Solar Vehicle Market To Observe Rugged Expansion at a CAGR of 43.3% 2030 | Says AMR

Increase in concerns regarding environment pollution and growth in demand for energy-efficient solutions fuel the growth of the global 𝐒𝐨𝐥𝐚𝐫 𝐕𝐞𝐡𝐢𝐜𝐥𝐞 𝐌𝐚𝐫𝐤𝐞𝐭. 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%. North America and Europe is expected to collectively account for around 77.6% share in 2023, with the former constituting around 42.1% share.

𝐑𝐞𝐪𝐮𝐞𝐬𝐭 𝐒𝐚𝐦𝐩𝐥𝐞 𝐏𝐚𝐠𝐞𝐬 𝐍𝐨𝐰: 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.

𝐓𝐡𝐞 𝐤𝐞𝐲 𝐩𝐥𝐚𝐲𝐞𝐫𝐬 𝐩𝐫𝐨𝐟𝐢𝐥𝐞𝐝 𝐢𝐧 𝐭𝐡𝐢𝐬 𝐫𝐞𝐩𝐨𝐫𝐭 𝐢𝐧𝐜𝐥𝐮𝐝𝐞

Volkswagen AG, Sono Motors, Alke, Solar Electric Vehicle Company, Hyundai Motor Company, Hanergy Thin Film Power Group, Lightyear, Toyota Motor Corporation, Ford, Mahindra & Mahindra

𝐆𝐞𝐭 𝐂𝐮𝐬𝐭𝐨𝐦𝐢𝐳𝐞𝐝 𝐑𝐞𝐩𝐨𝐫𝐭𝐬 𝐰𝐢𝐭𝐡 𝐲𝐨𝐮'𝐫𝐞 𝐑𝐞𝐪𝐮𝐢𝐫𝐞𝐦𝐞𝐧𝐭𝐬: https://www.alliedmarketresearch.com/request-for-customization/6127

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.

𝐁𝐮𝐲 𝐍𝐨𝐰 𝐭𝐡𝐞 𝐄𝐱𝐜𝐥𝐮𝐬𝐢𝐯𝐞 𝐑𝐞𝐩𝐨𝐫𝐭: https://www.alliedmarketresearch.com/checkout-final/027e811fe0f55f0a6f63e05dfeb30ce1

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 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.

𝐂𝐡𝐞𝐜𝐤 𝐨𝐮𝐭 𝐦𝐨𝐫𝐞 𝐫𝐞𝐥𝐚𝐭𝐞𝐝 𝐬𝐭𝐮𝐝𝐢𝐞𝐬 𝐩𝐮𝐛𝐥𝐢𝐬𝐡𝐞𝐝 𝐛𝐲 𝐀𝐌𝐑 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡:

Solar Boat Market - https://www.alliedmarketresearch.com/solar-boat-market-A10180

Fire Truck Market - https://www.alliedmarketresearch.com/fire-truck-market-A06276

Ethanol Car Market - https://www.alliedmarketresearch.com/ethanol-car-market-A10058

Taxi Market - https://www.alliedmarketresearch.com/taxi-market-A10565

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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.