Market size for solar vehicles is said to be worth around US$5.26 billion
TOKYO, March 11, 2022 (GLOBE NEWSWIRE) – The global Market size for solar vehicles was valued at $426 million in 2021.
The global solar vehicle market is expected to witness a significant growth rate during the forecast period owing to the increasing demand for fuel-efficient and green transportation solutions. Strict government regulations to curb greenhouse gas emissions are encouraging customers around the world to opt for solar vehicles. The increasing investment by vehicle manufacturers in the production of solar vehicles and the government subsidies given to them are fueling the overall growth of the global solar vehicle market.
Technological advances and increasing government investment in the development of clean public transport are driving sales of electric buses that use solar energy for fuel. In addition, increasing public awareness of deteriorating environmental conditions due to rising pollution levels is encouraging demand for solar vehicles, particularly in developed markets such as Europe and North America. Oil reserves are rapidly depleting worldwide. The governments of different nations invest heavily in the development of renewable energy sources. Hence, it is estimated that the solar vehicle market will grow rapidly during the forecast period.
|Market size by 2028||$2.93 billion|
|CAGR||32.2% from 2022 to 2030|
|forecast data||2022 to 2030|
|company covered||Toyota, Lightyear, Volkswagen, Ford Motor Company, Fiat Chrysler Automobiles, America Cruise Car, Hanergy, Mahindra, Venturi Automobiles, The Solar Electric Vehicle Company|
- Based on vehicle type, the passenger car segment dominated the global solar vehicle market in 2020. Rising disposable income, the desire for zero-emission vehicles and the population’s increased environmental awareness have significantly promoted the introduction of various passenger cars. In addition, changing consumer demographics and the shift in consumer preferences towards green fuels are expected to further drive the segment growth over the forecast period.
- Based on the electric vehicle type, the BEV segment is estimated to be the most opportunistic segment over the forecast period. This is due to increasing investment in building charging stations and service points in various locations to service solar vehicle breakdowns and fuel depletion issues.
- Based on battery type, Lithium Ion is the dominant and fastest growing segment over the forecast period. This is attributed to the increasing installation of lithium-ion batteries in electric vehicles due to their cost-effectiveness, light weight and longer range. In addition, rising sales of solar vehicles are expected to drive the adoption of this battery in the coming years.
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Europe was the dominant market for solar vehicles in 2020. Rising consumer income levels and increased awareness of the negative environmental impact of rising pollution levels are encouraging people to opt for alternative fuel vehicles to curb vehicle emissions. Additionally, rising pollution levels due to rapid industrialization in economies like Germany, Italy and France have forced the government to take the necessary steps to curb carbon emissions. Therefore, the government regulations to limit vehicle emissions play a prominent role in the growth of the solar vehicle market.
On the other hand, Asia Pacific is expected to be the fastest growing market. Increasing consumer disposable income coupled with increasing awareness of sustainable and environmentally friendly products is driving demand for solar vehicles. The governments in countries like China, Japan and India play an important role in enforcing related laws regarding the vehicle emissions that are expected to drive the market growth over the forecast period.
The strict government regulations regarding vehicle emissions
Enforcement of vehicle emissions laws in leading nations such as China, Germany, the US and Italy has encouraged manufacturers to ramp up production of solar vehicles. The rising popularity of the zero-emission vehicle is driving sales of electric and fuel cell vehicles. Hence, the government regulations are expected to play a crucial role in the growth of the solar vehicle market.
High costs for solar and electric vehicles
The acquisition costs for solar vehicles are high. Therefore, its adoption in low- and middle-income countries is limited. Consumers in low- and middle-income countries, especially the middle class, are expected to resist the introduction of costly solar vehicles due to their low affordability.
Product launches and various development strategies to drive market growth
The solar vehicle market is fragmented due to the presence of numerous large players. The various development strategies they are pursuing such as new product launches, acquisitions, and partnerships are expected to significantly drive the market growth in the coming years. For example, in July 2021, Lightyear and Valmet Automotive entered into an agreement to jointly manufacture solar vehicles and agreed to produce around 1,000 solar vehicles per year.
Lack of adequate infrastructure in the underdeveloped regions
The lack of proper infrastructure in underdeveloped and developing countries is hampering the penetration of solar vehicles. The lack of an adequate number of charging stations and other alternative fueling stations may slow adoption. In addition, the lack of adequate government regulations regarding vehicle emissions is a major challenge for market participants.
Some of the leading players in the global solar vehicle market are:
- light year
- Ford Motor Company
- Fiat Chrysler automobiles
- America cruise car
- Venturi automobiles
- The Solar Electric Vehicle Company
Segments covered in the report
By vehicle type
By electric vehicle type
By battery type
- lithium ion
- lead acid
- lead coal
By solar panel
According to geography
- North America
- Asia Pacific
- Latin America
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