Friday Dec 02, 2022

Solar Vehicle Market Size to Worth Around US$ 5.26 Bn by 2030 – GlobeNewswire

Tokyo, March 11, 2022 (GLOBE NEWSWIRE) — The global solar vehicle market size was valued at US$ 426 million in 2021.

The global solar vehicle market is expected to witness a significant growth rate during the forecast period owing to the increasing demand for the fuel efficient and eco-friendly transportation solutions. The stringent government regulations to curb the emission of greenhouse gases is encouraging the customers to opt for solar vehicles across the globe. The rising investments of the vehicle manufacturers in the production of solar vehicles and the government subsidies sanctioned to them is boosting the overall growth of the global solar vehicle market.

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The technological advancements and increasing government investments in the development of clean transportation for public is driving the sales of electric buses that utilize solar energy as fuel. Moreover, the rising awareness among the population regarding the deteriorating environmental conditions due to the rising pollution levels is encouraging them to demand for the solar vehicles, especially in the developed markets like Europe and North America. The oil reserves are depleting rapidly across the globe. Government of various nations are heavily investing towards the development of the renewable energy sources. Hence, the solar vehicle market is estimated to grow at a rapid pace during the forecast period.

Report Highlights Details
Market Size By 2028 USD 2.93 Billion
CAGR 32.2% from 2022 to 2030
Base Year 2021
Forecast Data 2022 to 2030
Companies Covered Toyota, Lightyear, Volkswagen, Ford Motor Company, Fiat Chrysler Automobiles, America Cruise Car, Hanergy, Mahindra, Venturi …….


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