Vancouver, BC -- (SBWIRE) -- 05/07/2021 -- 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 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.

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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.
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)

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Regional segmentation of the report covers key regions such as North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. The report also offers a country-wise analysis of the Solar Vehicle market to offer a better understanding of the key features such as production and consumption pattern, supply and demand ratio, import/export, revenue contribution, market share and size, and presence of key players in the region.

Detailed Regional Analysis Covers:

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)

Additional information offered by the report:

A complete overview of the global Solar Vehicle market.
Detailed examination of the various market dynamics, including drivers, opportunities, challenges, threats, constraints, and development prospects prevailing in the global market.
Diverse market trends observed on regional and global levels. The report also elaborates on the market size and shares governed by the major geographies, combined with a precise growth forecast analysis, cost analysis, micro- and macro-economic indicators, and regulatory framework.
A vivid analysis of the company profiles of the key market contenders operating in the global Solar Vehicle market.
Extensive research & development assessment, and a detailed study of the growing demand for new products and the increasing application of the existing and new products.

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

CONTINUED…!!

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About Emergen Research
Emergen Research is a market research and consulting company that provides syndicated research reports, customized research reports, and consulting services. Our solutions purely focus on your purpose to locate, target, and analyze consumer behavior shifts across demographics, across industries, and help clients make smarter business decisions. We offer market intelligence studies ensuring relevant and fact-based research across multiple industries, including Healthcare, Touch Points, Chemicals, Types, and Energy. We consistently update our research offerings to ensure our clients are aware of the latest trends existent in the market. Emergen Research has a strong base of experienced analysts from varied areas of expertise. Our industry experience and ability to develop a concrete solution to any research problems provides our clients with the ability to secure an edge over their respective competitors.

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