Research Nester published a report titled “Solar Vehicle Market: Global Demand Analysis & Opportunity Outlook 2030” which delivers detailed overview of the global solar vehicle market in terms of market segmentation by electric vehicle type, battery type, solar panel, and by region.
Further, for the in-depth analysis, the report encompasses the industry growth indicators, restraints, supply and demand risk, along with detailed discussion on current and future market trends that are associated with the growth of the market.
The global solar vehicle market size is estimated to occupy a substantial revenue by growing at a CAGR of ~37% during the forecast period, i.e., 2022 – 2030, owing to the escalating concerns regarding environmental pollution, and rising investments in research-based activities by OEMs to develop zero-emission vehicles across the globe. Apart from these, growing production of electric vehicles is also expected to drive market growth in the forthcoming years.
The market is segmented by electric vehicle type, battery type and solar panel. Based on vehicle type, the hybrid electric vehicle (HEV) segment is anticipated to grab the largest market share during the forecast period on the back of deployment of strict vehicle emission regulations. Additionally, by battery type, the lithium-ion segment is projected to gather the largest share over the forecast period ascribing to the rapid discharging capabilities and high energy density of these batteries.
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Geographically, the global solar vehicle market is segmented into five major regions, namely North America, Europe, Latin America, Asia Pacific, and the Middle East & Africa. Europe is evaluated to grab the largest share in the market during the forecast period attributing to the increasing integration of solar panels with electric vehicles in the region. Moreover, Asia Pacific is predicted to register the fastest growth ascribing to the high production of EVs in China.
The research is global in nature and covers detailed analysis on the market in North America (U.S., Canada), Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC [Finland, Sweden, Norway, Denmark], Poland, Turkey, Russia, Rest of Europe), Latin America (Brazil, Mexico, Argentina, Rest of Latin America), Asia-Pacific (China, India, Japan, South Korea, Indonesia, Singapore, Malaysia, Australia, New Zealand, Rest of Asia-Pacific), Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of Middle East and Africa). In addition, analysis comprising market size, Y-O-Y growth & opportunity analysis, market players’ competitive study, investment opportunities, demand for future outlook etc. has also been covered and displayed in the research report.
Increasing Concerns to Reduce Environmental Pollution Worldwide to Drive Market Growth
Over the last few years, concerns regarding significant changes in climate and rise in greenhouse emissions are gaining momentum. Governmental and non-governmental organizations all around the world are speculating the usage of cleaner alternatives for energy generation. This in turn is projected to drive market growth in the near future.
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However, low operational efficiency of solar vehicles is expected to operate as key restraint to the growth of the global solar vehicle market over the forecast period.
This report also provides the existing competitive scenario of some of the key players of the global solar vehicle market which includes company profiling of Toyota Motor Corporation, Ford Motor Company, Bridgestone Corporation, Volkswagen AG, Panasonic Corporation, ZF Friedrichshafen AG, AB Volvo, Schaeffler AG, Continental AG, Sono Motors GmbH, and others. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global solar vehicle market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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About Research Nester
Research Nester is a leading service provider for strategic market research and consulting. We aim to provide unbiased, unparalleled market insights and industry analysis to help industries, conglomerates and executives to take wise decisions for their future marketing strategy, expansion and investment etc. We believe every business can expand to its new horizon, provided a right guidance at a right time is available through strategic minds. Our out of box thinking helps our clients to take wise decision in order to avoid future uncertainties.
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