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Driving Change: The Growth Path of the Solar Vehicle Market
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According to The Business Research Company's, The solar vehicle market size has grown exponentially in recent years. It will grow from $0.30 billion in 2023 to $0.36 billion in 2024 at a compound annual growth rate (CAGR) of 22.3%. The growth in the historic period can be attributed to increased government incentives for renewable energy, rising environmental awareness, growth in electric vehicle popularity, rising oil prices, and growth in solar energy production.
The solar vehicle market size is expected to see exponential growth in the next few years. It will grow to $0.81 billion in 2028 at a compound annual growth rate (CAGR) of 22.4%. The growth in the forecast period can be attributed to increasing investments in solar-powered car startups, rising popularity of self-charging vehicles, increase in concern about environmental pollution, increasing demand for sustainable transportation, and rising urbanization. Major trends in the forecast period include technological advancements, the development of V2G technology, integration with smart grids, energy management systems, and solar-powered auxiliary systems.
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Market Drivers and Trends:
The growing demand for electric vehicles is expected to propel the growth of the solar vehicle market going forward. Electric vehicles (EVs) are vehicles that are powered by one or more electric motors, using electrical energy stored in rechargeable batteries or other energy storage devices. The demand for electric vehicles is due to environmental benefits, cost savings, technological advancements, energy security considerations, regulatory support, and evolving consumer preferences. Solar technology in electric vehicles currently serves as a supplemental energy source, and ongoing advancements in solar efficiency and vehicle integration may expand its role in future automotive applications, potentially offering greater energy autonomy and reducing dependency on traditional charging infrastructure. For instance, in April 2024, according to the International Energy Agency, a France-based intergovernmental organization, sales of electric vehicles increased by 3.5 million in 2023 compared to 2022, a 35% annual rise. Therefore, the growing demand for electric vehicles is driving the growth of the solar vehicle market.
Major companies operating in the solar vehicle market are focused on developing innovative products, such as electric automobiles with solar panels, to meet the growing demand for sustainable transportation solutions. Electric automobiles with solar panels refer to vehicles powered by electric motors and equipped with solar panels that capture sunlight to generate electricity. These solar panels are typically integrated into the vehicle's roof, hood, or other surfaces and convert sunlight into electrical energy. For instance, in June 2022, Lightyear, a Netherlands-based company that develops solar-powered cars, launched Lightyear 0 electric automobiles with solar panels on the roof. This vehicle features an integrated array of highly efficient solar panels that can generate up to 70 kilometers (43 miles) of range per day from sunlight alone, significantly reducing reliance on charging infrastructure. Its sleek design minimizes energy consumption, boasting an impressive drag coefficient of just 0.19, one of the lowest in the industry. The lightweight, aerodynamic build is complemented by advanced materials and a highly efficient electric powertrain, ensuring optimal performance and sustainability.
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Major Key Players of the Market:
Volkswagen AG, Toyota Motor Corporation, Ford Motor Company, General Motors Company, Bayerische Motoren Werke AG, Hyundai Motor Company, Tesla Inc., Renault SA, Bollore Group, Karma Automotive LLC, Fisker Inc., Solaris Bus & Coach SA, Suzhou Eagle Electric Vehicle Manufacturing Co. Ltd., Sono Motors GmbH, Aptera Motors Corp., Cruise Car Inc., Sunswift Solar Racing Team, Lightyear One, Venturi Automobiles, Hanergy Holding Group
Solar Vehicle Market 2024 Key Insights:
• The solar vehicle market size is expected to see exponential growth in the next few years. It will grow to $0.81 billion in 2028 at a compound annual growth rate (CAGR) of 22.4%.
• Impact of Electric Vehicle Demand on the Solar Vehicle Market
• Innovative Solar Electric Vehicles Leading The Charge In Clean Mobility
• North America was the largest region in the solar vehicle market in 2023
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