The global solar vehicle market is projected to grow at a CAGR of 36.4% during the forecast period to reach 107,380 units by 2030 from projected 8,955 units by 2022. Solar vehicles are electric vehicle motor powered by solar energy for their propulsion. With the increased adoption of latest technology for vehicles and keeping the environmental conditions as a primary concern, solar vehicles demands are increased across the globe. However, factors such as less operational efficiency and expensive integration of technology hamper the growth of the market. The solar vehicle market is segmented into electric vehicle type, battery type, solar panel recycling type, vehicle type, and region.
The market for solar vehicles is expected to grow at a compound annual growth rate (CAGR) of 20.2% from 2023 to 2032, from an estimated US$ 342.4 million in 2022 to over US$ 2,061.69 million by that time.
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Excessive research in far-field wireless charging technologies is expected to create numerous opportunities for the growth and expansion of solar vehicle industry.
KEY PLAYERS OF SOLAR VEHICLE MARKET
Volkswagen AG, Toyota Motor Corporation, Ford, Mahindra & Mahindra, Sono Motors, Hanergy Thin Film Power Group, Solar Electric Vehicle Company, Alke, Lightyear, and Hyundai Motor Company, which account for a major solar vehicle market share
Solar Vehicle Market Scope
| Metrics | Details |
| Base Year | 2023 |
| Historic Data | 2018-2022 |
| Forecast Period | 2024-2032 |
| Study Period | 2018-2032 |
| Forecast Unit | Value (USD) |
| Revenue forecast in 2032 | US$ 2,061.69 million |
| Growth Rate | CAGR of 20.2% during 2022-2032 |
| Segment Covered | Type, Electric Vehicl, Battery Type, Solar Panel, Regions |
| Regions Covered | North America, Europe, Asia Pacific, South America, Middle East and Africa |
| Key Players Profiled | Volkswagen AG, Toyota Motor Corporation, Ford, Mahindra & Mahindra, Sono Motors, Hanergy Thin Film Power Group, Solar Electric Vehicle Company, Alke, Lightyear, and Hyundai Motor Company, which account for a major solar vehicle market share |
Key Segments of the Global solar vehicle Market
Type Overview, (USD Million)
- Passenger Cars
- Commercial Vehicles
Electric Vehicle Overview, (USD Million)
- Battery Electric Vehicle (BEV)
- Hybrid Electric Vehicle (HEV)
- Plug-in Hybrid Electric Vehicle (PHEV)
Battery Type Overview, (USD Million)
- Lithium Ion
- Lead Acid
- Lead Carbon
Solar Panel Overview, (USD Million)
- Monocrystalline
- Polycrystalline
Regional Overview, (USD Million)
North America
- U.S.
- Canada
Europe
- UK
- Germany
- France
- Rest of Europe
Asia Pacific
- China
- Japan
- India
- Rest of Asia-Pacific
Middle East and Africa
- UAE
- South Africa
- Rest of Middle East and Africa
South America
- Brazil
- Rest of South America
Reasons for the study
- The purpose of the study is to give an exhaustive outlook of the global augmented analytics market. Benchmark yourself against the rest of the market.
- Ensure you remain competitive as innovations by existing key players to boost the market.
What does the report include?
- The study on the global augmented analytics market includes qualitative factors such as drivers, restraints, and opportunities
- The study covers the competitive landscape of existing/prospective players in the augmented analytics industry and their strategic initiatives for product development.
- The study covers a qualitative and quantitative analysis of the market segmented based on component, application, and industry vertical. Moreover, the study provides similar information for the key geographies.
- Actual market sizes and forecasts have been provided for all the above-mentioned segments
Who should buy this report?
- This study is suitable for industry participants and stakeholders in the global augmented analytics market. The report will benefit Every stakeholder involved in the augmented analytics market.
- Managers within the augmented analytics industry looking to publish recent and forecasted statistics about the global augmented analytics market.
- Government organizations, regulatory authorities, policymakers, and organizations looking for investments in trends of the global augmented analytics market.
- Analysts, researchers, educators, strategy managers, and government institutions looking for insights into the market to determine future strategies.
Frequently Asked Questions (FAQ) :
The market for solar vehicles is expected to grow at a compound annual growth rate (CAGR) of 20.2% from 2023 to 2032, from an estimated US$ 342.4 million in 2022 to over US$ 2,061.69 million by that time.
The forecast period for Solar Vehicle market is 2022 to 2032
The Asia-Pacific is likely to gather noteworthy growth through the forecast years 2022-2032
Volkswagen AG, Toyota Motor Corporation, Ford, Mahindra & Mahindra, Sono Motors, Hanergy Thin Film Power Group, Solar Electric Vehicle Company, Alke, Lightyear, and Hyundai Motor Company, which account for a major solar vehicle market share
Eco- friendly, Quiet, Zero emission level, Driving comfort, No utilization of non-renewable resources
Over the past few decades, increase in trend for automation in vehicles has enforced vehicle manufacturers to adopt technologies, which cause less harm to the environment. with the introduction of solar vehicles, the use of internal combustion engines in vehicles is expected to reduce to a much larger extent leading to less environment pollution. Solar vehicles are less efficient due to the presence of rechargeable battery in them which may affect the growth of solar vehicle market across the globe
The market is consolidated as several major market players currently hold the major market share. However, the market is expected to become fragmented in the forthcoming years as several new market players are emerging from developing countries such as India, Japan, China, and other countries.
Application Segment
Based on the application, solar vehicles have a low efficiency as compared to internal combustion engines-based vehicles due to the presence of battery installed having limited operational range. Many technologies failed to provide ling distance transmission, to overcome this drawback, latest laser and microwave energy transmission mediums are using.
Based on the application, solar vehicles have a low efficiency as compared to internal combustion engines-based vehicles due to the presence of battery installed having limited operational range. Many technologies failed to provide ling distance transmission, to overcome this drawback, latest laser and microwave energy transmission mediums are using.
The North American region is likely to account for the maximum market contribution during the forecast years. The domination of this region is largely ascribed to the increasing demand among small & medium as well as large enterprises to enhance their business operations. However, the Asia-Pacific is likely to gather noteworthy growth through the forecast years 2021-2028. The growth of the augmented analytics market in this region is mostly ascribed to the growing adoption of augmented analytics by companies in countries such as India, Japan, and China to compete against other regional players.
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The major players of the global augmented analytics market are Domo, IBM, Microsoft, MicroStrategy, Oracle, Salesforce, SAS, SAP, Tableau, and TIBCO Software. Moreover, the additional prospective market players in the augmented analytics market are Pyramid Analytics, Qlik, Sisense, ThoughtSpot, and Yellowfin. Renowned companies are offering new and modern augmented analytics software solutions. Besides, the previously recognized as well as new market players are approaching the market with advanced and new strategic services and solutions and to remain competitive in the global market.