Solar Vehicle Market Companies, Share, Forecast, Overview and Analysis by 2028

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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. 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 detailed insights into Solar Vehicle market revenue trends, industry trends, consumer trends, market size, market share, market revenue growth drivers, and forecast, along with ranging impact of each factor and driver. It also provides analysis of various factors expected to restrain or limit potential growth in Solar Vehicle market size over the forecast period, 2020–2028. The report includes profiles of major Solar Vehicle players in the market, strategies being employed, mergers, acquisitions, recent developments, agreements, contracts, new product development and launches, segment revenue, investment details as well as financials. Also included are details regarding top Solar Vehicle market players, manufacturers, and vendors and the various strategies being deployed in the market and objectives for these strategies.

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In addition, initiatives focused on shifting away from non-renewable and more eco-friendly energy resources is another key factor driving market growth. Increasing spending capacity and rising sales of fossil fuel-powered vehicles is rapidly becoming a major concern, especially in rapidly developing economies. Stringent norms by regulatory bodies to control carbon emission levels from conventional fossil fuel-powered vehicles is having a positive impact on vehicle manufacturers globally. Global Solar Vehicle market revenue growth is primarily driven by rising focus by major companies on product portfolio expansion, entry into new and untapped domestic and international markets, rising investments my top Solar Vehicle market players, manufacturers, and vendors in strategic agreements and contracts, and rapidly increasing competition in the Solar Vehicle market. In addition, rapidly rising demand and deployment in respective sectors/industries in major and developing countries is supporting growth in terms of Solar Vehicle market share contribution of these countries. In addition, Solar Vehicle market share contribution is expected to continue to incline steadily over the forecast period due to favorable government policies, advancements in technology, and steady economic growth across various regions and countries.

Top key vendors in Solar Vehicle Market include are:

Sono Motors, Volkswagen, Toyota, Ford, Mahindra Mahindra, Nissan, General Motors, Fiat Chrysler Automobiles, Venturi Automobiles, and Hanergy Thin Film Power Group.

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)
  • Regional Outlook (Revenue, USD Million; 2020–2027)
    • North America
      1. U.S.
      2. Canada
    • Europe
      1. Germany
      2. U.K.
      3. France
      4. BENELUX
      5. Rest of Europe
    • Asia Pacific
      1. China
      2. Japan
      3. South Korea
      4. Rest of APAC
    • Latin America
      1. Brazil
      2. Rest of LATAM
    • Middle East Africa
      1. Saudi Arabia
      2. UAE
      3. Rest of MEA

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In terms of Solar Vehicle market share and revenue contribution to the global Solar Vehicle market, North America is expected to maintain its dominance over other regional markets over the forecast period. Presence of major companies in countries in the region is a key factor supporting rapid increase in Solar Vehicle market share.

The market intelligence report on the Solar Vehicle Industry also includes an extensive investigation of the competitive landscape. It assesses the business and marketing strategies expected to be present in the market through the forecast years. It also includes an investigation of the recent advancements and other factors driving the growth of the overall market to help comprehend the progress of the companies in the coming years.

Region wise performance of the Solar Vehicle industry

North America Solar Vehicle market revenue growth was relatively higher than that of other regional markets in 2020. North America Solar Vehicle market revenue is expected to continue to remain dominant over the forecast period, supported by robust presence of top market players, manufacturers, and vendors, and favorable government policies and norms in countries in the region.  

Asia Pacific Solar Vehicle market revenue registered fastest growth rate in 2020, and this trend is expected to continue over the forecast period. Asia Pacific Solar Vehicle market revenue growth is driven by significant market revenue contribution from China, India, and South Korea. China is a robust hub for top Solar Vehicle market players, manufacturers, and vendors, as well as easy access to raw materials and workforce at more economical costs that that of other regional markets.

Europe Solar Vehicle market revenue is expected to continue to remain steady over the forecast period, attributed to changing trends in various market and robust focus on research and development initiatives by top market players, manufacturers, and vendors to expand global footprint and drive revenues and profits.

Geographically, this report studies the key regions, focuses on product sales, value, market share and growth opportunity in these regions, covering:

  • United States
  • Europe
  • China
  • Japan
  • Southeast Asia
  • India

We can also provide the customized separate regional or country-level reports, for the following regions:

North America, United States, Canada, Mexico, Asia-Pacific, China, India, Japan, South Korea, Australia, Indonesia, Singapore, Rest of Asia-Pacific, Europe, Germany, France, UK, Italy, Spain, Russia, Rest of Europe, Central South America, Brazil, Argentina, Rest of South America, Middle East Africa, Saudi Arabia, Turkey, Rest of Middle East Africa

We can customize our reports for our customers, for instance, we can add or remove manufacturers, applications or product types, whatever you need in the report. Ask for it by contacting us@ https://www.emergenresearch.com/request-for-customization/535

The research provides answers to the following key questions:

  • What will be the growth rate and the market size of the Solar Vehicle industry for the forecast period 2020-2027?
  • What are the major driving forces expected to impact the development of the Solar Vehicle market across different regions?
  • Who are the major driving forces expected to decide the fate of the Solar Vehicle industry worldwide?
  • Who are the prominent market players making a mark in the Solar Vehicle market with their winning strategies?
  • Which Solar Vehicle industry trends are likely to shape the future of the industry during the forecast period 2020-2027?
  • What are the key barriers and threats believed to hinder the development of the industry?
  • What are the future opportunities in the Solar Vehicle market?

Table of Content

Chapter 1. Methodology Sources

    1.1. Solar Vehicle 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. Solar Vehicle Market Estimation Technique

Chapter 2. Executive Summary

    2.1. Summary Snapshot, 2021-2028

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. Solar Vehicle Market indicators analysis

          4.2.2. Solar Vehicle Market drivers analysis

                    4.2.2.1. Rapid urbanization and industrialization

                    4.2.2.2. Stringent government regulations regarding carbon emissions

                    4.2.2.3. Increasing prevalence of respiratory diseases

                    4.2.2.4. Rising need to enhance indoor air quality

          4.2.3. Solar Vehicle Market restraints analysis

                    4.2.3.1. High cost associated with the maintenance of Solar Vehicle products

                    4.2.3.2. Availability of renewable sources of energy

    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 10. Competitive Landscape

    10.1. Solar Vehicle Market Revenue Share By Manufacturers

    10.2. Mergers Acquisitions

    10.3. Competitor’s Positioning

    10.4. Strategy Benchmarking

    10.5. Vendor Landscape

          10.5.1. Raw Material Suppliers

                    10.5.1.1. North America

                    10.5.1.2. Europe

                    10.5.1.3. Asia Pacific

                    10.5.1.4. Middle East Africa

                    10.5.1.5. Latin America

          10.5.2. Distributors

                    10.5.2.1. North America

                    10.5.2.2. Europe

                    10.5.2.3. Asia Pacific

                    10.5.2.4. Middle East Africa

                    10.5.2.5. Latin America

          10.5.3. Others

Continued….

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