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Solar Vehicle Market Growth Rate Calculation, Industry drivers and share will continue to expand steadily through 2027

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Solar Vehicle Market Size – USD 290.7 Million in 2020, Market Growth – at a CAGR of 38.9%,

VANCOUVER, BC, CANADA, October 19, 2021 /EINPresswire.com/ -- The Solar Vehicle Market report covers the market dynamics analysis, company profiles, production and manufacturing capacity, product specifications, product value, and key players. The report also offers an insight into the growth prospects during the forecast period to help key companies and new entrants capitalize on lucrative opportunities and gain a robust footing in the market.

Rising interest in renewable and sustainable energy resources and systems are some key factors driving revenue growth of the global solar vehicle market.                       

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.

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Research Methodology

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.

Alongside offering an in-depth analysis of the recent events that took place in the Solar Vehicle industry, such as technological upgradation and new product launches, the report lays stress on the consequences of these events on the market. The market intelligence report talks about the market size, share, value, and production cost analysis over the forecast period 2020-2027.

Regional analysis covers the following key geographies of the world:

North America, Europe, Asia Pacific, Latin America, Middle East & Africa

Key Market Dynamics

The global Solar Vehicle market research report details on the ongoing market trends, development outlines, and several research methodologies. It illustrates the key factors that directly manipulate the market, for instance, production strategies, development platforms, and product portfolio. According to our researchers, even minor changes within the product profiles could result in huge disruptions to the above-mentioned factors. Each of these factors has been elaborately discussed in the initial segment of the study.

This Report also covers the emerging player’s data, including: competitive situation, sales, revenue and global market share of top manufacturers such as:

The research Solar Vehicle report also offers a detailed analysis of the market status, market definition and overview, market share, current and future trends, market drivers and constraints, opportunities and limitations, risks, sales network and distribution channels, details on entry barriers, and market growth prospects. It provides an extensive analysis of the key players operating in the global Solar Vehicle market.

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.

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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 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.

Report Overview:

Emergen Research has published a research report on global Solar Vehicle market covering current market dynamics with market developments from 2020 to 2027. The report offers an in-depth analysis of historical and emerging trends in the market along with emerging trends, revenue growth, market size, drivers, restraints, challenges, limitations and opportunities The main aim of the report is to help the user, reader, investor understand the exact market scenario.

The Global Solar Vehicle Market segments and Market Data Break Down are illuminated below:

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 battery electric vehicle segment accounted for largest revenue share among the electric vehicle type segments in the solar vehicle market in 2020.

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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)

Table of Content:

Chapter 1. Methodology & Sources

1.1. Market Definition

1.2. Research Scope

1.3. Methodology

1.4. Research Sources

1.4.1. Primary

1.4.2. Secondary

1.4.3. Paid Sources

1.5. Market Estimation Technique

Chapter 2. Executive Summary

2.1. Summary Snapshot, 2019-2027

Chapter 3. Key Insights

Chapter 4. Solar Vehicle Market Segmentation & Impact Analysis

4.1. Solar Vehicle Market Material Segmentation Analysis

4.2. Industrial Outlook

4.2.1. Market indicators analysis

4.2.2. Market drivers analysis

4.2.2.1. Stringent government regulation regarding greenhouse gas emissions

4.2.2.2. Increasing purchasing power of consumers in developing economies

4.2.2.3. Increase in demand for energy-efficient sources

4.2.3. Market restraints analysis

4.2.3.1. High cost of the advanced solar panels and batteries

4.2.3.2. Lower operational efficiency of the solar vehicles

4.2.3.3. Present challenging economic conditions due to the pandemic

4.3. Technological Insights

4.4. Regulatory Framework

4.5. Porter’s Five Forces Analysis

4.6. Competitive Metric Space Analysis

4.7. Price trend Analysis

4.8. Covid-19 Impact Analysis

Chapter 5. Solar Vehicle Market By Solar Panel Insights & Trends, Revenue (USD Million)

5.1. Solar Panel Dynamics & Market Share, 2019 & 2027

5.1.1. Polycrystalline

5.1.2. Monocrystalline

Continue..!!

Why to choose Emergen Research??

Regional Demand Forecasts and Forecasts

Product price volatility

Technology update analysis

Location index analysis

Raw material procurement strategy

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Eric Lee
Emergen Research
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