The global solar vehicle market size was USD 290.7 Million in 2020 and is expected to reach USD 2,899.7 Million in 2027 and register a robust double-digit CAGR over the forecast period, according to latest analysis by Emergen Research. This steady growth can be attributed to increasing awareness and concerns regarding environmental degradation due to impact of air pollution and depleting fossil fuel resources. In addition, initiatives focused on shifting away from non-renewable and more eco-friendly energy resources is another key factor driving market growth. Increasing spending capacity and rising sales of fossil fuel-powered vehicles is rapidly becoming a major concern, especially in rapidly developing economies.
As more and more major car manufacturers focus on research and development in solar power energy systems, the industry is witnessing a continual rise in the introduction of new and more sophisticated solar-powered vehicles. OEMs are increasing their investments in the creation of more efficient, intelligent, and cost-effective solar vehicles in order to meet the growing interest in and demand for such energy-efficient vehicles. The high initial cost, however, is currently a key issue influencing demand for sophisticated solar-powered cars, and this is anticipated to considerably restrain market expansion in the future.
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Solar vehicles are electric automobiles that propel themselves using solar energy. Solar vehicles include photovoltaic cells mounted on solar panels, which are responsible for converting solar energy into electrical energy and storing it directly in the vehicle’s battery. These solar panels are made of silicon, a substance that absorbs heat and converts it to electrical energy. The expanding use of cutting-edge automotive technology has increased the demand for solar cars, which is boosting the global market for solar cars.
Some Key Highlights from the Report :
In March 2020, a three-year partnership was signed between Centrica and Volkswagen. The partnership is expected to deliver domestic charging points for new electric vehicle owners.
The monocrystalline segment accounted for largest revenue share among the solar panel type segments in 20 High efficiency of monocrystalline panels due to high purity of monocrystalline silicon is expected to continue to drive demand for monocrystalline solar panels in the production of solar vehicles.
By Battery: Lithium-ion battery is expected to be the largest segment in the solar vehicle market
The segment for lithium-ion batteries is anticipated to grow at the highest rate during the timeframe of the forecast. This specific battery type possesses all the perfect characteristics required for the operation of these vehicles. A smooth charging cycle is made possible by the battery’s high energy density and quick discharge rate. Additionally, this battery has the highest power conversion ratio and best efficiency, making it perfect for these cars.
Asia Pacific is expected to account for the largest market size during the forecast period
Asia Pacific revenue registered fastest revenue growth rate in 2020, driven by rapid urbanization and rising purchasing power among consumers in countries in the region, and increasing shift in preference for more eco-friendly energy-driven vehicles.
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The report also studies the key companies of the Solar Vehicle Market along with analysis of their business strategies, M&A activities, investment plans, product portfolio, financial standing, gross profit margin, and production and manufacturing capacities.
Key players in the market include
Sono Motors, Volkswagen, Toyota, Ford, Mahindra & Mahindra, Nissan, General Motors, Fiat Chrysler Automobiles, Venturi Automobiles, and Hanergy Thin Film Power Group.
Key questions answered in the report:
What key trends are likely to emerge in the Solar vehicle market in the coming years?
What will be the Solar vehicle market size by 2027 ?
Which company held the largest share in the Solar vehicle market ?
Key Questions Answered in the Report
Which are the fastest growing countries in terms of the global Solar vehicle market ?
What are the key strategies being adopted by market players in the global Solar vehicle market ?
Segmented the global Solar Vehicle Market :
Emergen Research has segmented the global solar vehicle market on the basis of solar panel, battery type, vehicle type, electric vehicle type, and region:
Solar Panel Type Outlook (Revenue, USD Million; 2020–2027)
Polycrystalline
Monocrystalline
Battery Type Outlook (Revenue, USD Million; 2020–2027)
Lead Carbon
Lithium Ion
Lead Acid
Nickel Metal Hydride Batteries
Vehicle Type Outlook (Revenue, USD Million; 2020–2027)
Commercial Vehicles
Passenger cars
Electric Vehicle Type Outlook (Revenue, USD Million; 2020–2027)
Hybrid Electric Vehicle (HEV)
Battery Electric Vehicle (BEV)
Plug-in Hybrid Electric Vehicle (PHEV)
As part of our quantitative analysis, we have provided regional market forecasts by type and application, market sales forecasts and estimates by type, application and region by 2027, and global sales and production forecasts and estimates for Bioelectric Medicine by 2027. For the qualitative analysis, we focused on political and regulatory scenarios, component benchmarking, technology landscape, important market topics as well as industry landscape and trends.
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The research scrutinizes new growth opportunities, carried out with an in-depth analysis of the global Solar Vehicle Market on the basis of development, and data analysis accounting for every aspect of the Solar Vehicle Market . Moreover, the report delivers information on regions, types, key drivers, trends, challenges, applications, annual growth rates, forecasts, and market size (quantity and value), and market segment by region.
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Emergen Research is a Market research and consulting company that provides syndicated research reports, customized research reports, and consulting services. Our solutions purely focus on your purpose to locate, target, and analyze consumer behavior shifts across demographics, across industries, and help clients make smarter business decisions. We offer Market intelligence studies ensuring relevant and fact-based research across multiple industries, including Healthcare, Touch Points, Chemicals, Types, and Energy. We consistently update our research offerings to ensure our clients are aware of the latest trends existent in the market. Emergen Research has a strong base of experienced analysts from varied areas of expertise. Our industry experience and ability to develop a concrete solution to any research problems provides our clients with the ability to secure an edge over their respective competitors.
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