The global solar vehicle market is expected to witness significant growth, with a projected compound annual growth rate (CAGR) of 36.4% from 8,955 units in 2022 to reach 107,380 units by 2030.
The market report provides detailed insights into the solar vehicle market, including market data tables, figures, and an in-depth table of contents. It covers various aspects such as electric vehicle types (BEV, HEV & PHEV), vehicle types (PC & CV), battery types (lithium-ion, lead acid, & lead carbon), solar panel types (monocrystalline & polycrystalline), neighborhood vehicles, charging stations, and regional analysis.
Among the battery types, the lithium-ion battery segment is expected to dominate the solar vehicle market during the forecast period. Lithium-ion batteries are widely accepted and recognized as the best rechargeable battery option for solar vehicles. They offer higher energy density and increased power per mass unit, making them ideal for electric vehicles. Additionally, lithium-ion batteries provide a superior charge-to-weight solution, resulting in an extended battery lifecycle.
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In terms of vehicle type, the plug-in hybrid electric vehicle (PHEV) segment is projected to experience the fastest growth in the solar vehicle market. PHEVs, similar to hybrid electric vehicles (HEVs), can be charged by plugging into an outlet. The growing demand for electric vehicles, driven by concerns about environmental pollution and ecological balance, is fueling the growth of the PHEV segment. The integration of solar panels enables PHEV batteries to be charged using solar rays, eliminating the need for constant plugging into electric outlets. This factor contributes to the rapid growth of the PHEV segment in the market.
In the Rest of the World (RoW) region, Brazil is expected to be the fastest-growing country by 2030. The RoW region comprises developing economies such as Brazil, Dubai, and South Africa. Increasing spending power in countries like Brazil and South Africa, coupled with the rising need for eco-friendly mobility solutions due to ecological imbalances caused by excessive automobile emissions, drives the demand for solar vehicles in the RoW region. The integration of solar panels into electric vehicles, along with the growing sales of electric vehicles in the region, further accelerates the market’s growth in the RoW region.
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The major players in the solar vehicle market include Volkswagen, Toyota, Ford, Mahindra, Nissan, GM, Sono Motors, Cruise Car, and Solar Electric Vehicle Company, among others. These companies play a significant role in driving innovation and development in the solar vehicle industry.
Electric Vehicle Market – Global Forecast 2030
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Hybrid Vehicle Market – Global Forecast to 2025