During the projected period, the market for solar vehicles is anticipated to grow at a strong CAGR of 38.9 to reach USD 2,899.7 billion in 2027. Rising public awareness of the damaging impacts of air pollution on the environment and the quickly dwindling supply of fossil fuels are two factors that are contributing to steady industry expansion. Another significant factor influencing market expansion is the rise in activities being taken to shift attention to renewable and environmentally friendly energy sources. Other significant drivers that are anticipated to fuel market expansion in the future include rising disposable income and the growing acceptance of solar-powered automobiles in developing nations.
Global sales of automobiles powered by solar energy have increased as a result of strict regulatory measures aimed at reducing carbon emissions from fossil fuel-fueled vehicles. A growing number of well-known automakers have been concentrating on research and development efforts in solar energy systems. The market has undergone significant change as a result of the introduction of new and cutting-edge solar-powered vehicles, and this trend is anticipated to continue. To meet the rising demand for solar-powered vehicles, original equipment manufacturers (OEMs) are making investments in the production of highly efficient, improved, and economical solar vehicles. Sales and performance of solar vehicles are anticipated to increase significantly in the next years thanks to the development of efficient and technologically advanced solar panels and batteries.
However, high initial cost of highly efficient and advanced solar-powered vehicles is a key factor restraining market growth to an extent. Additionally, solar-powered vehicles can operate to a certain distance and exhibit lower operational efficiency and speed and these factors are expected to further restrain market growth to an extent during the forecast period.
Some Key Highlights in the Report:
Over the course of the projected period, the monocrystalline sector is anticipated to contribute the most to revenue. The use of monocrystalline solar panels in the production of solar vehicles has increased due to the high efficiency that monocrystalline silicon gives on the panels. Over the projection period, this is anticipated to support the segment’s revenue growth.
Over the course of the projected period, the lithium-ion segment is anticipated to post a strong revenue CAGR of 39.5%. Significant characteristics of lithium-ion batteries, such as their high energy density, better high-temperature performance, high specific energy, and decreased self-discharge rate, are what propel the growth of the lithium-ion battery market.
Among all the segments in 2020, the passenger car segment had the highest revenue share. Over the forecast period, demand for solar-powered passenger cars is anticipated to increase as OEMs invest more in R&D efforts to manufacture solar vehicles that are affordable.
Due to ongoing developments in rechargeable batteries used in battery EVs, which have enabled the creation of durable and energy-efficient electric vehicles, the revenue for the battery electric vehicle category is anticipated to increase significantly throughout the projected period.
Asia Pacific market revenue is expected to expand considerably over the forecast period attributable to rapid urbanization, increasing disposable income, and rising preference for environmentally sustainable energy-driven vehicles.
Major companies of market include Sono Motors, Volkswagen, Toyota, Ford, Mahindra & Mahindra, Nissan, General Motors, Fiat Chrysler Automobiles, Venturi Automobiles, and Hanergy Thin Film Power Group.
In March 2020, Centrica, which is the U.K’s largest energy company, and Volkswagen Group, which is one of the world’s prominent automotive manufacturers, signed a three-year partnership agreement to accelerate adoption of electric vehicles across the United Kingdom by providing domestic charging hardware solutions for new EV owners.
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Source: Emergen Research
