Solar Vehicle Market Major Geographies, Prominent Players Review and Forecast 2021 to 2027
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.
The report provides an in-depth analysis of the competitive landscape and covers profiling of the key players along with their product portfolios, market position, production and manufacturing capacity, business strategies, lucrative alliances and partnerships, extensive research and development activities, revenue contribution, and gross profit margins. Along with these details, the report also encompasses SWOT analysis, Porter’s Five Forces analysis, market scenario, investment return analysis, and feasibility analysis to offer better overview of the competitive landscape.
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.
Some Key Highlights in the Report
- 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.
The 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.
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 Benefits of the Report:
- Comprehensive analysis of the competitive scenario and its changing dynamics
- Analytical data with detailed SWOT analysis and Porter’s Five Forces analysis
- In-depth 8 year analysis of the Global Solar Vehicle Market
- Critical understanding of the key market segments
- Comprehensive analysis of the drivers, restraints, trends, and opportunities
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