Solar Vehicle Market Estimated to Reach US$ 1,400.3 Million Globally By 2027
The global solar vehicle market reached a value of US$ 190.7 Million in 2021. The market exhibiting a CAGR of 40.32% during 2022-2027.
SHERIDAN, WYOMING, UNITED STATES, October 6, 2022 /EINPresswire.com/ — According to the latest report by IMARC Group, titled “Solar Vehicle Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027,” offers a comprehensive analysis of the industry, which comprises insights on solar vehicle market report. The report also includes competitor and regional analysis, and contemporary advancements in the global market. The global solar vehicle market reached a value of US$ 190.7 Million in 2021. Looking forward, IMARC Group expects the market to reach US$ 1,400.3 Million by 2027, exhibiting a CAGR of 40.32% during 2022-2027.
Solar vehicles are powered by solar energy as a fuel for their propulsion. These vehicles contain a rechargeable battery to help regulate and store the energy from the solar cells and regenerative braking. These are equipped with photovoltaic cells installed in the solar panels and are responsible for converting the solar energy to electrical energy, which is stored directly in the vehicle’s battery. The demand for solar vehicles has increased due to the growing use of cutting-edge technology, resulting in the global growth of the solar vehicle market. Furthermore, rising research and development activities in technology to improve the efficiency of solar cells to absorb more energy are creating a positive outlook for the market.
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As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the purchase behaviours of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.
Global Solar Vehicle Market Trends:
The global market is majorly driven by the growing popularity of self-charging automobiles. In line with this, increasing production and sales of electric vehicles and rapid adoption of renewable energy sources are positively influencing the market. Moreover, manufacturers of solar vehicles are collaborating with government agencies and other suppliers of raw materials to take benefit of several zero-emission technology schemes. Besides, integrating solar panels into electric vehicles makes them more sustainable and efficient, which may lead to higher adoption of solar-powered vehicles. Additionally, decreasing battery costs and advanced manufacturing processes for solar panel integration are providing a boost to the market on the global level.
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Competitive Landscape with Key players:
The report has also analysed the competitive landscape of the market with some of the key players being.
• General Motors
• Hanergy Thin Film Power Group
• Jinko Solar
• Lightyear (Atlas Technologies B.V.)
• Mahindra & Mahindra
• Solar Electric Vehicle Company
• Sono Motors
• Trina Solar
• Volkswagen Ltd
Solar Vehicle Market Segmentation:
Our report has categorized the market based on region, propulsion type, vehicle type, battery type, solar panel type and charging type.
Breakup by Propulsion Type:
Breakup by Vehicle Type:
• Passenger Cars
• Industrial Utility Vehicles
• Commercial Vehicles
• Commercial Turf Utility Vehicles
• Golf Cars
Breakup by Battery Type:
Breakup by Solar Panel Type:
Breakup by Charging Type:
• Slow Charging
• Fast Charging
Breakup by Region:
• North America (United States, Canada)
• Europe (Germany, France, United Kingdom, Italy, Spain, Others)
• Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
• Latin America (Brazil, Mexico, Others)
• Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)
Key highlights of the report:
• Market Performance (2016-2021)
• Market Outlook (2022-2027)
• Porter’s Five Forces Analysis
• Market Drivers and Success Factors
• SWOT Analysis
• Value Chain
• Comprehensive Mapping of the Competitive Landscape
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