Dallas, Jan. 31, 2022 (GLOBE NEWSWIRE) -- Increasing awareness of the rising energy consumption and emissions by the automotive sector is controversially considered to be a major contributor to the extensive rise in climate change concerns and dramatic adversities such as extreme temperatures. Increasing trends boldly advertising self-charging vehicles are excessively driving the scope for the global solar vehicle development. Solar vehicles are electrically charged vehicles which primarily source the electric energy required from solar energy as a fuel for propulsion. Solar powered vehicles are gaining momentum realising the potential to replace the conventional engines fuelling the environmental adversities with decades of combustion and the economic influence of the automotive sector.
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Additionally, consistent rise in high income group all across the globe followed by the shifting consumer demands for aesthetic and futuristic self-owned motility alternatives with environmentally friendly capabilities including reduction or complete elimination of the greenhouse gases contributed by the automotive sectors. The demand for solar vehicles is likely to soar up significantly over the years with strong marketing tools, robust product portfolio and perpetual high-scale research and development projects focused on introducing next-generation technological systems diminishing the reliance on conventional energy sources used to power engines favouring and exponential growth in the technological avenue of the global solar vehicle market.
Large scale production and supply of photovoltaic cells is propelling the growth of the solar vehicles market as photovoltaic cells are an integral part of the motility equipment used to charge the battery based engines of solar vehicles. Solar or electric vehicle manufacturers are increasingly adopting photovoltaic cells for their ability to convert the naturally present sunlight into a usable form of energy that is electricity. Dynamic shift of consumer preference from conventionally designed automotive products to electric vehicles is expected to accelerate the growth of the solar cars market in near future.
Major Solar Vehicle Market Manufacturers:
Volkswagen AG
Toyota Motor Corporation
Ford
Mahindra & Mahindra
Sono Motors
Hanergy Thin Film Power Group
Solar Electric Vehicle Company
Alke
Lightyear
Hyundai Motor Company
Type Overview, 2019-2028 (USD Million)
Passenger Cars
Commercial Vehicles
Electric Vehicle Overview, 2019-2028 (USD Million)
Battery Electric Vehicle (BEV)
Hybrid Electric Vehicle (HEV)
Plug-in Hybrid Electric Vehicle (PHEV)
Battery Type Overview, 2019-2028 (USD Million)
Lithium Ion
Lead Acid
Lead Carbon
Solar Panel Overview, 2019-2028 (USD Million)
Monocrystalline
Polycrystalline
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Introduction of the modern and unique technological approach adhered to in designing electrical or solar based vehicles worldwide has amplified the exposure to the new technology increasing consumer awareness and catering to the need for a highly efficient and improved performance charging system. solar vehicle manufacturers are aggressively working towards scaling up the existing profile of solar cars focusing adding novel features and developing superior quality engines contributing significantly to the expansion of scope for growth and development of the solar vehicle industry. electric vehicles largely depend on charging stations, and with the current status of compromised infrastructure, installation of solar panels has gained rapid momentum paving the way for large-scale adoption of solar vehicles.
Rising environmental concerns adjacent to the constant escalation in pollution rates and the burgeoning demand for energy-efficient alternatives to the existing range fuels used owing to the declining reserves are propelling the solar vehicle industry growth. However, the solar vehicle market addresses certain challenges such as prevalence of less operational efficiency of existing solar vehicle technology and the costs associated with the integration of technology being higher obstructs the growth of the solar vehicle market. nonetheless, extensive research focusing on far-field wireless charging technology systems is likely to boost the growth of the global solar vehicle market.
Key Questions Answered in the Market Research Report:
• What are the inhibiting factors and impact of COVID-19 shaping the global solar vehicle market during the forecast period?
• What is the market size and forecast of the global solar vehicle market?
• How big is the solar vehicle market?
• What are the factors driving the solar vehicle market?
• Who are the prominent players in the solar vehicle market?
• Who are the end-users in the global solar vehicle market?
• Which segment accounted for the largest solar vehicle market share?
Table of Contents:
Chapter 1 Introduction
1.1 Introduction to the Study
1.2 Market Definition and Scope
1.3 Units, Currency, Conversions, and Years Considered
1.4 Key Stakeholders
1.5 Key Questions Answered
Chapter 2 Research Methodology
2.1 Introduction
2.2 Data Capture Sources
2.2.1 Primary Sources
2.2.2 Secondary Sources
2.3 Market Size Estimation
2.4 Market Forecast
2.5 Data Triangulation
2.6 Assumptions and Limitations
Chapter 3 Executive Summary
Chapter 4 Market Outlook
4.1 Introduction
4.2 Value Chain Analysis
4.3 Market Dynamics
4.3.1 Drivers
4.3.1.1 Growing demand for advanced analytics and BI (Business Intelligence) tools
4.3.1.2 Increase in need for real-time business insights to make faster business decisions
4.3.2 Restraints
4.3.2.1 Increasing data security concerns
4.3.2.2 Opportunities
4.3.3.1 Increasing adoption of machine learning, NLP, and artificial intelligence
4.4 Porter’s Five Forces Analysis
4.5 PEST Analysis
Chapter 5 Global solar vehicle Market by type
5.1 Introduction
5.1.1 passenger cars
5.1.2 commercial vehicles
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About Us:
Adroit Market Research is an India-based business analytics and consulting company incorporated in 2018. Our target audience is a wide range of corporations, manufacturing companies, product/technology development institutions and industry associations that require understanding of a market’s size, key trends, participants and future outlook of an industry. We intend to become our clients’ knowledge partner and provide them with valuable market insights to help create opportunities that increase their revenues. We follow a code– Explore, Learn and Transform. At our core, we are curious people who love to identify and understand industry patterns, create an insightful study around our findings and churn out money-making roadmaps.
