Solar Vehicle Market to Surge at 20.2% CAGR over 2023 to 2030; Sono Motors Acquired Scania and LLT as New Customers

The global solar vehicle market size stood at USD 383.4 million in 2022. The market value is slated to rise from USD 456.6 million in 2023 to USD 1,658.6 million by 2030 at a CAGR of 20.2% during 2023-2030. The escalation is due to the rising improvements in battery storage systems and advances in solar panel technology. Another aspect driving the industry growth is the escalating awareness regarding the deployment of renewable energy. Fortune Business Insights™ presents this information in its report titled “Solar Vehicle Market Size, Share & COVID-19 Impact Analysis, By Vehicle Type (Passenger Vehicles and Commercial Vehicles), By Battery Type (Lithium Ion, Lead Acid, and Others), By Solar Panel (Monocrystalline and Polycrystalline), and Regional Forecasts, 2023-2030”.

Industry Value Affected on Account of Disruptions in Supply Chains

The pandemic led to disruptions in supply chains and the enforcement of lockdown restrictions by the governments of several countries. This put a halt on manufacturing units across various regions, hampering the solar vehicle industry growth. Many companies faced issues in sourcing components and materials, delaying product launches and production processes.

Sono Motors Secured New Customers LLT and Scania for a Solar Kit Testing Project

In October 2022, solar technology major Sono Motors acquired LTT and Scania as new customers. These were acquired for a project focused on testing the Solar Bus Kit in the northern hemisphere in real-life conditions.

According to Sono Motors, the kit was developed for helping public transport authorities in the reduction of emissions and for saving diesel.  

To get a detailed report summary and research scope of this market, click here:

https://www.fortunebusinessinsights.com/solar-vehicle-market-104333

Industry Value to Escalate Owing to Enhancement in Battery Storage and Solar Panel Technology

One of the key factors propelling the solar vehicle market growth is the growing improvement in battery storage technology. Governments across the globe are focused on the implementation of policies that support the adoption of electric vehicles and renewable energy. Some of these initiatives include subsidies, rebates, and tax incentives.

However, the industry growth could be affected by limitations in the sales of products in countries with less sunlight.

Key Players Profiled:

• Sono Motors GmbH (Germany)
• Lightyear (Netherlands)
• VENTURI (Monaco)
• Nissan (Japan)
• Mahindra & Mahindra Limited (India)
• Toyota Motor Corporation (Japan)
• Ford Motor Company (U.S.)
• Volkswagen AG (Germany)
• Daimler AG (Germany)
• Tesla, Inc (U.S.)

Notable Industry Development

• June 2022 – One of the leading industry players Lightyear rolled out its Lightyear 0 electric car equipped with solar panels on boot, roof, and bonnet. The vehicle has also been equipped with the capability of charging while driving.

Further Report Findings

• The Asia Pacific market is estimated to register considerable growth throughout the projected period. The rise is propelled by the escalating government initiatives and the need for the reduction of greenhouse gases.
• North America dominates the global solar vehicle market share due to the escalating adoption of solar panels and low battery costs.
• Based on vehicle type, the market is fragmented into passenger vehicles and commercial vehicles. Of these, the passenger vehicles segment is slated to depict substantial growth throughout the study period. The expansion is on account of the escalating hybrid EV demand.
• On the basis of battery type, the market for solar vehicles is subdivided into lithium ion, lead acid, and others. The lithium ion segment is poised to exhibit an appreciable surge over the projected period.

Table of Segmentation