Pune, Feb. 22, 2023 (GLOBE NEWSWIRE) -- According to SNS Insider “Solar-Powered Vehicle Market Size was valued at USD 431.86 million in 2022 and is expected to reach USD 5359 million by 2030 and grow at a CAGR of 37% over the forecast period 2023-2030.” Electric vehicles that use sun energy as a form of fuel for propulsion are known as solar powered vehicles. Photovoltaic cells, which are mounted on solar panels and are in charge of converting solar energy into electrical energy and storing it directly in the vehicle's battery, are a feature of solar vehicles. The material which is used to create these solar panels in the vehicles-silicon, absorbs heat and transforms it into electrical energy. The demand for solar vehicles has expanded as a result of the growing adoption of cutting-edge automotive technology, which is fueling the expansion of the solar vehicle market globally.
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Agencies Focusing On Environment Contributes To Market Growth
A significant factor driving the market for solar-powered vehicles is the growing focus by the governments of major nations on reducing automobile pollution. By way of illustration, the European Union wants to cut carbon dioxide emissions by 20% from 2008 levels by 2020. The market for solar-powered automobiles has benefited from rules on carbon emissions or fuel efficiency that various governments have proposed.
A significant factor driving the market for solar-powered vehicles is the growing focus by the governments of major nations on reducing automobile pollution. The market for solar-powered automobiles has benefited from rules on carbon emissions or fuel efficiency that various governments have proposed.
| Report Metrix | Details |
| Market Size by 2030 | $5359 Million |
| Market Size in 2022 | $431.86 Million |
| CAGR 2023-2030 | 37% |
| Market Segmentation | |
| By Electric Vehicle Type | Battery electric vehicle, Hybrid electric vehicle, Plug-in hybrid electric vehicle |
| By Battery Type | Lithium-ion battery, Lead-acid battery, Lead-carbon battery, Others |
| By Solar Panel | Monocrystalline, Polycrystalline |
| Key Players | Ford Motor Company (US), Guangzhou Jcar Industrial Company Ltd (China), Sono Motors GmbH (Germany), Hanergy Holding Group (China), Mahindra & Mahindra (India), Cruise Car, and other players |
Decline In Electric Vehicles Adds As a Boon
The market for solar-powered automobiles is gaining from falling solar panel prices, which make up a significant portion of the cost of solar roofs. Over the past ten years, the cost of solar panels has significantly decreased. In addition, during the projection period, technological advancements made by significant automakers like Audi AG will continue to support a quicker adoption of solar panels in automobiles, helping the market for solar-powered vehicles.
The market for solar vehicles is neither fully consolidated nor completely fragmented. Very few market participants now provide solar-powered vehicle options. Some manufacturers now only have prototypes; their production models are anticipated to be released during the next few years. The majority of the businesses that operate in this industry are centred in the US, Asia and Europe. Some of the multinational companies competing in this market include Ford, Toyota, FCA, General Motors and Volkswagen.
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In a recent development inJuly 2021, Finnish contract manufacturer Valmet Automotive and Lightyear signed a memorandum of intent outlining their plans to collaborate on the production of prototypes in early 2022 and over 1,000 vehicles by the middle of the year.
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