The research study conducted by Report Ocean on the “ Solar Vehicle Market ” spans over 100+ pages and delves into various facets of this market. It analyses the business strategies adopted by emerging industry players, examines the geographical scope, dissects market segments, evaluates the product landscape, and investigates price and cost structures. This research report facilitates market segmentation based on the latest Market trends, geographical market, and technological advancements. Each section of the report is meticulously prepared to scrutinize key aspects of the market. Moreover, it includes a detailed analysis of current applications, comparing them while focusing on opportunities, threats, and conducting a competitive analysis of major companies.
Global Solar Vehicle Market is valued at approximately USD 285.44 million in 2022 and is anticipated to grow with a healthy growth rate of more than 18% over the forecast period 2023-2030. A solar vehicle is an electric vehicle (EV) that is powered primarily or entirely by energy derived from the sun through solar panels. These vehicles use photovoltaic cells to convert sunlight directly into electricity, which is then stored in batteries or used to power the vehicle’s electric motor. Solar vehicles are designed with a large surface area covered in solar panels, typically located on the roof, hood, or other areas of the vehicle where maximum sunlight exposure is achieved. The solar panels capture sunlight and convert it into electrical energy, which either be used immediately to power the vehicle or stored in a battery for later use. The Solar Vehicle market is expanding because of factors such as stringent vehicle emission norms and regulations and rising government support for the development of eco-friendly vehicles.
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Many nations are building environmentally friendly settings for the automotive industry to develop frameworks for emissions that are more effective. For brand-new passenger automobiles and commercial vehicles, the EU established new standards for carbon dioxide emissions. The EU passed the 2020 package of regulations to make sure it would reach its 2020 energy and climate goals. The three main goals of the package are a 20% reduction in greenhouse gas emissions (from 1990 levels). The agreed-upon goals are to cut new passenger car CO2 emissions on average by 20% by 2025 and by 37.5% by 2030, both in comparison to the base year of 2021. Similarly, The US Environmental Protection Agency (EPA) and National Highway Traffic Safety Administration (NHTSA) cut the GHG emissions and Corporate Average Fuel Economy (cafe) requirements for vehicles produced in the MY 2021-2026 with the Safer Affordable Fuel-Efficient (SAFE) Vehicles Rule [4754], which was finalized in March 2020. The 2020 regulation tightens CAFE and CO2 emission regulations by 1.5% annually through the model year 2026, in contrast to the CO2 requirements imposed in 2012, which aimed for rises to around 5% each year. Thus, stringent vehicle emission norms and regulations are driving the growth of the Solar Vehicle Market. In addition, advancement in solar panel and battery storage technology and increasing investment in the development of energy-efficient vehicles is creating new opportunities for the market. However, less operational efficiency of solar vehicles coupled with high cost and lack of standardization stifles market growth throughout the forecast period of 2023-2030.
The key regions considered for the Global Solar Vehicle Market study includes Asia Pacific, North America, Europe, Latin America, and Middle East & Africa. Asia Pacific dominated the market in 2022 owing to factors such as rising concerns about air pollution, the requirement to lower greenhouse gas emissions, and government programs that support the use of solar and electric vehicles. Whereas, North America is projected to have significant growth in the market owing to factors such as rising technological advancement, and rising investment for research and development activities in the region.
Major market player included in this report are:
Sono Motors GmbH
Lightyear
Venturi Automobiles
Nissan Motor Co. Ltd.
Mahindra & Mahindra Limited
Toyota Motor Corporation
Ford Motor Company
Volkswagen AG
Mercedes-Benz Group AG
Tesla, Inc
Recent Developments in the Market:
In January 2023, The European Climate, Infrastructure, and Environment Executive Agency (CINEA) granted funding of USD 1.61 million to Sono Group N.V., a major leader in solar mobility solutions, to advance solar technology.
In June 2022, Bridgestone and Lightyear announced their partnership to develop, the first long-distance solar electric-powered vehicle. Bridgestone and Lightyear’s cooperation builds on their prior work for the Bridgestone World Solar Challenge and is a clear result of their shared dedication to sustainability.
Global Solar Vehicle Market Report Scope:
Historical Data: 2020 – 2021
Base Year for Estimation: 2022
Forecast period: 2023-2030
Report Coverage: Revenue forecast, Company Ranking, Competitive Landscape, Growth factors, and Trends
Segments Covered – Vehicle Type, Electric Vehicle Type, Battery Type, Solar Panel Type, Region
Regional Scope: North America; Europe; Asia Pacific; Latin America; Middle East & Africa
Customization Scope: Free report customization (equivalent up to 8 analyst’s working hours) with purchase. Addition or alteration to country, regional & segment scope*
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within countries involved in the study.
The report also caters detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, it also incorporates potential opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players.
The detailed segments and sub-segment of the market are explained below.
By Vehicle Type:
Passenger Cars
Commercial Vehicles
By Electric Vehicle Type:
Battery Electric Vehicle
Hybrid Electric Vehicle
By Battery Type:
Lithium Ion
Lead Acid
Other Battery Types
By Solar Panel Type:
Mono-crystalline
Poly-crystalline
By Region:
North America
U.S.
Canada
Europe
UK
Germany
France
Spain
Italy
ROE
Asia Pacific
China
India
Japan
Australia
South Korea
RoAPAC
Latin America
Brazil
Mexico
Middle East & Africa
Saudi Arabia
South Africa
Rest of Middle East & Africa
Key Questions Answered in the Market Report:
• How did the COVID-19 pandemic have an impact on the adoption of via a range of pharmaceutical and existence sciences companies?
• What is the outlook for the affect market all through the forecast length 2023-2032?
• What are the key developments influencing the have an impact on market? How will they have an impact on the market in short-, mid-, and long-term duration?
• What is the give up person appreciation toward?
• What are the key elements impacting the have an effect on market? What will be there have an impact on in short-, mid-, and long-term duration?
• What are the key possibilities areas in the influence market? What is their workable in short-, mid-, and long-term duration?
• What are the key techniques adopted via groups in the have an effect on market?
• What are the key utility areas of the influence market? Which utility is predicted to keep the very best increase attainable all through the forecast duration 2023-2033?
• What is the favoured deployment mannequin for the impact? What is the boom conceivable of quite a number deployment fashions existing in the market?
• Who are the key cease customers of pharmaceutical quality? What is their respective share in the affect market?
• Which regional market is predicted to maintain the easiest boom possible in the have an impact on market at some stage in the forecast length 2023-2032?
• Which are the key gamers in the have an impact on market?
Growth Hampering Factors in the Market:
- Environmental regulations: Stricter environmental regulations on the production and use of fossil fuels can limit the availability and use of traditional market.
- Safety concerns: Safety concerns regarding the storage and transportation of can limit their use.
- Supply chain disruptions: Disruptions in the global supply chain due to natural disasters, pandemics, or other factors can impact the availability and cost of market.
- Security concerns: Security concerns regarding the transportation and storage of market can limit their use and availability.
- Technological obsolescence: Advances in technology can make existing systems obsolete, leading to reduced demand.
- Competition from alternative fuels: The development of alternative fuels such as biofuels and hydrogen-based fuels can compete with traditional market.
- Volatility in oil prices: Fluctuations in oil prices can affect the cost of market, making it difficult for industry players to predict and plan for costs.
- Economic downturns: Economic downturns can result in reduced demand for air travel and air cargo transportation, leading to a reduction in demand for market.
- Geopolitical tensions: Political instability and tensions between nations can impact the global supply chain for market, leading to supply disruptions and price fluctuations.
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