According to the latest report by IMARC Group, titled "Solar Vehicle Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028," offers a comprehensive analysis of the industry, which comprises insights onsolar vehicle markettrends. The report also includes competitor and regional analysis, and contemporary advancements in the global market. The global solar vehicle market size reached US$ 265.9 Million in 2022. Looking forward, IMARC Group expects themarket to reach US$ 1,925.9 Million by 2028, exhibiting a growth rate (CAGR) of 39.9% during 2023-2028.
What are solar vehicle?
Solar vehicles refer to as electric automobiles that work on solar energy by using photovoltaic (PV) cells to convert power from sunlight to electricity. They have either monocrystalline or polycrystalline panels and are available in hybrid and electric. The mixed models operate on a traditional petrol engine (ICE) and an electrical power unit. Conversely, the electric models operate solely on electric motors and conserve energy in rechargeable battery packs. These solar-powered automobiles are highly cost-effective and help minimize environmental and noise pollution.
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What are the growth prospects and trends in the solar vehicle industry?
The growing environmental consciousness pertaining to the rising pollution levels across the globe is primarily driving the solar vehicle market. Furthermore, government bodies of developed and emerging economies are increasingly emphasizing efforts and undertaking initiatives to reduce vehicular pollution, which is also augmenting the market growth. Apart from this, the introduction of sustainable automobiles by manufacturers that minimize the overall dependence on fossil fuels and can function on clean and renewable energy sources is positively influencing the global market. Moreover, the widespread adoption of electric vehicles (EVs) is further bolstering the market growth. Besides this, numerous technological advancements, including the development of automated solar sunroofs that can reduce the time required for charging the automobile, are acting as significant growth-inducing factors. Additionally, the emerging trend of solar car racing is also catalyzing the global market. In addition to this, the inflating need for fuel-efficient automobiles and extensive research and development (RD) activities to launch innovative technologies to harness solar energy are expected to drive the solar vehicle market in the coming years.
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Competitive Landscape:
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
- Ford
- General Motors
- Hanergy Thin Film Power Group
- Jinko Solar
- Lightyear (Atlas Technologies B.V.)
- Mahindra Mahindra
- Nissan
- Solar Electric Vehicle Company
- Sono Motors
- Toyota
- Trina Solar
- Volkswagen Ltd
Solar Vehicle Market Segmentation:
Our report has categorized the market based on region, propulsion type, vehicle type,battery type,solar panel type and charging type.
Breakup by Propulsion Type:
- BEV
- HEV
- PHEV
Breakup by Vehicle Type:
- Passenger Cars
- Industrial Utility Vehicles
- Commercial Vehicles
- Commercial Turf Utility Vehicles
- Golf Cars
- Others
Breakup by Battery Type:
- Lithium-ion
- Lead-Acid
- Others
Breakup by Solar Panel Type:
- Monocrystalline
- Polycrystalline
Breakup by Charging Type:
- Slow Charging
- Fast Charging
Breakup by Region:
- North America (United States, Canada)
- Europe (Germany, France, United Kingdom, Italy, Spain, Others)
- Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)
Key highlights of the report:
- Market Performance (2017-2022)
- Market Outlook (2023-2028)
- Porters Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
About Us
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARCs information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the companys expertise.
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