According to the recent study the solar car market is projected to reach an estimated $XX billion by 2028 from $XX billion in 2023, at a CAGR of 35% to 37% from 2023 to 2028. Growth in this market is primarily driven by increasing demand for the fuel efficient and eco-friendly transportation solutions, government policies and funding to support electric vehicles, and huge adoption of renewable energy sources due to depletion of fossil fuels.
Browse XX figures / charts and XX tables in this 150 -page report to understand trends, opportunities and forecast in solar car market by solar panel (monocrystalline and polycrystalline), battery type (lithium-ion, lead acid, and lead carbon), material (crystalline silicon solar cells and thin-film solar cells), electric vehicle type (battery electric vehicles (BEV), plug-in hybrid electric vehicles (PHEV), and hybrid electric vehicles (HEV)), vehicle type (passenger cars and commercial vehicles) and region (North America, Europe, Asia Pacific, and the Rest of the World).
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“Monocrystalline market is expected to remain the largest segment during the forecast period.”
Based on solar panel, the solar car market is segmented into monocrystalline and polycrystalline. Lucintel forecasts that the monocrystalline market is expected to remain the largest segment due to provides higher efficiency owing to their high-temperature coefficient that ensures low output deterioration and are manufactured from the superior grade silicon that enables minimal resistance in electricity flow.
“Within the solar car market, the passenger cars segment is expected to remain the largest vehicle type”
Based on vehicle type the passenger cars segment is expected to witness the highest growth over the forecast period due to the rising disposable income, growing desire for emission free vehicles, changing demographics and shifting preferences of the consumers towards eco-friendly fuel, and increasing environment consciousness among the population.
“Asia pacific will dominate the solar car market in near future”
Asia Pacific will remain the largest region due to the growth in purchasing power of the population and increasing awareness towards the environment friendly solar technology, demand for urban mobility solutions in rapidly developing economies such as India and China, and government investment in renewable energy sources in the region.
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Major players of solar car market are adopting various growth strategies like new product launches, expansions, merger and acquisitions, partnerships, agreements, and collaborations to expand their presence in this market. Toyota, Lightyear, Volkswagen, Ford Motor Compan, Fiat Chrysler Automobiles, America Cruise Car, and Hanergy are among the major solar car providers.
This unique research report will enable you to make confident business decisions in this globally competitive marketplace. For a detailed table of contents, contact Lucintel at +1-972-636-5056 or click on this link https://www.lucintel.com/solar-car-market.aspx or [email protected]