Solar Vehicle Market Size to Worth Around US$ 5.26 Bn by 2030 – EQ Mag Pro
According to Precedence Research, the solar vehicle market size is expected to be worth around US$ 5.26 billion by 2030 and is growing at a CAGR of 32.2% from 2021 to 2030.
Tokyo : The global solar vehicle market size was valued at US$ 426 million in 2021.
The global solar vehicle market is expected to witness a significant growth rate during the forecast period owing to the increasing demand for the fuel efficient and eco-friendly transportation solutions. The stringent government regulations to curb the emission of greenhouse gases is encouraging the customers to opt for solar vehicles across the globe. The rising investments of the vehicle manufacturers in the production of solar vehicles and the government subsidies sanctioned to them is boosting the overall growth of the global solar vehicle market.
The technological advancements and increasing government investments in the development of clean transportation for public is driving the sales of electric buses that utilize solar energy as fuel. Moreover, the rising awareness among the population regarding the deteriorating environmental conditions due to the rising pollution levels is encouraging them to demand for the solar vehicles, especially in the developed markets like Europe and North America.
The oil reserves are depleting rapidly across the globe. Government of various nations are heavily investing towards the development of the renewable energy sources. Hence, the solar vehicle market is estimated to grow at a rapid pace during the forecast period.
| Report Highlights | Details |
| Market Size By 2028 | USD 2.93 Billion |
| CAGR | 32.2% from 2022 to 2030 |
| Base Year | 2021 |
| Forecast Data | 2022 to 2030 |
| Companies Covered | Toyota, Lightyear, Volkswagen, Ford Motor Company, Fiat Chrysler Automobiles, America Cruise Car, Hanergy, Mahindra, Venturi Automobiles, The Solar Electric Vehicle Company |
Report Highlights
Based on the vehicle type, the passenger vehicle segment dominated the global solar vehicle market in 2020. The rising disposable income, desire for emission free vehicles, and increased environment consciousness among the population has significantly fostered the adoption of various passenger vehicles. Moreover, changing demographics of the consumers and shifting preferences of the consumers towards eco-friendly fuel is further expected to drive the segment growth during the forecast period.
Based on the electric vehicle type, the BEV segment is estimated to be the most opportunistic segment during the forecast period. This is due to the rising investments in building charging stations and service care points at various locations to serve the solar vehicle breakdowns and fuel exhaustion issues.
Based on the battery type, the lithium-ion is the dominant and the fastest-growing segment during the forecast period. This is attributed to the increased installation of the lithium-ion batteries in the EVs owing to its cost-efficiency, light-weight, and longer range. Moreover, rising sales of the solar vehicle is expected to boost the adoption of this battery in the forthcoming years.
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