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Solar-Powered Vehicle Market Analysis: Global Trends for 2024
Solar Powered Car Market Trends
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According to The Business Research Company's, The solar powered car market size has grown exponentially in recent years. It will grow from $1.45 billion in 2023 to $1.94 billion in 2024 at a compound annual growth rate (CAGR) of 34.3%. The growth in the historic period can be attributed to reduced greenhouse gas emissions, infrastructure development, urban planning initiatives, environmental concerns.
The solar powered car market size is expected to see exponential growth in the next few years. It will grow to $6.57 billion in 2028 at a compound annual growth rate (CAGR) of 35.6%. The growth in the forecast period can be attributed to rising government initiatives to reduce carbon emissions, increase in fuel prices, growing adoption of electric vehicles. Major trends in the forecast period include new product launches with focus on improving range, ultra-efficient solar cars for improved energy efficiency, development of solar powered electric vehicles (sevs), strategic partnerships and collaborations among market players, increased focus on sustainability and environmentally-friendly vehicles.
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Market Drivers and Trends:
Growing awareness of the environment is expected to propel the growth of the solar-powered car market. Environment awareness refers to the understanding of the natural environment and the decisions one may make to either benefit it or cause more harm. Solar power cars have zero fuel emissions and are sustainable and environmentally friendly. People today are conscious of one's surroundings and make decisions that do not harm the environment. For instance, according to a survey conducted by Mastercard, a US-based financial services company, in 2021, 58% of individuals stated they are more conscious of their impact on the environment, while 85% of adults indicated they are prepared to take personal action to address environmental and sustainability issues. Therefore, the growing awareness of the environment is a factor contributing to the growth of the solar-powered car market.
Product innovations have emerged as a key trend gaining popularity in the solar-powered car market. Major companies operating in the market are focused on introducing new technologies to gain a competitive advantage. For instance, in 2022, Valmet Automotive, a Finland vehicles manufacturer launched Lightyear 0 an electric vehicle that can be charged while in motion thanks to solar panels on its top, hood and trunk. The car's five square meters of curved solar panels, which were fitted into the Lightyear 0's roof, bonnet and tailgate, are one of its unique features. These panels will transform solar energy harvested from the sun into electric power for the car's motor. The car can also be able to drive while simultaneously charging their cars using solar power and conventional electric charging.
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Major Key Players of the Market:
Lockheed Martin Corporation, Thales Group, Airbus SE, Northrop Grumman Corporation, The Boeing Corporation, Mitsubishi Electric Corporation, Ball Corporation, Honeywell International Inc., Sierra Nevada Corporation, Israel Aerospace Industries Ltd. (IAI), Comsat Systems Private Limited, Mitsubishi Heavy Industries, Dhruva Space, Inovor Technologies, Beijing Commsat Technology Development Co Ltd, Anabond Limited, Avasarala Technologies Limited, The China Aerospace Science and Technology Corp (CASC), Gilmour Space Technologies Valiant Space NextAero, Tamadic Co Ltd, Instarsat, AAC Clyde Space, Alba Orbital, Argotec, Exobotics, Exodus Orbitals, Cessna, Telespazio SpA, Raytheon, JSC Information Satellite Systems Reshetnev, Russian Satellite Communications Company, Surrey Satellite Technology Ltd, GomSpace Group AB, EnduroSat, Sputnix, SpaceQuest Ltd, Alliant Techsystems Inc, Visiona Tecnologia Espacial, Embratel Satelites, INVAP SE, OneWeb, Empresa Argentina de Soluciones Satelitales Sociedad Anonima (ARSAT), Satellogic, SAR-Sat Arabia, Arabsat, Israel Aerospace Industries (IAI), Space AI SpacePharma (SPACEPHARMA), Circle Aerospace, Space Plasmatics, SCS Space, Heliaq, CubeSpace / Innovus, Dragonfly Aerospace, Simera Sense
Solar Powered Car Market 2024 Key Insights:
• The solar powered car market size is expected to see exponential growth in the next few years. It will grow to $6.57 billion in 2028 at a compound annual growth rate (CAGR) of 35.6%.
• Rising Environmental Awareness Drives Growth In Solar-Powered Car Market
• Valmet Automotive Introduces Innovative Solar-Powered Car With Lightyear 0 Launch
• Europe was the largest region in the solar powered car market in 2023
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