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.
Explore The Complete Report Now:
https://www.thebusinessresearchcompany.com/report/solar-vehicle-global-market-report
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.
Get Free Sample Report Here:
https://www.thebusinessresearchcompany.com/sample.aspx?id=17259&type=smp
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.
Customize Your Insights And Get The Full Report Here:
https://www.thebusinessresearchcompany.com/customise?id=17259&type=smp
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.
Speak With Our Expert:
Saumya Sahay
Americas +1 310-496-7795,
Asia +44 7882 955267 & +91 8897263534,
Europe +44 7882 955267
Email:saumyas@tbrc.info
The Business Research Company -www.thebusinessresearchcompany.com
Follow Us On:
LinkedIn:https://in.linkedin.com/company/the-business-research-company
Learn More About The Business Research Company
With over 15,000+ reports from 27 industries covering 60+ geographies, The Business Research Company has built a reputation for offering comprehensive, data-rich research and insights. Our flagship product, the Global Market Model delivers comprehensive and updated forecasts to support informed decision-making.
This release was published on openPR.
Permanent link to this press release:
Copy
Please set a link in the press area of your homepage to this press release on openPR. openPR disclaims liability for any content contained in this release.
You can edit or delete your press release Solar Vehicle Industry to Achieve $0.92 Billion Growth by 2029 here
News-ID: 4176749 • Views: …
More Releases from The Business Research Company
Sailing Yacht Market on Path to Hit $4.52 Billion by 2029 at 5.6% CAGR
Use ONLINE30 for 30% savings on global market reports and stay on top of tariff updates, market trends, and economic shifts worldwide.
Sailing Yacht Market Outlook: What Size And CAGR Are Anticipated By 2025?
The market size for sailing yachts has seen substantial growth in recent times. The market, expected to increase from $3.44 billion in 2024 to $3.63 billion in 2025 alongside a compound annual growth rate (CAGR) of 5.7%. This…
Steady Expansion Forecast for Mining Automation Market, Projected to Reach $5.83 …
Use code ONLINE30 to get 30% off on global market reports and stay ahead of tariff changes, macro trends, and global economic shifts.
Mining Automation Market Size Valuation Forecast: What Will the Market Be Worth by 2025?
The mining automation industry has seen robust growth in previous years. The market, which was worth $3.98 billion in 2024, is projected to expand to $4.21 billion in 2025 with a 5.9% compound annual growth…
Robot Cars And Trucks Industry Expected to Reach $1.41 Billion by 2029 at 9.9% C …
Stay informed on tariff shifts, macro trends, and global economic changes-use code ONLINE30 to enjoy 30% off our global market reports.
Robot Cars And Trucks Market Value Projection: How Much Will the Market Size by 2025?
The market of autonomous cars and trucks has seen a significant expansion in the past few years. The market, which is projected to be worth $0.88 billion in 2024, is expected to rise to $0.97 billion…
Electric Vehicle (EV) Supply Chain Management Market Expansion Outlook: $0.95 Bi …
Get 30% off global market reports with code ONLINE30 and keep ahead of tariffs, macro trends, and worldwide economic developments.
What Is the Projected CAGR for the Electric Vehicle (EV) Supply Chain Management Market from 2024 to 2025?
In recent times, there has been substantial growth in the size of the electric vehicle (ev) supply chain management market. The market, which will expand from $0.61 billion in 2024 to $0.67 billion in…
More Releases for Vehicle
Transformative Trends Impacting the Vehicle-to-Vehicle (V2V) Communication Marke …
Stay ahead with our updated market reports featuring the latest on tariffs, trade flows, and supply chain transformations.
How Large Will the Vehicle-to-Vehicle (V2V) Communication Market Size By 2025?
The size of the vehicle-to-vehicle (V2V) communication market has seen significant expansion in the most recent years. The market is projected to surge from $24.28 billion in 2024 to $27.1 billion in 2025, exhibiting a compound annual growth rate (CAGR) of 11.6%. The…
Electric Vehicle Motor Market : Battery Electric Vehicle, Plugin Hybrid Vehicle, …
According to the report published by Allied Market Research, the global electric vehicle motor market generated $5.5 billion in 2021, and is estimated to reach $34.4 billion by 2031, witnessing a CAGR of 20.3% from 2022 to 2031.
Asia-Pacific is expected to dominate the global electric vehicle motor market. An increase in vehicle population and a rise in vehicle standards fuel the growth of the Asia-Pacific market. Moreover, various technological…
Truck Platooning Market : Vehicle-to-infrastructure (V2I), Vehicle-to-vehicle (V …
According to a recent report published by Allied Market Research, titled,"Truck Platooning Market by Technology, Platooning Type, and Communication Technology: Global Opportunity Analysis and Industry Forecast, 2018 - 2025,"the global truck platooning market size was valued at $500.9 million in 2017, and is projected to reach $4,590.3 million by 2025, registering a CAGR of 32.4% from 2018 to 2025.
To Explore More, Download Sample Report: https://www.alliedmarketresearch.com/request-sample/5245
Global truck platooning market is segmented…
Electric Vehicle Motor Market : Battery Electric Vehicle, Plugin Hybrid Vehicle, …
According to a new report published by Allied Market Research, titled, "Electric Vehicle Motor Market," The global electric vehicle motor market was valued at $5.5 billion in 2021, and is projected to reach $34.4 billion by 2031, growing at a CAGR of 20.3% from 2022 to 2031.
Asia-Pacific is expected to dominate the global electric vehicle motor market. An increase in vehicle population and a rise in vehicle standards fuel the…
Electric Vehicle Power Inverter Market : Hybrid Vehicle, Plug in Hybrid Vehicle, …
The electric vehicle power inverter market was valued at $8.67 billion in 2021, and is estimated to reach $22.25 billion by 2031, growing at a CAGR of 10.4% from 2022 to 2031.
Download Sample Report at https://www.alliedmarketresearch.com/request-sample/9122
Factors that drive the growth of the electric vehicle power inverter market are increase in demand for electric vehicles, proactive government initiatives for the development of electric vehicle, and surge in demand for low-emission and…
Truck Platooning Market : Vehicle-to-infrastructure (V2I), Vehicle-to-vehicle (V …
The global truck platooning market size was valued at $500.9 million in 2017 and is projected to reach $4590.3 million by 2025, registering a CAGR of 32.4% from 2018 to 2025 by Technology (Adaptive Cruise Control (ACC), Blind Spot Warning (BSW), Global Positioning System (GPS), Forward Collision Warning (FCW), Lane Keep Assist (LKA), and Others), Platooning type (Driver-Assistive Tuck Platooning (DATP) and Autonomous Truck Platooning), and Communication Technology (Vehicle-to-infrastructure (V2I),…
