As per a revised report published by Fact.MR, a market research and competitive intelligence provider, the global solar powered car market is valued at US$ 80 Mn, and is set to expand at an impressive CAGR of more than 12% over the forecast period of 2021 to 2031.
Growing popularity of self-charging vehicles has prompted the creation of the solar vehicle industry, which has aided the expansion of the solar powered car business. Manufacturers have been able to produce solar powered cars and solar powered commercial vehicles due to growing demand for alternate fuel vehicles and the desire for pollution-free vehicles. Also, the need to reduce carbon emissions in the environment along with increasing use of renewable energy is compelling manufacturers to increase their investments in R&D activities and production
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Key Takeaways from Market Study
- Monocrystalline solar cells are expected to be one of the key solar panel segments for solar powered cars.
- Sedan cars are anticipated to remain one of the fastest-growing vehicle types for solar power, due to small and sleek design that improves the efficiency of solar panels that are attached on sedan cars.
- Pure electric vehicles are expected to become a high growth car category, owing to design of solar vehicles being severely limited by amount of energy input into the car.
- The lithium-ion battery segment is expected to surge in the near future because of high charging-discharging efficiency, high charge density, and light weight as compared to lead-based and other battery types.
- Europe is estimated to remain one of the fastest-growing regional market because of ease of availability of raw material and increase in government incentives for solar powered car production and selling.
“Use of renewable energy in the automotive industry holds significant opportunities for solar powered car demand, as it is an extremely tantalizing idea to reduce humanity’s carbon footprint,” says a Fact.MR analyst.
Key Segments Covered in Solar Powered Car Industry Research
- By Solar Panel
- Monocrystalline Solar Car Cells
- Polycrystalline Solar Car Cells
- Thin-Film Solar Car Cells
- Organic Solar Car Cells
- Others
- By Car Type
- Compact Solar Powered Cars
- Solar Powered Sedans
- Solar Powered SUVs
- Solar Powered Vans
- Others (Mini Vehicles)
- By Car Category
- Pure Electric Cars
- Hybrid Electric Cars
- By Battery
- Lithium-ion Solar Powered Cars
- Lead-based Solar Powered Cars
- Others
Regional analysis includes
- North America (U.S., Canada)
- Latin America (Brazil, Mexico, Argentina, Chile, Peru, Rest of LATAM)
- EU – (Germany, France, Italy, Spain), UK, BENELUX (Belgium, Netherlands, Luxemburg), NORDIC (Norway, Denmark, Iceland, Sweden), Eastern Europe (Poland, Ukraine, Czech Rep. etc.), Rest of Europe
- CIS & Russia
- Japan
- Asia Pacific Excluding Japan (Greater China, India, S. Korea, ASEAN Countries, Rest of APEJ)
- Middle East and Africa (GCC Countries, Turkey, Iran, Israel, South Africa , Rest of MEA)
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The report covers following Solar Powered Car Market insights and assessment that are helpful for all participants involved in the Intradermal Injections market:
- Data on recently introduced regulations and their impact on key industries and on demand in Intradermal Injections
- Latest industry Analysis on Solar Powered Car Market with key analysis of market drivers, trends, and influencing factors
- Key trends Analysis of Solar Powered Car Market and changing consumer preferences in major industries.
- Changing Intradermal Injections demand and consumption of diverse products
- Major trends underlining funding by key investors in numerous countries
- New investment opportunities in diverse technology and product or service types
- Comprehensive data and Competitive analysis of Intradermal Injections major players
- Solar Powered Car Market sales in US will grow at a steady pace, driven by growing consumer confidence and economic recovery
- Intradermal Injections demand forecast in Europe remains stable, as many countries such as UK, France, and Germany focus on boosting growth
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