- The lithium ion segment will maintain its lead position in terms of revenue by 2030
- North America will maintain its dominant position during the forecast period
The global solar vehicle market is estimated to reach $329.5 million in 2023 as per a report by Allied Market Research. It also stated that the solar vehicle market expected to garner $4.08 billion by 2030, growing at a CAGR of 43.3 per cent from 2023 to 2030.
It also said that the global solar vehicle market will be driven by a rise in concerns related to environmental pollution and an increase in demand for energy-efficient solutions. But, less operational frequency and high costs related to the integration of technology may act as a barrier to growth. ongoing research activities in far-field wireless charging technologies and technological advancements can create new opportunities in the market.
Lithium ion segment to lead
The passenger vehicle segment is estimated to account for nearly three-fifths of the total share of the global solar vehicle market in 2023. This is due to emergence of electric and hybrid vehicles containing self-charging concept. The commercial vehicle segment is projected to grow at the highest CAGR of 45.2 per cent from 2023 to 2030. The reason for such growth is due to a rise in demand for better and efficient transportation vehicles that are emission-free.
The lithium ion segment will maintain its lead position in terms of revenue by 2030. The lead-carbon segment is expected to witness the highest CAGR of 45.7 per cent from 2023 to 2030.
North America will maintain its dominant position
The report said that North America will maintain its dominant position during the forecast period. It will account for more than two-fifths of the global solar vehicle market in 2023. Europe is expected to have the highest CAGR of 46.3 per cent from 2023 to 2030. this will be due to government regulations to utilise low emission vehicles and production of electric vehicles by manufacturers from Europe
