According to a recent report published by Allied Market Research, titled, ” Solar Vehicle Market by Electric Vehicle, Battery Type, Solar Panel, and Vehicle Type: Global Opportunity Analysis and Industry Forecast, 2023–2030,” the global solar vehicle market is expected to be $329.5 million in 2023, and is projected to reach $4,087.5 million by 2030, registering a CAGR of 43.3%.
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The key players analyzed in this report are Volkswagen AG, Toyota Motor Corporation, Ford, Mahindra & Mahindra, Sono Motors, Hanergy Thin Film Power Group, Solar Electric Vehicle Company, Alke, Lightyear, and Hyundai Motor Company.
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North America is expected to dominate the market, followed by Europe, LAMEA, and Asia-Pacific in terms of revenue. U.S. is expected to dominate the global solar vehicle market share in 2023, whereas Canada is expected to grow at a significant rate in the solar vehicle market during the forecast period.
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Solar vehicles are a form of electric vehicles, which are equipped with solar panels on the roof of the vehicle that are used to charge the battery of the vehicle, thereby providing continuous energy supply to the vehicle. They are equipped with monocrystalline and polycrystalline solar panels made up of silicon, which converts solar energy to electric field. Solar vehicles have a wider application in passenger as well as commercial segments. Passenger and commercial solar vehicles have solar panel installed on the roof which convert the solar energy to electric energy to be stored in batteries thereby boosting the solar vehicle industry.
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Factors such as surge in concern about environment pollution and increase in demand for energy-efficient sources as an alternative to fuel are driving the growth of the market. However, factors such as less operational efficiency and expensive integration of technology hamper the growth of the market. Conversely, excessive research in far-field wireless charging technologies is expected to create numerous opportunities for the expansion of the market thus providing a better scope for solar vehicle market analysis in the near future.
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