Rising interest in renewable and sustainable energy resources and systems are some key factors driving revenue growth of the global solar vehicle market.
Vancouver, BC -- (SBWIRE) -- 04/21/2021 -- The latest study, titled "Global Solar Vehicle Market", published by Emergen Research, entails a thorough review of the present and future market trends in this specific business vertical. The report gathers viable information on the most prominent industry players, distribution channel, regional spectrum, market share, and size, in terms of value and volume, respectively, and revenue estimations over the forecast timeframe.
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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Some Key Highlights in the Report
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.
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.
Solar Vehicle Market Segmentation:
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)
Key Regions analyzed in the report include:
North America (U.S., Canada)
Europe (U.K., Italy, Germany, France, Rest of EU)
AsiaPacific (India, Japan, China, South Korea, Australia, Rest of APAC)
Latin America (Chile, Brazil, Argentina, Rest of Latin America)
Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
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Elucidating the competitive scenario of the Global Solar Vehicle Market:
The comprehensive global Solar Vehicle market analysis includes meaningful insights into the competitive spectrum of this business sphere. It goes on to enlist the detailed profiles of each market competitor.
The latest report includes the industry share, production facilities, development prospects,and geographies served by each market player.
The study also showcases the extensive product portfolios of the prominent market contenders and offers critical data and information about the application scope, as well as specifications of these products.
In addition, the study presents the fundamental market insights, pricing range of products offered by these companies, and the gross profits and losses experienced by these players throughout their market tenures.
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
Chapter 6. Solar Vehicle Market By Battery type Insights & Trends Revenue (USD Million)
6.1. Battery type Dynamics & Market Share, 2019 & 2027
6.1.1. Lead Carbon
6.1.2. Lithium Ion
6.1.3. Lead Acid
6.1.4. Nickel Metal Hydride Batteries
CONTINUED..!!
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