News

Solar Vehicle Market Trends, Share, Forecast, Overview and Analysis by 2028

September 6, 2021

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. Increasing spending capacity and rising sales of fossil fuel-powered vehicles is rapidly becoming a major concern, especially in rapidly developing economies. 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. The report provides detailed insights into Solar Vehicle market trends, industry trends, consumer trends, market size, market share, market revenue growth, and forecast, along with ranging impact of each factor and driver. It also provides analysis of various factors expected to restrain or limit potential growth in Solar Vehicle market size over the forecast period, 2020–2028. The Solar Vehicle report includes profiles of major players in the market, strategies being employed, mergers, acquisitions, recent developments, agreements, contracts, new product development and launches, segment revenue, investment details as well as financials.

Download FREE Sample PDF Copy (Customized Sample PDF File delivered as per your specific requirement)@ https://www.emergenresearch.com/request-sample/535

Stringent norms by regulatory bodies to control carbon emission levels from conventional fossil fuel-powered vehicles is having a positive impact on vehicle manufacturers globally. Varying market trends can be attributed to inclining revenue growth of the global Solar Vehicle market going ahead. Solar Vehicle Market trends include rising focus by major players on product/service expansion into new and untapped domestic markets and rising competition. Other positive Solar Vehicle market trends include rising demand and deployment in respective sectors/industries in major and developing countries. In addition, initiatives focused on shifting away from non-renewable and more eco-friendly energy resources is another key factor driving market growth. In addition, implementation of favorable government policies, advancements in technology, and steady economic growth across various regions and countries are factors expected to continue to result in further Solar Vehicle market trend evolution and changes going ahead. In addition, rapidly rising demand and deployment in respective sectors/industries in major and developing countries is supporting growth in terms of Solar Vehicle market share contribution of these countries. In addition, Solar Vehicle market share contribution is expected to continue to incline steadily over the forecast period due to favorable government policies, advancements in technology, and steady economic growth across various regions and countries.

Access the Entire Report packed with TOC, Tables and Figures and Outline of Prominent Companies@ https://www.emergenresearch.com/industry-report/solar-vehicle-market

In terms of Solar Vehicle market share and revenue contribution to the global Solar Vehicle market, North America is expected to maintain its dominance over other regional markets over the forecast period. Presence of major companies in countries in the region is a key factor supporting rapid increase in Solar Vehicle market share.

The market intelligence report on the Solar Vehicle Industry also includes an extensive investigation of the competitive landscape. It assesses the business and marketing strategies expected to be present in the market through the forecast years. It also includes an investigation of the recent advancements and other factors driving the growth of the overall market to help comprehend the progress of the companies in the coming years.

Some Key Highlights in 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.
The lithium-ion segment revenue is expected to expand at rapid CAGR of 39.5% during the forecast period. The high energy density, good high-temperature performance, excellent specific energy, and low self-discharge rate of lithium-ion batteries are properties driving revenue growth of the lithium-ion batteries segment.
The passenger cars segment accounted for a significantly high revenue share in the solar vehicle market in 2020. Increasing investment by OEMs in research and development for production of more cost-effective solar vehicles is a factor driving demand for solar-powered passenger cars.
The battery electric vehicle segment accounted for largest revenue share among the electric vehicle type segments in the solar vehicle market in 2020.
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.
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.

Read Trending news@ Investor Welcome

Region wise performance of the Solar Vehicle industry

North America Solar Vehicle market trend scenario has significant impact on other regional market trends. North America Solar Vehicle market accounted for largest revenue share in 2020 and is expected to continue to maintain its dominance over other regional markets over the forecast period. Presence of major players in countries in the region is a key factor driving steady change in overall Solar Vehicle market trends.

Asia Pacific Solar Vehicle market is expected to register comparatively faster revenue growth than other regional markets over the forecast period. This can be attributed to varying Solar Vehicle market trend scenarios in countries such as China, India, South Korea, and others. These scenarios with regard to domestic market trends and international market trends and varying impacts play a major role in growth of the Asia Pacific market.

Asia Pacific market share contribution to the global Solar Vehicle market is expected to continue to register comparatively faster growth rate than other regional markets between 2020 and 2028. Increasing population, favorable government policies and initiatives, rising disposable income among consumers in countries in the region, influence of Solar Vehicle market trends in other countries and regions, and steady economic growth are some key factors driving market revenue growth of the Asia Pacific Solar Vehicle market.

Europe Solar Vehicle market size and revenue growth is primarily supported by Solar Vehicle market trends such as continuous developments in major countries in the region, robust focus on research and development initiatives by major firms, and changing market trends in countries in other major regions.

Geographically, this report studies the key regions, focuses on product sales, value, market share and growth opportunity in these regions, covering:

United States
Europe
China
Japan
Southeast Asia
India

We can also provide the customized separate regional or country-level reports, for the following regions:

North America, United States, Canada, Mexico, Asia-Pacific, China, India, Japan, South Korea, Australia, Indonesia, Singapore, Rest of Asia-Pacific, Europe, Germany, France, UK, Italy, Spain, Russia, Rest of Europe, Central & South America, Brazil, Argentina, Rest of South America, Middle East & Africa, Saudi Arabia, Turkey, Rest of Middle East & Africa

Fill up the Form to get exciting Discount on this Solar Vehicle Report@ https://www.emergenresearch.com/request-discount/535

The research provides answers to the following key questions:

What will be the growth rate and the market size of the Solar Vehicle industry for the forecast period 2020-2027?
What are the major driving forces expected to impact the development of the Solar Vehicle market across different regions?
Who are the major driving forces expected to decide the fate of the Solar Vehicle industry worldwide?
Who are the prominent market players making a mark in the Solar Vehicle market with their winning strategies?
Which Solar Vehicle industry trends are likely to shape the future of the industry during the forecast period 2020-2027?
What are the key barriers and threats believed to hinder the development of the industry?
What are the future opportunities in the Solar Vehicle market?

Why Choose Emergen Research?