The global solar powered car market size is poised to reach US$ 3.4 Bn by 2027, expanding at a CAGR of 20% during the forecast period 202 to 2027.
the global solar powered car market is likely to be driven by the demand for zero-emission cars. Self-driving cars are more efficient and cost-effective, and curb transportation emissions. Key automakers such as Sono Motors GmbH, and Lightyear are projected to offer solar powered cars post 2020 and 2021, respectively, which, in turn, is expected to drive the solar powered car market.
The depletion of fossil fuel has prompted global automakers to search for a viable option to maintain their pace of progress and development. Solar powered cars is presently one of the best possible alternate solutions. The demand for zero-emission vehicles has compelled the automotive industry to design and develop new alternate technologies, such as solar powered vehicles that use solar radiant energy as a form of fuel to drive the vehicle. Additionally, the light weight of the car makes it fast and highly efficient as compared to the conventional fossil fuel powered car.
In terms of region, the global solar powered car market has been segregated into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. Europe and Asia Pacific are expected to hold prominent shares of the global solar powered car market. This is due to the rising concerns about transportation emissions, requirement of economical solutions, increasing preference for zero-emission cars, and the existence of well-established automakers and automotive sector, leading to an increase in the development of the solar powered car market. Moreover, the presence of automakers and OEMs capable of offering solar powered cars and mass availability of solar powered car components in these regions have led to their higher shares, globally, as compared to that held by other regions.
The Solar Powered Car market research report covers definition, classification, product classification, product application, development trend, product technology, competitive landscape, industrial chain structure, industry overview, national policy and planning analysis of the industry, the latest dynamic analysis, etc., and also includes major. The study includes drivers and restraints of the global market. It covers the impact of these drivers and restraints on the demand during the forecast period. The report also highlights opportunities in the market at the global level.
The report provides size (in terms of volume and value) of Solar Powered Car market for the base year 2019 and the forecast between 2020 and 2027. Market numbers have been estimated based on form and application. Market size and forecast for each application segment have been provided for the global and regional market.
This report focuses on the global Solar Powered Car market status, future forecast, growth opportunity, key market and key players. The study objectives are to present the Solar Powered Car market development in United States, Europe and China.
It is pertinent to consider that in a volatile global economy, we haven’t just conducted Solar Powered Car market forecasts in terms of CAGR, but also studied the market based on key parameters, including Year-on-Year (Y-o-Y) growth, to comprehend the certainty of the market and to find and present the lucrative opportunities in market.
In terms of production side, this report researches the Solar Powered Car capacity, production, value, ex-factory price, growth rate, market share for major manufacturers, regions (or countries) and type.
In terms of consumption side, this report focuses on the consumption of Solar Powered Car by regions (countries) and application.
Buyers of the report will have access to verified market figures, including global market size in terms of revenue and volume. As part of production analysis, the authors of the report have provided reliable estimations and calculations for global revenue and volume by Type segment of the global Solar Powered Car market. These figures have been provided in terms of both revenue and volume for the period 2016 to 2027. Additionally, the report provides accurate figures for production by region in terms of revenue as well as volume for the same period. The report also includes production capacity statistics for the same period.
With regard to production bases and technologies, the research in this report covers the production time, base distribution, technical parameters, research and development trends, technology sources, and sources of raw materials of major Solar Powered Car market companies.
Regarding the analysis of the industry chain, the research of this report covers the raw materials and equipment of Solar Powered Car market upstream, downstream customers, marketing channels, industry development trends and investment strategy recommendations. The more specific analysis also includes the main application areas of market and consumption, major regions and Consumption, major Chinese producers, distributors, raw material suppliers, equipment providers and their contact information, industry chain relationship analysis.
The research in this report also includes product parameters, production process, cost structure, and data information classified by region, technology and application. Finally, the paper model new project SWOT analysis and investment feasibility study of the case model.
Overall, this is an in-depth research report specifically for the Solar Powered Car industry. The research center uses an objective and fair way to conduct an in-depth analysis of the development trend of the industry, providing support and evidence for customer competition analysis, development planning, and investment decision-making. In the course of operation, the project has received support and assistance from technicians and marketing personnel in various links of the industry chain.
Solar Powered Car market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies’ focus related to Solar Powered Car market.
Prominent players in the market are predicted to face tough competition from the new entrants. However, some of the key players are targeting to acquire the startup companies in order to maintain their dominance in the global market. For a detailed analysis of key companies, their strengths, weaknesses, threats, and opportunities are measured in the report by using industry-standard tools such as the SWOT analysis. Regional coverage of key companies is covered in the report to measure their dominance. Key manufacturers of Solar Powered Car market are focusing on introducing new products to meet the needs of the patrons. The feasibility of new products is also measured by using industry-standard tools.
Key companies are increasing their investments in research and development activities for the discovery of new products. There has also been a rise in the government funding for the introduction of new Solar Powered Car market. These factors have benefited the growth of the global market for Solar Powered Car. Going forward, key companies are predicted to benefit from the new product launches and the adoption of technological advancements. Technical advancements have benefited many industries and the global industry is not an exception.
New product launches and the expansion of already existing business are predicted to benefit the key players in maintaining their dominance in the global market for Solar Powered Car. The global market is segmented on the basis of region, application, en-users and product type. Based on region, the market is divided into North America, Europe, Asia-Pacific, Latin America and Middle East and Africa (MEA).
Prominent players operating in the global solar powered car market include Audi AG, Toyota Motor Corp, Ford Motor Company, Sono Motors GmbH, Mahindra & Mahindra Limited, General Motors, Volkswagen AG., Lightyear, Cruise Car Inc., Solar Electric Vehicle Company, Hanergy Holding Group, Venturi, and Clenergy TeamArrow.
In this study, the years considered to estimate the market size of Solar Powered Car are as follows:
Reasons to Purchase this Report:
- Market segmentation analysis including qualitative and quantitative research incorporating the impact of economic and policy aspects
- Regional and country level analysis integrating the demand and supply forces that are influencing the growth of the market.
- Market value USD Million and volume Units Million data for each segment and sub-segment
- Competitive landscape involving the market share of major players, along with the new projects and strategies adopted by players in the past five years
- Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
In-depth interviews and discussions were conducted with several key market participants and opinion leaders to compile the research report.
Primary research represents a bulk of research efforts, supplemented by extensive secondary research. Annual reports, press releases, and relevant documents of key players operating in various application areas have been reviewed for competition analysis and market understanding.
Secondary research also includes recent trends, technical writing, Internet sources, and statistical data from government websites, trade associations, and agencies. These have proved to be reliable, effective, and successful approaches for obtaining precise market data, capturing market participants’ insights, and recognizing business opportunities.
The study objectives of this report are: