The Solar-Powered Vehicle Market Size was valued at USD 1.27 billion in 2023 and is predicted to reach USD 6.05 billion by 2031, growing at a CAGR of 21.5% during the forecast period 2024-2031.
Solar vehicles are electric vehicles that use sun energy as fuel for propulsion. Solar automobiles are equipped with photovoltaic cells, which are put in the solar panels and are responsible for converting solar energy to electrical energy, which is stored directly in the vehicle's battery. These solar panels are composed of silicon, which absorbs heat and converts it into electrical energy. The rising use of cutting-edge vehicle technology has increased demand for solar vehicles, resulting in the global expansion of the solar vehicle market.
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Solar-powered automobiles are charged automatically by absorbing sunlight. It has a powertrain that is quite similar to that seen in electric cars. Solar-powered autos differ from electric vehicles in that they do not require a charging station. It can only be charged at a charging station while it's dark outside. Because of the much lower maintenance and operating costs of solar-powered vehicles, the market is expected to rise at a rapid pace over the forecast period. The number of solar autos is expected to reach 1,646 in 2022, growing at a 15.2% CAGR. Solar-powered vehicles operate almost silently, decreasing noise pollution. Solar-powered vehicles operate almost silently, decreasing noise pollution. The market for solar-powered vehicles is expected to rise as they become more cost-effective than electric automobiles.
According to predictions, 135 million Americans would live in areas with harmful levels of air pollution in 2021. The United States, one of the world's greatest economies, uses around 25% of the coal, 27% of the natural gas, and 26% of the oil that is available globally. Every year, pollution kills an estimated 100 million people worldwide. Governments are providing incentives for electric vehicles to fight these issues and improve local air quality. In the case that no solar energy is available, solar-powered cars will be fitted with a charger to continue operating. Government subsidies for electric vehicle adoption have had a substantial impact on the market's growth.
Top Key companies of Solar-Powered Vehicle Market
-Guangzhou Jcar Industrial Company Ltd (China)
-Hanergy Holding Group (China)
-Venturi Eclectic (France)
-Sono Motors GmbH (Germany)
-Ford Motor Company (US)
-Mahindra & Mahindra (India)
-Cruise Car (US)
-The Solar Electric Vehicle Company (US)
-Kiira Motors Corporation (KMC) (Uganda)
-Immortus (Australia)
Market Segmentation
By Electric Vehicle Type:
-Battery electric vehicle
-Hybrid electric vehicle
-Plug-in hybrid electric vehicle
By Battery Type:
-Lithium-ion battery
-Lead-acid battery
-Lead-carbon battery
-Others
By Solar Panel:
-Monocrystalline
-Polycrystalline
The Solar-Powered Vehicle Market report represents gathered information about a market within an industry or various industries. The Solar-Powered Vehicle Market report includes analysis in terms of both quantitative and qualitative data with a forecast period of the report extending from 2024 to 2031. The report is prepared to take into consideration various factors such as Product pricing, Product or services penetration at both country and regional levels, Country GDP, market dynamics of parent market & child markets, End application industries, major players, consumer buying behavior, economic, political, social scenarios of countries, many others. The report is divided into various segments to offer a detailed analysis of the market from every possible aspect of the market.
The overall report focuses on primary sections such as market segments, market outlook, competitive landscape, and company profiles. The segments provide details in terms of various perspectives such as end-use industry, product or service type, and any other relevant segmentation as per the market’s current scenario which includes various aspects to perform further marketing activity. The market outlook section gives a detailed analysis of market evolution, growth drivers, restraints, opportunities, and challenges, Porter’s 5 Force’s Framework, macroeconomic analysis, value chain analysis and pricing analysis that directly shape the market at present and over the forecasted period. The drivers and restraints cover the internal factors of the market whereas opportunities and challenges are the external factors that are affecting the market. The market outlook section also gives an indication of the trends influencing new business development and investment opportunities.
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