SOLAR VEHICLE MARKET SIZE AND SHARE ANALYSIS - GROWTH TRENDS AND FORECASTS (2023 - 2030)

Solar Vehicle Market Size and Trends

The global solar vehicle market size is estimated to be valued at US$ 172.62 billion in 2023 and is expected to reach US$ 789.81 billion by 2030, grow at a compound annual growth rate (CAGR) of 24.3% from 2023 to 2030. Solar vehicles are automobiles powered by solar energy through photovoltaic cells integrated into the vehicle. The solar cells convert sunlight into electricity to charge the battery, which runs the motor. Solar vehicles are zero-emission and eco-friendly with lower fuel costs compared to conventional vehicles. The key growth drivers of the solar vehicle market include government subsidies and incentives, declining costs of solar panels, rising fuel prices, and growing adoption of sustainable transportation.

Solar Vehicle Market Trends:

• Advancements in Solar Cell Technology: Ongoing R&D is improving solar cell efficiency, flexibility, and integration in vehicles. Techniques like thin-film transfer allow embedding solar cells into curved surfaces without compromising efficiency. Organic solar cells and perovskites promise better efficiency and lower costs compared to conventional silicon cells. These innovations are tailoring solar technology for automotive integration and making solar vehicles more viable. For instance, as per the findings of 2021 report from the International Renewable Energy Agency, the sales of electric vehicles equipped with built-in solar panels are projected to experience a yearly growth rate exceeding 12%. By the year 2030, these vehicles are expected to make up around 5% of the global passenger vehicle market.

• Growth in Solar Car Racing Events: Competitions like the World Solar Challenge have helped demonstrate practical applications of solar technology for vehicles. Such events encourage innovation in solar cells, batteries, and vehicle design. Companies test new concepts during these races. The participation has grown steadily over the years, indicating rising interest in solar electric transportation.

For instance, In India, there has been a growing demand for solar-powered auto-rickshaws, with data from the Ministry of New and Renewable Energy indicating that as of 2021, more than 51,000 of these units were in operation on the country’s roads.