The solar vehicle market trends indicate a positive shift toward practical and environmentally friendly modes of transportation. This tendency is the result of increased awareness of environmental issues and collective efforts to reduce the consequences of fossil fuels. Manufacturers are under pressure to include solar innovation into their vehicle plans as buyers increasingly seek out greener alternatives.
The constant advancement in solar panel competency and moderation is another noteworthy trend. Additionally, the cost of producing solar boards has decreased, making them more economically viable to integrate into automobiles. This trend is essential to expanding the market's overall growth by making solar-powered vehicles more accessible to a wider range of consumers. The incentives encourage companies to invest in new work to advance the idea even further, in addition to making solar vehicles more appealing to consumers. As a result, the industry is witnessing a deluge of innovation and the introduction of solar-powered car models that are better than before.
Another significant trend in the market for solar-powered vehicles is the combination of intelligent and connected advancements. Modern inventions such as sensors and IoT devices are being used by makers to improve solar-powered car exhibits. These developments enable continuous monitoring of energy production, storage, and consumption while considering more efficient solar power use. Furthermore, clever features enhance the whole driving experience, making solar-powered cars both technically and practically possible.
Automobile manufacturers are working with solar innovation providers to pool their expertise and accelerate the development of solar-powered systems. Collaborative efforts aim to overcome technical challenges, advance energy efficiency, and produce more reliable and practical solar-powered mobility options. The company is making a good effort to push the boundaries of solar innovation in areas like energy storage and adaptability. This pattern signifies a commitment to continuous progress and a recognition of the necessity of overcoming current obstacles to achieve widespread acceptance of solar-powered transportation.
The market will likely witness another flood of popularity as solar innovation develops and becomes more financially viable. The combination of clever developments and ongoing teamwork within the industry point to a future in which solar-powered cars play a bigger role in shaping the landscape of practical mobility. Notwithstanding the challenges that still face the industry, encouraging trends point to a bright future for solar-powered cars, contributing to a transportation future that is both more practical and environmentally friendly.
Report Attribute/Metric | Details |
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Market Opportunities | Low Fossil Fuel Supply Propel the Market Growth |
Market Dynamics | Decreasing air quality index and a limited fossil fuel supply Solar-powered vehicles have advantages over conventional electric vehicles in a number of areas |
Solar-Powered Vehicle market was valued at USD 0.9 billion in 2021. The solar-powered vehicle market industry is projected to grow from USD 1.1 billion in 2022 to USD 4.1 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 21.00% during the forecast period (2022–2030). The rise in popularity of self-charging vehicles has prompted the development of the solar-powered vehicle, which has aided in the expansion of the market. The desire for emission-free vehicles and the rise in consumer income levels have made it possible for manufacturers of solar vehicles to offer solar cars and solar commercial vehicles. These are projected to serve as market drivers for market advancement.
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
According to estimates, 135 million Americans would reside in counties with dangerous levels of air pollution in 2021. The US, one of the largest economies in the world, consumes around 25% of the coal, 27% of the natural gas, and 26% of the oil that is accessible worldwide. Every year, pollution causes the deaths of around 100 million people worldwide. Governments are offering incentives on electric vehicles to combat these problems and enhance the area's air quality. In the event that there is no solar energy available, solar-powered cars would also be equipped with a charger so that they may still function. The growth of the electric car market has been significantly influenced by government subsidies for the adoption of electric vehicles. Additionally, all of the subsidies are probably applicable to solar cars as well, which is anticipated to boost the market for solar-powered vehicles. Thus, this factor is driving the market CAGR.
Solar-powered vehicles are automatically charged by ingesting sunshine. It has a powertrain that is quite comparable to the one in electric cars. Solar-powered automobiles are different from electric cars in that they don't need a charging station. It has to be charged at a charging station only when it is dark outside. Due to the significantly low maintenance and operating costs of solar-powered vehicles, the market is anticipated to grow at a considerable rate throughout the projected period. The number of solar automobiles is anticipated to reach 1,646 in 2022 and is projected to increase at a 15.2% CAGR. Solar-powered vehicles operate virtually silently, reducing noise pollution. The market for solar-powered vehicles is forecast to grow as it is anticipated that solar-powered vehicles would be even more cost-effective than electric vehicles.
However, the primary source of ignition in automobiles is crude oil, which is extracted and refined to produce diesel and gasoline. Oil costs have increased alarmingly over the last two decades, making it impossible for low- and middle-class consumers to afford. Oil price increases have compelled many to switch to energy-efficient options, which lowers the overall cost per mile driven. This is predicted to increase demand for solar-powered vehicles relative to fuel-powered vehicles, which would support the market's expansion over the forecast period. Thus, it is anticipated that this aspect will accelerate solar-powered vehicle market revenue globally.
The Solar-Powered Vehicle Market segmentation, based on solar panel is divided into Monocrystalline Solar Panel and Polycrystalline Solar Panel. The monocrystalline solar panel segment dominated the solar-powered vehicle market revenue in 2021 and is projected to be the faster-growing segment during the forecast period, 2022-2030. The electrons required to produce electricity have greater room to flow in these cells since they are made of a single crystal. Due to the fact that monocrystalline solar cells are more efficient than their other counterparts as a result of this feature, the market for these solar cells is anticipated to grow over the next few years.
The Solar-Powered Vehicle Market segmentation has been segmented by battery type into Lithium-ion battery, Lead-acid battery, Lead-carbon battery and Others. The lithium-ion battery segment dominated the market growth in 2021 and is projected to be the faster-growing segment during the forecast period, 2022-2030. When compared to other types of batteries, lithium-ion batteries have a high charge density, are lightweight, and have an efficient charging-discharging system. When compared to other battery types, lithium-ion batteries perform better, require less maintenance, and are better for the environment.
The Solar-Powered Vehicle Market data has been segmented by propulsion into Battery vehicles and Hybrid electric vehicles. The battery vehicles segment dominated the market in 2021 and is projected to be the faster-growing segment during the forecast period, 2022-2030. The size of the global market for solar-powered vehicles has been influenced by battery-powered cars, and this trend is anticipated to continue. Sales of battery and hybrid electric vehicles throughout Asia during the anticipated period may boost the propulsion segment's contribution to the expansion of the worldwide market.
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
By region, the study provides the market insights into North America, Europe, Asia-Pacific, and the Rest of the World. The Asia Pacific solar-powered vehicle market accounted for USD 0.4 billion in 2021 and is expected to exhibit a 43.90% CAGR during the study period because of the increase in battery and hybrid vehicle manufacturing and sales in China and Japan. Increased disposable income in some Asian countries, including India, may also contribute to the region's strong market expansion throughout the anticipated timeframe.
Further, the major countries studied in the market report are: The U.S., Canada, Germany, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Europe solar-powered vehicle market accounts for the fastest growing market share. Some of the drivers propelling the market in Europe are the rising popularity of electric vehicles, the use of renewable energy sources to power automobiles, and the increase in government funding in solar energy projects. Every automobile sold in Europe in the near future will be an electric vehicle, according to a report by the financial organisation ING, which is based in Europe. Further, the UK solar-powered vehicle market held the largest market share, and the Germany solar-powered vehicle market was the fastest-growing market in the region.
North America solar-powered vehicle market is expected to grow at a substantial CAGR from 2022 to 2030 is linked to elements like cheap battery prices and the growing use of solar panels in hybrid electric vehicles. Government investments in solar energy projects as well as the quick commercialization of electric vehicles have given companies in the solar-powered vehicle business multiple revenue sources. Moreover, US solar-powered vehicle market held the largest market share, and the Canada solar-powered vehicle market was the fastest-growing market in this region
Major market players are spending a lot on R&D to increase their product lines, which will help the solar-powered vehicle industry grow even more. Market participants are also taking various strategic initiatives to grow their worldwide footprint, including new product launches, contractual agreements, mergers and acquisitions, increased investments, market developments and collaboration with other organizations. Competitors in the industry must offer cost-effective items to expand and survive in an increasingly competitive and rising market industry.
One of the primary business strategies manufacturers adopt in the global solar-powered vehicle industry to benefit clients and expand the sector is manufacturing locally to reduce operating costs. In recent years, solar-powered vehicle industry has provided medicine with some of the most significant benefits. The solar-powered vehicle market major player such as 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) and Immortus (Australia).
The German start-up Sono Motors is currently developing the Sion, a fully electric automobile that is solar powered. Its solar cells or the electrical grid can both be used to recharge its batteries. In July 2022, the first solar electric vehicle (SEV), known as the Sion, will be produced, according to Sono Motors GmbH, a solar-powered mobility startup. The company has also unveiled a "Solar Bus Kit" for fleets of public transportation that provides a solution to lower fuel use and greenhouse gas emissions in inner cities.
The headquarters of the American multinational automaker Ford Motor Company are in Dearborn, Michigan. Henry Ford formed it, and on June 16, 1903, it became a legal entity. In July 2021, to go along with its F-150 Lightning electric vehicle and other planned EVs, Ford is getting ready to release a number of solar and smart energy products. Ford stated that high demand, including reservations, for its most recent vehicle introductions, such as the electric Mustang Mach-E crossover and the revamped F-150 SUV, has left it "spring-loaded" for growth throughout the second half of the year and beyond.
September 2023- Students from Eindhoven University of Technology have built the first off-road car solely powered by solar energy. The research group said the vehicle is road-legal and autonomous of charging stations. The "Stella Terra" car has a maximum speed of 145 km per hour, a maximum range of 630 km, and weighs 1,200 kg. It gathers energy from rooftop PV panels. The team manager of the student group, Wisse Bos, said that Stella Terra must tolerate the harsh conditions of off-roading while staying efficient and light enough to be powered by the sun. he further added that that is why the company had to design almost everything for Stella Terra on their own from the suspension to the inverters for the solar panels. The group said the vehicle is "five to 10 years ahead" of the PV-powered automobiles that are at present on the market. The students are gathered under Solar Team Eindhoven, which has already developed other road-only solar cars. The present off-road vehicle has already gone through testing in the Netherlands, as per the statement. In October, the vehicle and its group of creators will move to Morocco, where they will test it under various conditions.
October 2023: When Tesla introduced the Model X in 2015, the world's first electric SUV rolled onto a stage, dragging an Airstream travel trailer. In what appears to be unintentional foreshadowing, the USD30 billion US recreational vehicle market is now getting the Tesla treatment. A couple of California startups staffed by alums of the electric car company have built the first self-propelled, battery-and-solar-powered travel trailers. The vehicles are ready to hit the market in late 2024. Succeeding the Tesla playbook, Silicon Valley-based Pebble and San Francisco's Lightship target to not just electrify a century-old icon of the American road; the organizations are attempting to reinvent it for the EV age.
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