Increasing Adoption of the Latest Technology for Vehicles coupled with the Growing Demand for Energy-Efficient Sources and Alternatives to Fuel has Propelled the Growth of the Solar Vehicle Market in the APAC Region!

In today’s scenario, people are becoming more aware of the impact of their actions on the environment, they are looking for ways to reduce their carbon footprint and switch to more sustainable modes of transportation. Solar vehicles are an attractive option for those looking to reduce their carbon emissions, as they produce zero emissions and are powered by a clean and renewable energy source. The cost of solar panels and other solar components has been decreasing over the years, making it more affordable for individuals and businesses to install solar systems. As the cost of solar technology continues to decrease, more people will be able to afford to install solar panels in their homes or businesses, which will in turn increase the demand for solar vehicles.

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Moreover, increased traffic congestion and air pollution in the region lead to the high adoption of solar vehicles. Solar vehicles are an attractive option for those living in urban areas, as they are more efficient and convenient than traditional gasoline-powered vehicles. They can also help reduce traffic congestion and air pollution, making cities more livable and healthier.

Further, the APAC Solar Vehicle Market is expected to grow at a CAGR of 40% during the forecast period (2023-2030). APAC is anticipated to grow at a substantial CAGR during the forecast period. This is mainly due to the increasing concerns about air pollution, the need to reduce greenhouse gas emissions, and government initiatives to promote the use of electric and solar-powered vehicles in the region. The government of China has implemented several policies and initiatives to support the use of electric and solar-powered vehicles, including subsidies and tax incentives for manufacturers and consumers. This has led to a significant rise in the production and adoption of electric and solar vehicles in China. Other countries in the region, such as Japan, South Korea, and India, are expected to witness growth in this market in the forecasted years. These countries have also implemented policies and initiatives to promote the use of electric and solar-powered vehicles and there is growing interest among consumers in adopting these technologies. For instance, in Feb 2023, Pune startup to launch India’s first solar electric car Eva in 2024. The car is designed to accommodate two adults and a child; contains 150-watt solar panels on the sunroof that can give it 10-12 km of range every day. It can be charged in four hours at home with a regular house socket and with a DC fast-charging option, it reaches 80 percent charge in 45 minutes.

FIG. 1 APAC Solar Vehicle Market Revenue (2020-2030)- USD Mn

Based on electric vehicle type, the market is segmented into Battery Electric Vehicle (BEV), Hybrid Electric Vehicle (HEV), and Plug-in Hybrid Electric Vehicle (PHEV). Hybrid Electric Vehicle (HEV) category is expected to grow with a significant CAGR during the forecast period. This is mainly owing to the fact people are switching to HEVs due to which the need for solar vehicles, which can make use of both solar and electricity from the grid, is growing. Leading an opportunity for producers of solar cars to expand their product line and provide consumers with more sustainable, efficient options.

On the basis of battery type, the market is categorized into Lithium Ion, Lead Acid, and Lead Carbon. Among these, the Lithium Ion is expected to grow with a significant CAGR during the forecast period. This is mainly due to the presence of all necessary characteristics required for the operation of these vehicles offered by lithium ion battery. The battery has high energy density and a fast discharge capacity so that the charge cycle can be easily charged. In addition, a Lithium Ion battery offers the most efficient performance and makes it suitable for such vehicles with a high-power conversion ratio.

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Global Solar Vehicle Market Segmentation

Market Insight, by Electric Vehicle Type

· Battery Electric Vehicle (BEV)

· Hybrid Electric Vehicle (HEV)

· Plug-in Hybrid Electric Vehicle (PHEV)

Market Insight, by Battery Type

· Lithium Ion

· Lead Acid

· Lead Carbon

Market Insight, by Battery Type

· Lithium Ion

· Lead Acid

· Lead Carbon

Market Insights, by Solar Panel

· Monocrystalline

· Polycrystalline

Market Insights, by End-User

· Passenger Vehicle

· Commercial Vehicle

Market Insight, by Region

· North America

o U.S.

o Canada

o Rest of North America

· Europe

o Germany

o U.K.

o France

o Spain

o Italy

o Rest of Europe

· APAC

o China

o India

o Japan

o Australia

o Russia

o Rest of APAC

· Rest of the World

Top Company Profiles

· SONO MOTORS GmbH

· Volkswagen

· Ford Motor Company

· Nissan Motor Co., Ltd.

· Mahindra&Mahindra Ltd

· Hyundai Motor Company

· Tesla

· Lightyear Technologies B.V.

· Alke

· VENTURI