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Solar Vehicle Market Trends

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Report ID: 3574
Published Date: Aug 26, 2024
Report Format: PDF, PPT

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Solar Vehicle Market Trends

Growth Drivers

Rising Concerns About Environmental Pollution
Increasing Investments in Research and Development Activities by OEMs for Developing Zero-Emission Vehicles

Challenges

Less Operational Efficiency of Solar Vehicles

Solar Vehicle Market: Key Insights

Base Year	2023
Forecast Year	2024–2036
CAGR	21.4%
Base Year Market Size (2023)	USD 434.5 million
Forecast Year Market Size (2036)	USD 5.41 billion
Regional Scope	North America (U.S., and Canada) Latin America (Mexico, Argentina, Rest of Latin America) Asia-Pacific (Japan, China, India, Indonesia, Malaysia, Australia, Rest of Asia-Pacific) Europe (U.K., Germany, France, Italy, Spain, Russia, NORDIC, Rest of Europe) Middle East and Africa (Israel, GCC North Africa, South Africa, Rest of the Middle East and Africa)

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Browse Key Market Insights with Data Illustration:

Solar Vehicle Market Size & Share, Growth Report 2036

Author Credits: Dhruv Bhatia

Report ID: 3574
Published Date: Aug 26, 2024
Report Format: PDF, PPT

Frequently Asked Questions (FAQ)

In the year 2024, the industry size of solar vehicle is estimated at USD 508.89 million.

Solar Vehicle Market size was valued at USD 434.5 million in 2023 and is likely to reach USD 5.41 billion by 2036, registering around 21.4% CAGR during the forecast period i.e., between 2024-2036. The market growth is driven by rising concerns about environmental pollution and increasing investments in research and development activities by OEMs for developing zero-emission vehicles.

Asia Pacific industry is predicted to account for largest revenue share by 2036, backed by increasing installation ofÂ electric vehicle charging stations, and largescale production of electric vehicles in China.

The major players in the market are Toyota Motor Corporation, Ford Motor Company, Daimler AG, Volkswagen AG, Panasonic Corporation, and others.

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