Pune, Nov. 30, 2020 (GLOBE NEWSWIRE) -- The global solar vehicle market size is expected to gain momentum by reaching USD 689.5 million by 2027 while exhibiting an astounding CAGR of 18.1% between 2020 and 2027. This is attributable to the increasing adoption of advanced rooftop systems and the growing demand for energy-efficient automotive globally. This information is published by Fortune Business Insights, in its latest report, titled, “Solar Vehicle Market Size, Share & COVID-19 Impact Analysis, By Vehicle Type (Passenger Car, Commercial Vehicles), By Battery Type (Lithium-Ion, Lead-Acid, Others), By Solar Panel Type (Monocrystalline, Polycrystalline) and Regional Forecast, 2020-2027.” The report further observes that the market stood at USD 228.1 million in 2019.
The widespread effect of the global pandemic, COVID-19, has been felt across several economies that are facing unprecedented loss. Owing to the lockdown announced by the government agencies to curb the spread of the novel coronavirus, several industries have been at a standstill with zero operational activities. However, a collective effort from the government, as well as the industries is anticipated to bring the economy back on track and aid in resuming industrial activities.
Solar vehicles harness energy to operate from the sun by converting it into electrical energy. They consist of photovoltaic cells that aid in the conversion of sunlight into energy. The battery of the automotive that has the stored energy propels the motor to run efficiently. Owing to their several benefits such as zero energy cost, low emission levels, and clean-energy sources, electric vehicles are adopted by people across the globe.
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List of the Companies Profiled in this Global Solar Vehicle Market:
- Sono Motors (Munich, Germany)
- Volkswagen AG (Wolfsburg, Germany)
- Lightyear (Munich, Germany)
- Toyota Motor Corporation (Toyota City, Japan)
- Mahindra & Mahindra Ltd. (Mumbai, India)
- Cruise Car, Inc. (Arizona, US)
- Hanergy Thin Film Power Group Limited (Beijing, China)
- Ford Motor Company (Michigan, US)
- Nissan (Kanagawa, Japan)
What does the Report Include?
The market report includes a detailed assessment of various growth drivers and restraints, opportunities, and challenges that the market will face during the projected horizon. Additionally, the report provides comprehensive research into the regional developments of the market, affecting its growth during the forecast period. It includes information sourced from the advice of expert professionals from the industry by our research analysts using several methodologies. The competitive landscape offers further detailed insights into strategies such as product launches, partnerships, mergers and acquisitions, and collaborations adopted by the companies to maintain market strongholds between 2020 and 2027.
DRIVING FACTORS
Increasing Adoption of Advanced Rooftop Systems to Promote Growth
The decreasing fossil fuels and the growing demand for fuel-efficient vehicles are propelling the manufacturers to develop advanced solar vehicle systems. For instance, in 2019, Hyundai, a global automotive manufacturer, introduced the new Sonata Hybrid that is equipped with an advanced solar roof system. The system charges the battery while in motion and further leads to the overall improvement in fuel efficiency. This, along with the surging demand for energy-efficient automotive, is expected to bode well for the global solar vehicle market during the forecast period.
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SEGMENTATION
Passenger Car Segment Held a Dominant Market Share in 2019
The passenger car segment, based on vehicle type, is expected to experience exponential growth owing to the increasing investment by key players in R&D activities to develop advanced energy-efficient passenger vehicles.
REGIONAL INSIGHTS
Favorable Government Policies in Europe to Stimulate Growth
Among all the regions, Europe is expected to remain at the forefront and hold the highest position in the global soar vehicle market in the forthcoming years. This is attributable to the favorable government policies that offer subsidies to the manufacturers to develop advanced solar vehicles in the region.
The market in North America is expected to showcase considerable growth owing to the growing adoption of solar panels in the production of hybrid solar vehicles in the region between 2020 and 2027.
COMPETITIVE LANDSCAPE
Prominent Companies Focus on Collaboration to Develop Hi-Tech Solar Vehicles
The global solar vehicle market comprises small, medium, and large companies focusing on maintaining their presence by collaboration with other companies to jointly develop advanced systems. Additionally, the adoption of strategies such as merger and acquisition, partnership, and the introduction of new products by key players to maintain strongholds is expected to contribute to market growth.
Key Industry Development:
October 2020 – Researchers at the University of York in the UK, along with NOVA University, Lisbon developed a system that enables solar panels to absorb 125% more light from the sun by adopting a 3D geometry like a square block maze. The system increases the diffraction rate leading to the high absorption of light.
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Detailed Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Merger, Acquisitions, and Partnerships
- Distributor Analysis – For Major Players
- Growth and Penetration Analysis
- Porter’s Five Forces Analysis
- PEST Analysis
- Vendor Landscape
- Global Solar Vehicle Market Analysis, Insights and Forecast, 2016-2027
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Vehicle Type
- Passenger Car
- Commercial Vehicle
- Market Analysis – By Battery Type
- Lithium-Ion
- Lead-Acid
- Others
- Market Analysis, Insights and Forecast – By Solar Panel Type
- Monocrystalline
- Polycrystalline
- Market Analysis, Insights and Forecast – By Region
- North America
- Europe
- Asia Pacific
- Rest of the World
TOC Continued…!
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