe are among the key factors driving the solar vehicle market. Additionally, government bodies of both developed and emerging economies are increasingly focusing on efforts and launching numerous favorable policies to minimize vehicular pollution levels, which is further catalyzing the market growth. Besides this, the development of sustainable automobiles by leading manufacturers that utilize renewable sources of energy for propulsion and the widespread adoption of electric vehicles (EVs) are acting as significant growth-inducing factors.
Moreover, the introduction of automated solar sunroofs that can minimize the time required for charging the vehicle, coupled with the emerging trend of solar car racing, are also positively influencing the global market. Apart from this, the growing R&D activities conducted by students and academic professionals to develop efficient models with better functionalities and the escalating demand for fuel-efficient automobiles are expected to fuel the solar vehicle market over the forecasted period.
Competitive Landscape:
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
- Ford
- General Motors
- Hanergy Thin Film Power Group
- Jinko Solar
- Lightyear (Atlas Technologies B.V.)
- Mahindra & Mahindra
- Nissan
- Solar Electric Vehicle Company
- Sono Motors
- Toyota
- Trina Solar
- Volkswagen Ltd
Solar Vehicle Market Segmentation:
Our report has categorized the market based on region, propulsion type, vehicle type, battery type, solar panel type and charging type.
Breakup by Propulsion Type:
- BEV
- HEV
- PHEV
Breakup by Vehicle Type:
- Passenger Cars
- Industrial Utility Vehicles
- Commercial Vehicles
- Commercial Turf Utility Vehicles
- Golf Cars
- Others
Breakup by Battery Type:
- Lithium-ion
- Lead-Acid
- Others
Breakup by Solar Panel Type:
- Monocrystalline
- Polycrystalline
Breakup by Charging Type:
- Slow Charging
- Fast Charging
Breakup by Region:
- North America (United States, Canada)
- Europe (Germany, France, United Kingdom, Italy, Spain, Others)
- Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)
Key highlights of the report:
- Market Performance (2017-2022)
- Market Outlook (2023-2028)
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
Note: We are in the process of updating our reports. If you want to receive the latest research data covering the time period from 2023 to 2028, along with industry trends, market size, and competitive analysis, click on the request sample report. The team would be able to deliver the latest version of the report in a quick turnaround time.
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IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
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