According to Techsci Research, the global solar powered vehicle market is expected to reach USD 1.04 billion in 2023, growing at a CAGR of 6.88% through 2029.
The growing popularity of self-charging vehicles is driving the development of solar-powered vehicles, thereby contributing to the expansion of the market. The desire for zero-emission vehicles and rising income levels of consumers are enabling solar-powered vehicle manufacturers to offer solar-powered cars and solar-powered commercial vehicles. These are projected to act as market drivers driving the development of the market.
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Solar Powered Vehicles Market Trends:
Shortage of fossil fuel supply and declining air quality index drive market growth According to estimates, in 2021, 135 million Americans will live in counties with dangerous levels of air pollution. The United States, the world's largest economy, consumes about 25% of the available coal, 27% of natural gas, and 26% of oil worldwide. Pollution causes about 100 million deaths worldwide every year. Governments are providing incentives for electric vehicles to address these issues and improve local air quality. Even when solar energy is not available, solar powered vehicles can continue to function as they are equipped with chargers. The growth of the electric vehicle market is heavily influenced by government subsidies for the adoption of electric vehicles. Moreover, all the subsidies may also be applicable for solar cars, which is expected to boost the solar car market. Thus, this factor is boosting the CAGR of the market.
Solar cars are charged automatically by absorbing sunlight. Its powertrain is very similar to that of electric cars. Solar cars differ from electric cars in that they do not require a charging station. They only need to be charged at a charging station when it is dark outside. The market is expected to grow at a significant rate throughout the forecast period as the maintenance and operating costs of solar cars are significantly lower. The number of solar cars is expected to reach 1,646 in 2022, projected to grow at a CAGR of 15.2%. Solar cars operate virtually silently, reducing noise pollution. The market for solar cars is projected to grow as solar cars are expected to be even more cost-effective than electric cars.
However, the main source of ignition of fires is Automotive Crude Oil is the crude oil that is extracted and refined to produce diesel and gasoline. Oil prices have increased alarmingly over the past two decades, making it unaffordable for the lower and middle-class consumers. The rise in oil prices has forced many to switch to energy-efficient options, lowering the total cost per mile driven. This is projected to increase the demand for solar-powered vehicles as compared to fuel-driven vehicles, which will support the market expansion during the forecast period. This aspect is therefore expected to accelerate the solar-powered vehicles market revenue globally.
solar powered vehicles market dynamics:
The solar powered vehicles market is heavily influenced by advancements in solar cell efficiency and battery technology. As solar panels become more efficient at converting sunlight into electricity and battery costs continue to fall, solar powered vehicles become more feasible and attractive . Additionally, advancements in lightweight materials and aerodynamic designs are improving the overall performance and range of these vehicles.
2. Government Policies and IncentivesGovernment regulations and incentives play a key role in shaping the solar powered vehicle market. Policies promoting renewable energy, tax credits, and subsidies for electric vehicle purchases are likely to accelerate market growth. Conversely, restrictions on electric vehicle sales and unfavorable tax regimes may hinder market development. Additionally, infrastructure supporting electric vehicles, including charging stations, is crucial for consumer adoption.
3. Consumer Awareness and AcceptancePublic awareness and perception of solar-powered vehicles are key factors driving market demand. Educational campaigns that highlight the environmental benefits, cost savings, and technological advances of these vehicles are likely to have a positive impact on consumer attitudes. Additionally, having a diverse range of solar-powered vehicles available, including different models and price points, can broaden market appeal and attract a wider customer base.
Key Market Players for Solar Powered Vehicles
- Brembo S.p.A.
- Beringer SAS
- EBC Brakes (Freeman Automotive (UK) Ltd.)
- Industrias Galfer S.A.
- Holley Performance Products Inc.
- Continental AG
- Akebono Brake Industry Co., Ltd
- AISIN Corporation
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Solar Powered Vehicles Regional Insights:
The study provides global market insights across regions: North America, Europe, Asia Pacific, and the Rest of the World. The solar powered vehicles market in Asia Pacific is expected to account for USD 400 million in 2021, exhibiting a CAGR of 43.90% during the study period, owing to the increasing manufacturing and sales of battery and hybrid vehicles in China and Japan. Rising disposable income in some Asian countries, including India, is also likely to contribute to the strong market expansion in this region throughout the expected period.
Furthermore, the major countries studied in the market report are the United States, Canada, Germany, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
The solar powered car market in Europe accounted for the fastest growing market share. The driving forces driving the market in Europe include the growing popularity of electric vehicles, the use of renewable energy sources to power cars, and increasing government funding for solar energy projects. According to a report by ING, a financial institution based in Europe, in the near future, all cars sold in Europe will be electric vehicles. Moreover, the solar powered car market in the UK accounted for the largest market share, while the solar powered car market in Germany was the fastest growing market in the region.
The North American solar powered vehicle market is expected to grow at a significant CAGR from 2022 to 2030, associated with factors such as cheap battery prices and increasing use of solar panels in hybrid electric vehicles. Government investments in solar energy projects and rapid commercialization of electric vehicles have provided multiple revenue streams for companies in the solar powered vehicle business. Moreover, the U.S. solar powered vehicle market accounted for the largest market share, while the Canadian solar powered vehicle market was the fastest growing market in the region.
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