The global solar vehicle market is projected to grow at a CAGR of 36.4% during the forecast period to reach 107,380 units by 2030 from projected 8,955 units by 2022. Solar vehicles are electric vehicles powered by solar energy for their propulsion. With the increased adoption of latest technology for vehicles and keeping the environmental conditions as a primary concern, solar vehicles demands are increased across the globe. However, factors such as less operational efficiency and expensive integration of technology hamper the growth of the market. The solar vehicle market is segmented into electric vehicle type, battery type, solar panel type, vehicle type, and region.

Over the past few decades, increase in trend for automation in vehicles has enforced vehicle manufacturers to adopt technologies, which cause less harm to the environment. with the introduction of solar vehicles, the use of internal combustion engines in vehicles is expected to reduce to a much larger extent leading to less environment pollution. Solar vehicles are less efficient due to the presence of rechargeable battery in them which may affect the growth of solar vehicle market across the globe

Based on the application, solar vehicles have a low efficiency as compared to internal combustion engines-based vehicles due to the presence of battery installed having limited operational range. Many technologies failed to provide ling distance transmission, to overcome this drawback, latest laser and microwave energy transmission mediums are using..

The Asia-Pacific is likely to gather noteworthy growth through the forecast years 2021-2028. The growth of the augmented analytics market in this region is mostly ascribed to the growing adoption of augmented analytics by companies in countries such as India, Japan, and China to compete against other regional players. However, the North American region is likely to account for the maximum market contribution during the forecast years. The domination of this region is largely ascribed to the increasing demand among small & medium as well as large enterprises to enhance their business operations.

ADVANTAGES OF SOLAR VEHICLE SYSTEMS

•          Eco- friendly

•          Quiet

•          Zero emission level

•          Driving comfort

•          No utilization of non-renewable resources

DRAWBACKS OF SOLAR VEHICLE SYSTEMS

• Design challenge
• Poor practicality
• Expensive batteries
• Energy storage capacity

KEY PLAYERS OF SOLAR VEHICLE MARKET

Volkswagen AG, Toyota Motor Corporation, Ford, Mahindra & Mahindra, Sono Motors, Hanergy Thin Film Power Group, Solar Electric Vehicle Company, Alke, Lightyear, and Hyundai Motor Company, which account for a major solar vehicle market share

Segment Overview of Global Augmented Analytics Market

Type Overview, 2019-2028 (USD Million)

•          Passenger Cars

•          Commercial Vehicles

Electric Vehicle Overview, 2019-2028 (USD Million)

•          Battery Electric Vehicle (BEV)

•          Hybrid Electric Vehicle (HEV)

•          Plug-in Hybrid Electric Vehicle (PHEV)

 Battery Type Overview, 2019-2028 (USD Million)

•          Lithium Ion

•          Lead Acid

•          Lead Carbon

Solar Panel Overview, 2019-2028 (USD Million)

•          Monocrystalline

•          Polycrystalline

Regional Overview, 2019-2028 (USD Million)

• North America
  • U.S.
  • Canada
• Europe
  • UK
  • Germany
  • France
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • Rest of Asia-Pacific
• Middle East and Africa
  • UAE
  • South Africa
  • Rest of Middle East and Africa

• South America
  • Brazil
  • Rest of South America