With the emergence and long-term Impact of COVID-19, Global Solar Vehicle Market to reach USD 1072.93 Million by 2030
Bizwit Research & Consulting LLP’s Recent Analysis on Global Solar Vehicle Market is poised to raise up to USD 1072.93 Million by 2030. A solar vehicle is an electric vehicle (EV) that is powered primarily or entirely by energy derived from the sun through solar panels. These vehicles use photovoltaic cells to convert sunlight directly into electricity, which is then stored in batteries or used to power the vehicle’s electric motor.
Solar vehicles are designed with a large surface area covered in solar panels, typically located on the roof, hood, or other areas of the vehicle where maximum sunlight exposure is achieved. The solar panels capture sunlight and convert it into electrical energy, which either be used immediately to power the vehicle or stored in a battery for later use. The Solar Vehicle market is expanding because of factors such as stringent vehicle emission norms and regulations and rising government support for the development of eco-friendly vehicles.
Geographically, the global Solar Vehicle market has been segmented into North America, Europe, Asia Pacific (APAC), Latin America, and Middle East and Africa (MEA). Asia Pacific dominated the market in 2022 owing to factors such as rising concerns about air pollution, the requirement to lower greenhouse gas emissions, and government programs that support the use of solar and electric vehicles. Whereas, North America is projected to have significant growth in the market owing to factors such as rising technological advancement, and rising investment for research and development activities in the region.
The global Solar Vehicle market is highly competitive owing to the presence of several key manufacturers such as Sono Motors GmbH, Lightyear, Venturi Automobiles, Nissan Motor Co. Ltd., Mahindra & Mahindra Limited, Toyota Motor Corporation, Ford Motor Company, and others.
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Global Solar Vehicle Market Size study & Forecast, by Vehicle Type (Passenger Cars, Commercial Vehicles), by Electric Vehicle Type (Battery Electric Vehicle, Hybrid Electric Vehicle), by Battery Type (Lithium Ion, Lead Acid, Other Battery Types), by Solar Panel Type (Mono-crystalline, Poly-crystalline) and Regional Analysis, 2023-2030
Key findings of the study suggest:
- Global Solar Vehicle Market is anticipated to grow with a healthy growth rate of more than 18% over the forecast period 2023-2030.
- In the Vehicle Type segment, Passenger Cars emerged out as the leading market segment in 2022.
- In the Electric Vehicle Type segment, Battery Electric Vehicle emerged out as the leading market segment 2022.
- Asia Pacific is anticipated to drive regional growth owing to rising concerns about air pollution, the requirement to lower greenhouse gas emissions, and government programs that support the use of solar and electric vehicles.
- North America is expected to grow at higher rate followed by Asia Pacific during 2020-2027.
Bizwit Research & Consulting has considered following segments for the study:
- Passenger Cars
- Commercial Vehicles
Electric Vehicle Type:
- Battery Electric Vehicle
- Hybrid Electric Vehicle
- Lithium Ion
- Lead Acid
- Other Battery Types
Solar Panel Type:
- North America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
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