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Global Solar Vehicle Market to Grow at 40.32% During 2022-2027, Spurred by Increasing Need for Sustainable Automobiles

Published on May 28, 2020

According to the latest report by IMARC Group, titled "Solar Vehicle Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027," the global solar vehicle market is expected to exhibit a CAGR of 40.32% during 2022-2027. Solar vehicles refer to electric automobiles that are powered by solar energy. They comprise solar panels, made up of numerous photovoltaic (PV) cells, that are mounted on the roof or exterior of the vehicle. The panels utilize sunlight to produce electricity, which is stored in surplus amounts to be further utilized for charging the batteries present in the vehicles. This aids the automobiles to function smoothly, even in the absence of direct sunlight. They do not require fuel to run, which significantly reduces the overall cost associated with their usage while lowering the maintenance charges.

We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.

Global Solar Vehicle Market Trends:

The market is primarily driven by the growing concerns pertaining to the rising pollution levels across the globe. This has created an increasing need for energy-efficient vehicles that do not contribute to vehicular emissions. Consequently, manufacturers are now focusing on the development of sustainable automobiles that utilize renewable sources of energy for propulsion. This, along with continual technological advancements in the automotive sector, is providing a boost to the demand for solar vehicles. It is further supported by the stringent environmental regulations implemented by the governments of several countries to reduce air and noise pollution levels. Apart from this, the rising trend of solar car racing is acting as a major growth-inducing factor. This has not only contributed to an increase in the uptake of these vehicles but has also resulted in extensive research and development (R&D) activities conducted by students and academic professionals to develop efficient models with better functionalities. Reduced prices of solar panels are acting as another major growth-inducing factor. 

Market Summary:

  • On the basis of the propulsion type, the market has been divided into battery electric vehicle (BEV), hybrid electric vehicle (HEV) and plug-in hybrid electric vehicle (PHEV).
  • Based on the vehicle type, the market has been classified into passenger cars, industrial utility vehicles and commercial vehicles (commercial turf utility vehicles, golf cars and others).
  • On the basis of the battery type, the market has been categorized into lithium-ion, lead-acid and others.
  • Based on the solar panel type, the market has been bifurcated into monocrystalline and polycrystalline.
  • On the basis of the charging type, the market has been segmented into slow charging and fast charging.
  • On the geographical front, the market has been segregated into North America (the United States and Canada), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia and others), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia and others), Latin America (Brazil, Mexico and others), and Middle East and Africa.
  • The competitive landscape of the market has been studied with the detailed profiles of the key players operating in the market. Some of these players include Ford Motor Company, General Motors Company, Hanergy Thin Film Power Group, JinkoSolar Holding Co., Ltd, Lightyear (Atlas Technologies B.V.), Mahindra & Mahindra Limited, Nissan Motor Co., LTD, Solar Electric Vehicle Company, Sono Motors GmbH, Toyota Motor Corporation, Trina Solar Co.,Ltd, and Volkswagen AG.

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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.

IMARC’s 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 company’s expertise.

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