Press release
Solar Vehicle Industry to Achieve $0.92 Billion Growth by 2029
Solar Vehicle
How Will the Solar Vehicle Market Grow by 2025 in Terms of Size and Growth?
There has been a meteoric rise in the size of the solar vehicle market in the past few years. This market is projected to expand from its 2024 value of $0.36 billion to $0.44 billion by 2025, a leap characterized by an impressive compound annual growth rate of 21.2%. Factors contributing to this prolific growth in the past include heightened awareness about environmental conservation, increased attraction towards electric vehicles, escalating crude oil prices, and a surge in solar energy production, backed by substantial government incentives promoting the use of renewable energy.
What Are the Estimated Growth Rates for the Solar Vehicle Industry Through 2029?
Over the coming years, the solar vehicle market size is projected to experience substantial growth, reaching $0.92 billion in 2029 with a compound annual growth rate (CAGR) of 20.4%. This surge in the estimation period is primarily due to growing investments in startups focusing on solar-powered vehicles, an increase in popularity of self-charging vehicles, heightened environmental pollution concerns, a rising demand for sustainable means of transportation, and burgeoning urbanization. Key emerging trends within the prediction period include advances in technology, the evolution of V2G technology, compatibility with smart grids, energy management systems, and the progression of solar-powered auxiliary systems.
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What Are the Strategic Drivers Boosting Solar Vehicle Market Performance?
The escalating need for electric vehicles is predicted to surge the expansion of the solar vehicle market. Electric vehicles (EVs), powered by at least one electric motor that utilizes electrical energy contained within rechargeable batteries or alternative storage devices, are gaining consumer preference due to benefits such as decreased environmental impact, cost-effectiveness, technological improvements, energy security considerations, regulatory backing, and evolving customer preferences. At present, the role of solar technology in electric vehicles is merely supplementary, but constant improvements in solar efficiency and vehicle integration might enlarge its application in upcoming automotive contexts, potentially offering increased energy independence and decreasing reliance on traditional charging infrastructures. For example, the International Energy Agency, an intergovernmental organisation based in France, reported in April 2024 that electric vehicle sales saw a 35% annual rise with an increase of 3.5 million in 2023 as compared to the preceding year. Consequently, the escalating demand for electric vehicles is fueling the expansion of the solar vehicle market.
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What Are the Segments in the Solar Vehicle Market?
The solar vehicle market covered in this report is segmented -
1) By Type: Battery Electric Vehicle (BEV), Hybrid Electric Vehicle (HEV)
2) By Battery Type: Lithium Ion, Lead Acid, Other Battery Types
3) By Solar Panel Type: Mono-Crystalline, Poly-Crystalline
4) By Application: Passenger Car, Commercial Vehicle
Subsegments:
1) By Battery Electric Vehicle (BEV): Passenger BEVs, Commercial BEVs, Two-Wheelers (BEV)
2) By Hybrid Electric Vehicle (HEV): Plug-in Hybrid Electric Vehicles (PHEV), Non-plug-in Hybrid Electric Vehicles (HEV), Mild Hybrid Electric Vehicles (MHEV)
What Are the Key Adoption Trends in the Solar Vehicle Market?
Leading corporations in the solar vehicle market are targeting the creation of innovative offerings, such as solar paneled electric vehicles, to cater to the increasing need for eco-friendly transportation options. Solar paneled electric vehicles are essentially vehicles powered by an electric motor and equipped with solar panels that harness sunlight to produce electricity. The solar panels, integrated into the car's rooftop, hood or other surfaces, convert sunlight into electricity. For example, Lightyear, a company based in Netherlands that specializes in solar-powered vehicles, rolled out the Lightyear 0 solar paneled electric automobiles in June 2022. This vehicle includes an integrated sequence of highly effective solar panels that can create up to 70 kilometers (or 43 miles) of power daily, purely from sunlight, significantly reducing the dependency on charging infrastructures. Its streamlined design promotes low energy usage, with an impressive drag coefficient of just 0.19, one of the industry's lowest. Its lightweight, aerodynamic build is enhanced by advanced materials and an incredibly efficient electric drivetrain, which ensures excellent performance and sustainability.
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Which Companies Lead the Competitive Landscape of the Solar Vehicle Industry?
Major companies operating in the solar vehicle market are 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
Where Are the Key Solar Vehicle Market Opportunities by Region?
North America was the largest region in the solar vehicle market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the solar vehicle market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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