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Solar Vehicle Market to Generate $4,087.6 Million By 2030 | Major Companies, Strategies and New Trends

10-22-2020 09:11 PM CET | Logistics & Transport

Press release from: Allied Market Research

Solar Vehicle Market

Solar Vehicle Market

The market is expanding rapidly. According to a report by Allied Market Research, the global solar vehicle market is expected to garner $329.5 million, with a CAGR of 43.3% by 2030. The augmented acceptance of the latest technology for vehicles has increased the demand for solar vehicles which leads to boost the growth of the market. On the other hand, the up surged trend of self-charging vehicles has propelled the growth of the solar vehicle market. Also, the increased income group amon

New inventions and technological advancements have always wowed the world. Utilizing the suns eternal and most sustainable source of energy for various purpose was one among such. However, nobody knew that solar energy can also be used to run a vehicle. Though solar vehicles are still in its infancy, however, it can become a potential alternative for green-minded consumers.

Solar vehicles are an electric vehicle that uses solar energy. The vehicle is based on photovoltaic cells made up of silicon that convert the sunlight into energy and further recharges the battery. The solar vehicle can also preserve some energy to function smoothly during the night or in the absence of sunlight. Moreover, other than being a reliable nature-friendly option, these sun-powered vehicles offer a number of advantages over the fuel-based vehicles. So, lets dive into some of these advantages.

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Preserves natural resources:

Apart from the resources required to manufacture the vehicle, panels, and other types of machinery, solar vehicles do not require any additional energy contribution. The reliance on solar vehicles on petroleum products is limited for lubrication purposes for wheels. Other than this the sun-powered vehicle doesnt require fuel, or oil, as the motor and other types of machinery in the solar vehicle are maintenance-free, as compared to the fuel-based vehicles.

Emission-free:

Electric-based solar vehicles dont require any fuel, which causes no emissions. This is one of the most essential aspects of solar vehicles, as it makes the vehicle more attractive and environmentally friendly. The solar vehicle can help the motorists to have an emission-free vehicle, which reduces air pollution and greenhouse gases.

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Low fuel costs:

The lack of dependence on the solar vehicle on fuel sources makes it free from the associated costs. On the other hand, unlike other conventional vehicles, solar vehicles have a low maintenance cost, which again reduces the costs.

Driving comfort:

The solar-based electric vehicles are composed of aluminum and other lightweight material, which makes it run faster and smoothly as compared to conventional vehicles. On the other hand, the electric motors used in solar vehicles are usually smaller than the corresponding gas engines. These engines, therefore, generate no noise and less vibration.

Owing to clean energy, fewer uses of resources, and other advantages, solar vehicles are gaining traction as a possible mainstream solution for consumers who need ecologically friendly personal transportation. Several companies have tried to launch solar vehicles, whereas, various companies and researchers are still trying to develop a more reliable and affordable solar vehicle. Moreover, innovative ideas, researches, and launches are leading the market to expand further.

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Leading market players are working on innovative ideas:

Where on one hand, the key players are hitting the market with new launches, on the other hand, they are working hard to develop a convenient and consistent solar vehicle. Earlier, a leading automotive company, Hyundai has launched its firstsolar vehiclewith the solar roof charging system. On the other hand, Toyota, a multinational automobile manufacturer as well is working to develop asolar power electric car. Furthermore, the company has teamed up with Japanese multinational corporations for electronic product manufacturing, Sharp, and New Energy and Industrial Technology Development Organization of Japan (NEDO). Moreover, the companies are hoping to innovate a vehicle that could run forever, without needing charging.

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The solar vehicle can make nature healthier:

The innovation of the idea for solar vehicles was one of the many great concepts. Though the development is still in its initial years, yet there is significant room for further developments. A solar vehicle is associated with too many benefits, and the reduction of dangerous carbon dioxide and other chemical emissions is amongst one. However, the best additional advantage of having a solar vehicle is its ability to constantly recharge, without any requirement of charging station. This makes the driver independent.

Solar power is bringing a way of eco-friendly transportation. No denial that conventional vehicles have been of much use and convenience, however, they have also caused a number of health and environmental problems. Solar vehicles, on the other hand, promises to fight against all environmental-related issues.

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About Us
Allied Market Research (AMR) is a market research and business-consulting firm of Allied Analytics LLP, based in Portland, Oregon. AMR offers market research reports, business solutions, consulting services, and insights on markets across 11 industry verticals. Adopting extensive research methodologies, AMR is instrumental in helping its clients to make strategic business decisions and achieve sustainable growth in their market domains. We are equipped with skilled analysts and experts, and have a wide experience of working with many Fortune 500 companies and small & medium enterprises.

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