Owing to rising demand for clean energy, increasing sales and production of electric vehicles, and rapid adoption of renewable energy sources, the global market for solar powered vehicles is expected to grow significantly during the forecast period.
Wilmington, Delaware, December 18, 2023 /PRNewswire/ — Globally, solar powered vehicles are 2.21 billion USD from 2022 to 2031 and is expected to achieve a CAGR of 35.50% by 2031.The market is probably achieve 46.11 billion USD By 2031.
Several manufacturers are working on car models that can run their engines on solar energy. On the other hand, the solar-powered vehicle market is expected to grow as the production and sales of electric vehicles are increasing around the world. Demand for electric vehicles is increasing as strict vehicle pollution standards are adopted worldwide.
Request a sample PDF of this strategy report:
https://www.transparencymarketresearch.com/sample/sample.php?flag=S&rep_id=25529
In the coming years, several government programs such as tax breaks, financial assistance, and incentives for the use of zero-emission technologies are expected to support market expansion. Additionally, the industry is expected to be supported by a global decline in solar panel prices.
Solar Powered Vehicles Market Report Scope:
Report scope |
detail |
Forecast period |
2022-2031 |
base year |
2021 |
2021 size |
2.21 billion USD |
Prediction (value) for 2031 |
$46.1 billion |
Growth rate (CAGR) |
35.50% |
number of pages
|
180 pages |
Target segment
|
Materials, solar components, vehicle types, electric vehicle types, applications |
Key findings of the market report
-
Crystalline silicon solar cells and thin-film solar cells are two material categories used to categorize the photovoltaic automotive industry.
-
In 2021, the solar powered vehicle market was dominated by the crystalline silicon solar cell category.
-
Crystalline silicon solar cells are expected to continue to hold the top position in the market during the forecast period due to their improved stability and 15% to 25% better efficiency compared to other materials.
-
Crystalline silicon materials possess excellent thermal, environmental, mechanical, optical, and electrical qualities, which is driving the market demand.
-
Crystalline silicon has low production costs, is readily available, and is simple to manufacture.
Market trends for solar powered vehicles
-
The global market for solar powered vehicles is divided into three vehicle types: hatchbacks, sedans, and SUVs. The SUV class is expected to account for a significant portion of the global solar powered vehicle market over the forecast period. This is due to its large surface area, which contributes to increased energy efficiency and absorption of solar energy.
-
The use of solar or conventional sunroofs is increasing in utility vehicles. Over the forecast period, the sedan segment of the global solar powered vehicle market is expected to expand significantly.
Global market for solar powered vehicles: regional outlook
-
During the scheduled period, Europe is expected to have the top share of the global market for solar-powered vehicles.Some drivers driving the market Europe These include the growing popularity of electric cars, the use of renewable energy sources to power cars, and increased government funding for solar energy projects.
-
According to forecasts released by European financial institution ING, all cars sold will be Europe The future will be electric cars. Adding solar panels to electric cars can improve their efficiency and sustainability, encouraging more people to use them. Europe This is to purchase a car equipped with solar power generation.
-
The industry is also expected to be supported in the future by a significant presence of OEMs and automakers. Europe We produce large quantities of automobiles and their parts equipped with solar power generation.
-
The market for cars equipped with solar power generation is Asia Pacific Rapidly developing economies such as China and India. Passenger vehicle production and sales will increase throughout the forecast period. China is expected to drive the solar powered vehicle market. Asia Pacific.
Have any questions? Ask our experts:
https://www.transparencymarketresearch.com/sample/sample.php?flag=ASK&rep_id=25529
Solar powered vehicles around the world: Major companies
The main purpose of the large R&D investments made by manufacturers in the global market is the creation of environmentally friendly products. The main tactics used by leading companies include product portfolio development, mergers and acquisitions, and amalgamations. The following companies are well-known participants in the global solar powered vehicle industry.
Key developments by the players in this market include:
-
Solar-powered mobility business named Sono Motors GmbH revealed July 2022 They intended to produce the first solar electric vehicle (SEV) and called it Sion. The company also announced a Solar Bus Kit, which is intended for use in public vehicles and offers a way to reduce fuel and greenhouse gas emissions from urban areas.
-
A Dutch startup called Lightyear has announced the Lightyear 0 electric car. June 2022. The roof, bonnet, trunk and tailgate have built-in solar panels for on-the-go charging. The Lightyear 0 is an electric vehicle that runs on solar power and traditional charging. Owners can drive while the vehicle is being charged by solar power.
Segmentation of global solar powered vehicles
material
Car model
Types of electric cars
-
battery electric vehicle (BEV)
-
Plug-in hybrid electric vehicle (PHEV)
-
Hybrid electric vehicle (HEV)
application
region
-
North America
-
Europe
-
Asia Pacific
-
middle east & Africa
-
latin america
Purchase this premium research report:
https://www.transparencymarketresearch.com/checkout.php?rep_id=25529
Other trend reports by Transparency Market Research:
EV lightweight materials market– The global EV lightweight materials market is expected to grow at a CAGR of 27.4% from 2022 to 2031.
Automotive logistics market– According to recent market research reports, the Automotive Logistics industry is rated as follows: USD 327.4 billion It is estimated that by 2021 it will reach a value of . 589.1 billion USD It also projects the global market to expand at a CAGR of 6% during the forecast period 2022-2031.
smart fleet management market– Global smart fleet management market size is USD 362.8 billion It is estimated that this number will increase in 2021. From 2022 he will grow at his CAGR of 10.2% until 2031, $962.6 billion By the end of 2031
About transparency market research
Transparency Market Research is a global market research company registered with: Wilmington, Delaware, America, provides custom research and consulting services. Our unique combination of quantitative forecasting and trend analysis provides forward-looking insights to thousands of decision makers. Our experienced team of analysts, researchers, and consultants uses proprietary data sources and a variety of tools and techniques to gather and analyze information.
Our data repository is continually updated and revised by our team of research experts to ensure it always reflects the latest trends and information. With extensive research and analytical capabilities, Transparency Market Research employs rigorous primary and secondary research methodologies in developing unique datasets and research materials for business reports.
contact:
Nikhil Saulani
Transparency Market Research Co., Ltd.
Head office in downtown
1000 N. West Street;
Suite 1200, Wilmington, Delaware 19801 America
telephone number: +1-518-618-1030
united states of america – Canada Toll Free: 866-552-3453
Website: https://www.transparencymarketresearch.com
blog: https://tmrblog.com
Email: sales@transparencymarketresearch.com
Logo: https://mma.prnewswire.com/media/1682871/TMR_Logo_Logo.jpg
View original content: https://www.prnewswire.com/news-releases/solar-powered-car-market-size-to-be-worth-usd-46-11-billion-by-2031–with -notable -cagr-of-35-50-transparency-market-research-inc-302017709.html
Source Transparency Market Research