Electric Vehicles is fastest growing segment fueling the growth of Solar Vehicle Market

 The global Solar Vehicle Market is estimated to be valued at US$ 3.69 Bn in 2023 and is expected to exhibit a CAGR of 19% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.


Market Overview:

The solar vehicle market comprises vehicles that are completely or partially powered by solar energy. Solar panels are installed on vehicles to charge onboard batteries and power electric motors. Key advantages of solar vehicles include zero emissions, low operational costs, and lesser dependence on fossil fuels. Growing environmental concerns and stringent emission norms are major factors driving demand for solar vehicles.

Market key trends:
Rise in adoption of electric vehicles: Stricter emission norms and government focus on promoting clean mobility is fueling adoption of electric vehicles globally. Within electric vehicles segment, solar powered electric vehicles are gaining traction due to their self-charging capability using solar energy. According to IEA, global electric car sales reached 6.6 million in 2021.

Growing focus on renewable energy: Mounting concerns over usage of non-renewable resources and need to curb carbon footprint is encouraging adoption of renewable energy sources including solar power. Solar vehicles support green mobility goals of countries by reducing reliance on gasoline/diesel. This is expected to significantly drive their demand over the coming years.

Segment Analysis
The solar vehicle market is dominated by passenger solar vehicles segment. Within passenger solar vehicles, battery electric solar vehicles sub-segment holds the major share. Increased consumer preference for green and sustainable modes of transportation along with supportive government policies promoting adoption of electric vehicles have boosted the growth of battery electric solar vehicles. Higher driving range and rising deployment of public electric vehicle charging infrastructure make battery electric solar vehicles more viable for daily consumer use over hybrid electric vehicles.

Key Takeaways
The Global Solar Vehicle Market Size is expected to witness high growth, exhibiting CAGR of 19.% over the forecast period, due to increasing consumer awareness about environmental protection and benefits of solar energy.

Regional analysis: Asia Pacific dominates the global solar vehicle market and is expected to witness the fastest growth during the forecast period. Countries like China, Japan and India are major markets for solar vehicles in the region due to supportive government policies and initiatives promoting clean mobility.

Key players: Key players operating in the solar vehicle market are Tesla, Sono Motors, Lightyear, Aptera Motors, Squad Mobility, EVX Pty Ltd, ElectraMeccanica Vehicles Corp., Hyundai Motor Group, Toyota Motor Corporation, Audi, Ford, Volkswagen, Mahindra & Mahindra, Nissan, General Motors, BYD, Renault, Honda, Tata Motors, BMW. Tesla is currently dominating the electric vehicle market including battery-powered electric vehicles as well as solar-powered vehicles.

 

Read more:  https://www.ukwebwire.com/solar-vehicle-market-insights-trends/

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