According to a recent report published by Prudent Markets, titled, “Solar Vehicle Market byElectric Vehicle, Battery Type, Solar Panel,andVehicle Type: Global Opportunity Analysis and Industry Forecast, 2023–2030,”the global solar vehicle market is expected to be $329.5 million in 2023, and is projected to reach $4,087.5 million by 2030, registering a CAGR of 43.3%.

North Americais expected to dominate the market, followed byEurope,LAMEA,and Asia-Pacific in terms of revenue.U.S.is expected to dominate the global solar vehiclemarket share in 2023, whereas Canadais expected to grow at a significant rate in thesolar vehicle market during the forecast period.

Solar vehicles are a form of electric vehicles, which are equipped with solar panels on the roof of the vehicle that are used to charge the battery of the vehicle, thereby providing continuous energy supply to the vehicle.They are equipped with monocrystalline and polycrystalline solar panels made up of silicon, which converts solar energy to electric field.Solar vehicles have a wider application in passenger as well as commercial segments. Passenger and commercial solar vehicles have solar panel installed on the roof which convert the solar energy to electric energy to be stored in batteries thereby boosting the solar vehicle industry.

During the forecast period it has been observed that the solar cars accounts to have major share in terms of vehicle type. With the increased demand among consumers, backed by stringency in government regulations to tackle the vehicle emission, is expected to be the driving factors in the growth of solar car market. Also, the demand for electric passenger car is estimated to increase during the forecast period. Electric cars having extendedrange within a single charge is projected to boost the demand for solar cars as it acts as a range extenders, which eventually leads to the growth of solar car market.

Vehicles equipped with solar panels are designed to charge battery electric vehicle (BEV), hybrid electric vehicle (HEV), and plug-in hybrid electric vehicle (PHEV), which require electric energy for the propulsion of the vehicles. This increased application of solar panels has supplemented the demand for solar car market across the globe.In addition, with the introduction of powerful batteries for vehicles, the need for solar cars has increased to a larger extent, which also supplements the solar vehicle market size across the globe.

Current trend toward the growth of electric vehicles,which have better efficiency as compared to other vehicles has increased the demand for solar cars equipped with efficient solar panels. This increase in demand has enabled the vehicle manufacturers to develop solar cars, which supplementsthe solar vehicle market trend. 

Factors such as surge inconcern about environment pollution and increase in demand for energy-efficient sources as an alternative to fuel are driving the growth of the market. However, factors such as less operational efficiency and expensive integration of technology hamper the growth of the market. Conversely, excessive research in far-field wireless charging technologies is expected to create numerous opportunities for the expansion of the market thus providing a better scope for solar vehicle market analysis in the near future.

According to Abhay Singh, Research Analyst, Automotive and Transportation at Prudent Markets, “Dependingonelectric vehicle type, the hybrid electric vehicle segment is expected to dominate the global solar vehiclemarket in 2023, in terms of revenue,andisexpected continue this trend throughout the forecast period.By vehicle type, the passenger vehicle segment is anticipated to incurthe highest revenue in 2023. However, the lead carbon battery segment is expected to grow at a faster rate during the forecast period. North Americais expected to be the highest revenue contributorduring the forecast period in terms of revenue, followed by Europe, Asia-Pacific,and LAMEA.”

KEY FINDINGS OF THE STUDY

• By electric vehicle type, the hybrid electric vehicle (HEV)is expected to generate the highest revenue in 2023.

• Depending on vehicle type, the passenger vehicle segmentis expected to be the highest revenue contributor in 2023.

• Region wise, North Americais expected to contribute the highest market revenue in 2023, followed byEurope, LAMEA, and Asia-Pacific.

• Europeis anticipated to exhibit the highest CAGR during the forecast period.

The key players analyzed in this report areVolkswagen AG, Toyota Motor Corporation, Ford, Mahindra & Mahindra, Sono Motors, Hanergy Thin Film Power Group, Solar Electric Vehicle Company, Alke, Lightyear, and Hyundai Motor Company.

Research Link: https://www.prudentmarkets.com/report/solar-vehicle-market/23314/