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Rising interest in renewable and sustainable energy resources and systems are some key factors driving revenue growth of the market
— Emergen Research
VANCOUVER, BC, CANADA, July 11, 2022 /EINPresswire.com/ — 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.
Rising interest in renewable and sustainable energy resources and systems are some key factors driving revenue growth of the global solar vehicle market.
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. An increasing number of major automotive manufacturers are focusing on research and development in solar power energy systems and steady introduction of new and more advanced solar-powered vehicles has become a growing trend in the market. OEMs are increasingly investing in production of more efficient, advanced, and cost-effective solar vehicles to meet the growing demand and interest in such energy efficient vehicles. High initial cost currently however is a major factor impacting demand for advanced solar-powered vehicles, and this is expected to restrain market growth to a certain extent going forward.
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The SWOT analysis carried out during the study sheds light on the strengths, weaknesses, opportunities and threats encountered by the prominent vendors. Expert insights on past, present and future trends covered by the study further aims to provide clarity on the future prospects of the industry.
The major manufacturers covered in this report:
Sono Motors, Volkswagen, Toyota, Ford, Mahindra & Mahindra, Nissan, General Motors, Fiat Chrysler Automobiles, Venturi Automobiles, and Hanergy Thin Film Power Group
Segments Covered in this report are:
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
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The key regions included here contribute significantly to the worldwide market share. The report also gives a competitive analysis of the Solar Vehicle market. The study categorizes the global market to project the total revenue and examine the past, present as well as emerging trends in sub segments such as types, size, vertical, consumers and geography.
Regional Outlook (Revenue, USD Million; 2020–2027)
North America
U.S.
Canada
Europe
Germany
U.K.
France
BENELUX
Rest of Europe
Asia Pacific
China
Japan
South Korea
Rest of APAC
Latin America
Brazil
Rest of LATAM
Middle East & Africa
Saudi Arabia
UAE
Rest of MEA
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This report strategically examines the micro-markets and brings to light the impact of technology upgrades on the performance of the Solar Vehicle market. Researchers conducting the research also carry out a comprehensive analysis of the recent amendments in the government regulation and their impact on the competitive landscape of the industry.
Table of Contents:
Report Overview: It includes the objectives and scope of the study and gives highlights of key market segments and players covered. It also includes years considered for the research study.
Executive Summary: It covers industry trends with high focus on market use cases and top market trends, market size by regions, and global market size. It also covers market share and growth rate by regions.
Key Players: Here, the report concentrates on mergers and acquisitions, expansions, analysis of key players, establishment date of companies, and areas served, manufacturing base, and revenue of key players.
Breakdown by Product and Application: This section provides details about market size by product and application.
Regional Analysis: All of the regions and countries analyzed in the report are studied on the basis of market size by product and application, key players, and market forecast.
Profiles of International Players: Here, players are evaluated on the basis of their gross margin, price, sales, revenue, business, products, and other company details.
Market Dynamics: It includes supply chain analysis, analysis of regional marketing, challenges, opportunities, and drivers analyzed in the report.
Appendix: It includes details about research and methodology approach, research methodology, data sources, authors of the study, and a disclaimer.
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Key Questions Answered
What is the impact of COVID-19 on the global Solar Vehicle Market?
What are the top strategies that companies adopting in Solar Vehicle Market?
What are the challenges faced by SME’s and prominent vendors in Solar Vehicle Market?
Which region has the highest investments in Solar Vehicle Market?
What are the latest research and activities in Solar Vehicle Market?
Who are the prominent players in Solar Vehicle Market?
What is the potential of the Solar Vehicle Market?
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