The Global Solar Vehicle Market was worth US$ 0.26 billion in 2022 and is anticipated to reach a valuation of US$ 2.11 billion by 2028 and is predicted to register a CAGR of 41.57% during 2023-2028.

Electric vehicles that use sun energy as a form of fuel for propulsion are known as solar vehicles. Photovoltaic cells, which are mounted inside solar panels and are in charge of converting solar energy into electricity and storing it directly in the vehicle's battery, are a feature of solar vehicles. The material used to create these solar panels, silicon, absorbs heat and transforms it into power. The demand for solar vehicles has expanded in response to the growing uptake of the most recent vehicle technology, which has led to an expansion of the solar vehicle market globally.

During the forecast period of 2022–2027, the worldwide solar vehicle market is expected to expand at a compound annual rate of 36.4%. The solar vehicle is an electric car with solar panels built in. Photovoltaic cells are typically found in solar panels, which aid in the conversion of solar energy into electrical energy. These vehicles typically use solar energy for propulsion, hence the effectiveness of the solar modules determines the vehicle's propulsive force.

Market Drivers and Restraints:

Green car usage has increased as a result of rising environmental awareness; this trend is anticipated to promote market growth. Market expansion should be fueled by increased government measures to offer subsidies and financial incentives. It is anticipated that lower component prices will contribute to the market's expansion for solar cars and their integration.

Because solar-powered cars are so expensive, their inefficiency is projected to restrain market growth. Market expansion is anticipated to be slowed down by the absence of product uniformity.

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The report is segmented as follows:

The Solar Vehicle Market is segmented by EV; the Market is segmented by Vehicle Type; the Market is segmented by Battery; the Market is segmented by Solar Panel:

By EV (BEV, HEV & PHEV)

By Vehicle Type (PC & CV)

By Battery (Lithium-Ion, Lead Acid, & Lead Carbon)

By Solar Panel (Monocrystalline & Polycrystalline)

Market Regional Segmentation:

The world's early adoption of electric vehicles has been led by Europe. As a result, it is anticipated that during the projected period, the use of these cars will increase in Europe. Strict environmental regulations and efforts to reduce pollution would probably hasten the adoption of these vehicles in the area. In the near future, every new automobile sold in Europe will be electric, predicts ING, the continent's top financial institution. Electric vehicles are more effective when combined with solar panels, which may result in a greater uptake of these vehicles in the area. The main justification for the established projection is given as favorable government backing, decreasing battery prices, and economies of scale. The solar vehicle market is anticipated to be dominated by Asia-Pacific. This can be linked to the fact that summers are common and that there are consequently about 300 days of sunshine per year. Additionally, the governments of the area are experts at providing a wide range of incentives and programs to promote vehicles that use alternative fuel sources. During the projected period, the market demand for solar vehicles is further accelerated by the presence of multiple specialist automakers introducing a variety of vehicles at various price points.

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Impact of COVID-19 pandemic on the market:

Currently en route around the globe, the COVID-19 event is leaving a trail of devastation in its wake. The impact of the virus on significant businesses in the industrial automation sector is examined in this paper. The COVID-19's effects on the worldwide industrial automation market are examined in the paper. Find businesses that will profit from COVID-19's effects over the course of a year, just as you would businesses that will suffer. It comprises COVID-19 and a thematic screen that organizes the 58 major firms in this sector according to the notion of global leadership in the ten issues that are most important to your company. As a result, the best indicator of future performance is produced.

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