Solar Vehicle Market worth 107,380 Units by 2030 | MarketsandMarkets

The global Solar Vehicle Market is projected to grow at a CAGR of 36.4% during the forecast period to reach 107,380 units by 2030 from an estimated 8,955 units by 2022.

Growth Drivers:

1 Growing Concern About Environmental Pollution
2 Government Funding, Subsidies, and Incentives to Encourage Eco-Friendly Vehicles
3 Increasing Investments in R&D Activities By OEMs to Develop Zero-Emission Vehicles

The major players in the solar vehicle market include Volkswagen (Germany), Toyota (Japan), Ford (US), Mahindra (India), Nissan (Japan), GM (US), Sono Motors (Germany), Cruise Car (US), and Solar Electric Vehicle Company (US), among others.

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By Battery: Lithium-ion battery is expected to be the largest segment in the solar vehicle market

The lithium-ion battery segment is anticipated to register the largest growth during the forecast period. This type of battery offers all the suitable characteristics required for the operation of these vehicles. The battery provides high energy density with rapid discharging capability, thereby enabling a smooth charging cycle. Furthermore, with the highest power conversion ratio, this battery offers maximum efficiency, making it most suitable for these vehicles.

By Vehicle Type: Passenger car segment is expected to dominate the solar vehicle market

The rising sales of passenger cars in the electric vehicle segment is the primary factor responsible for the growth of this segment during the forecast period. The propulsive force needed for passenger cars is lesser than commercial vehicles. Thus, solar panels are integrated into passenger cars which accomplish the objective of lower emissions. The commercial vehicle segment is expected to gain gradual growth during the forecast period.

By Vehicle Type: PHEV segment is expected to be the fastest-growing segment in the solar vehicle market

The plug-in hybrid electric vehicle (PHEV) is similar to a hybrid electric vehicle (HEV) except PHEV batteries can be charged by plugging into an outlet. The PHEV segment is expected to grow at the fastest rate in this market. The demand for electric vehicles is rapidly growing because of increasing environmental pollution and disturbance of ecological balance. This has pushed the growth of the PHEV segment during the forecast period. Integration of solar panels enables the battery of PHEV to be charged through solar rays, thereby eliminating the need of plugging it into an electric outlet. This factor is responsible for the fastest growth of the PHEV segment in the market.

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Rest of the World (RoW): Brazil is expected to be the fastest-growing country in the Rest of the World region by 2030

The RoW region is estimated to be the fastest market by 2030. The region comprises some of the developing economies of the world such as Brazil, Dubai, and South Africa. The increasing spending power in countries like Brazil and South Africa among others in the region are contributing to the increasing demand for passenger cars. The rising imbalance of ecology because of excessive emissions by automobiles is generating the need for ecofriendly mobility solutions which will ultimately be responsible for the growth of solar vehicles in the RoW region. Furthermore, the rising electric vehicle sales in the region and their enhanced efficiency by integrating solar panels into it is another factor contributing to the fastest growth of the market in the RoW region.

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