Solar Vehicle Market Is Thriving Worldwide expected to Witness Significant Growth between 2023 to 2030

According to the report, The global Solar Vehicle Market is expected to be $329.5 million in 2023, and is projected to reach $4,087.6 million by 2030, registering a CAGR of 43.3%. North America is projected to be the highest revenue contributor, accounting for $138.5 million in 2023, and is estimated to reach $1,819.4 million by 2030, with a CAGR of 44.5%. Europe is estimated to reach $1,675.1 million by 2030, at a significant CAGR of 46.3%.The report offers an extensive analysis of changing market trends, market size & estimations, key segments, top investment pockets, and competitive landscape.

𝐑𝐞𝐪𝐮𝐞𝐬𝐭 𝐒𝐚𝐦𝐩𝐥𝐞 𝐏𝐚𝐠𝐞𝐬: https://www.alliedmarketresearch.com/request-sample/6127

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.

Based on vehicle type, the passenger vehicle segment is expected to contribute to nearly three-fifths of the total share of the market in 2023, and is estimated to maintain its lead position throughout the forecast period. This is due to the advent of electric and hybrid vehicles that have a self-charging concept. However, the commercial vehicle segment is expected to register the largest CAGR of 45.2% from 2023 to 2030.

𝐊𝐞𝐲 𝐌𝐚𝐫𝐤𝐞𝐭 𝐏𝐥𝐚𝐲𝐞𝐫𝐬

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

𝐏𝐫𝐨𝐜𝐮𝐫𝐞 𝐂𝐨𝐦𝐩𝐥𝐞𝐭𝐞 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡 𝐑𝐞𝐩𝐨𝐫𝐭 𝐍𝐨𝐰: https://www.alliedmarketresearch.com/solar-vehicle-market/purchase-options

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 supplements the solar vehicle market trend.

𝐑𝐞𝐠𝐢𝐨𝐧𝐚𝐥 𝐀𝐧𝐚𝐥𝐲𝐬𝐢𝐬:

Geographically, North America would account for the highest market share in terms of revenue, generating more than two-fifths of the global market in 2023, and is expected to maintain its dominance during the forecast period. This is attributed to R&D activities and increase in investments by manufacturers for developing and offering emission free vehicles. However, Europe is estimated to witness the largest CAGR of 46.3% from 2023 to 2030, owing to supportive government regulations for using low emission vehicles and manufacturing of electric vehicles by European manufacturers.

𝐈𝐧𝐭𝐞𝐫𝐞𝐬𝐭𝐞𝐝 𝐭𝐨 𝐏𝐫𝐨𝐜𝐮𝐫𝐞 𝐭𝐡𝐞 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡 𝐑𝐞𝐩𝐨𝐫𝐭? 𝐈𝐧𝐪𝐮𝐢𝐫𝐞 𝐁𝐞𝐟𝐨𝐫𝐞 𝐁𝐮𝐲𝐢𝐧𝐠: https://www.alliedmarketresearch.com/purchase-enquiry/6127

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 segment is expected to be the highest revenue contributor in 2023.

Region wise, North America is expected to contribute the highest market revenue in 2023, followed by Europe, LAMEA, and Asia-Pacific.

Europe is anticipated to exhibit the highest CAGR during the forecast period.

𝐑𝐞𝐚𝐝 𝐌𝐨𝐫𝐞 𝐑𝐞𝐩𝐨𝐫𝐭𝐬 :

Electric Scooter and Motorcycle Market - https://www.alliedmarketresearch.com/electric-scooter-and-motorcycle-market-A12724

Electric Vehicle Market - https://www.alliedmarketresearch.com/electric-vehicle-market

Vehicle Exhaust Hose Market - https://www.alliedmarketresearch.com/vehicle-exhaust-hose-market-A17189

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𝐀𝐛𝐨𝐮𝐭 𝐔𝐬

Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

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This release was published on openPR.