Measures to Curb Environmental Impact of Fossil Fuel-driven Vehicles Paves way for Growth of Solar Powered Cars Market; Valuation to Rise to US$3.5 bn by 2027 - TMR
- Solar technologies have overhauled the dynamics of the energy sector, and have created formidable growth spaces within the global solar powered car market
- The rising levels of air pollution have raised several eyebrows on the use of fuel-run vehicles. One of the largest contributors to air pollution, fuel-run cars have become a matter of contention
Mar 17, 2020, 05:30 ET
ALBANY, New York, March 17, 2020 /PRNewswire/ -- The energy sector is constantly innovating to present disruptive technologies and pragmatic ideas to the masses. The quest of the energy sector to shift from the use of non-renewable, fuel sources to exploitation of renewable power across leading industries has changed the dynamics of several industries. Focus on renewables has brought wind and solar power devices and technologies under the spotlight of attention. Moreover, the high efficiency of solar technologies in producing power or electricity has also become a launch pad for the success of the energy sector. Considering the factors stated above, it is legit to believe that the global solar-powered car market would grow at a sound pace in the times to follow.
Electric vehicles have rightly been acclaimed as the 'next-generation innovation' in the automobile sector. The importance of electric vehicles can be gauged from the investment amounts directed by automobile manufacturers towards developing electric cars. Solar-powered cars are premium electric vehicles that replace plug-in charging with solar-generated production of electricity.
Efficiency of Solar Technologies to Enable Development of Electric Cars
- The dearth of natural resources, coupled with their unfavourable impact on the environment, has created ripples across the solar energy industry.
- Development of high-end solar sheets, panels, and interfaces that can effectively absorb solar energy, and successfully convert it to electricity, has given a thrust to market growth.
- Investments in developing lithium-ion batteries, solar convertors, and green automobile engines have increased in recent times.
- Wind and solar energy technologies complement each other in terms of popularity, sales, and investment.
Understand the leading trends and dynamics operating in the global Solar Powered Car Market (Material: Crystalline Silicon Solar Cells and Thin-Film Solar Cells; Application: Personal and Commercial; Car: Hatchbacks, Sedans, and UVs; Electric Car: BEVs, PHEVs, and HEVs; Solar Component: Solar Arrays, Batteries, Power Trackers, and Others) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2019 – 2027 at: https://www.transparencymarketresearch.com/solar-powered-car-market.html
Global Solar Powered Car Market: Growth Drivers
There is an uptick in investments made towards developing solar technologies, and this trend shall favour the growth of the global solar powered car market. Researchers and energy scientists are burning the midnight oil to develop efficient, resilient, and seamless solar technologies. Several research labs have tasted success in the development of solar batteries that can be power vehicles. A closer look at the global solar powered car market reveals the following key trends that could aid market growth:
- Climate change and global warming have together caused severe damage to the planet, resulting insufficient stock of natural resources. Scantiness of fuels shall invariably bolster the popularity of solar powered cars.
- Several oil-based economies are reducing their reliance on their oil reserves, and are focusing on developing renewable technologies to sustain themselves. This trend shall accelerate the development of solar powered cars across the world.
- Customization in solar powered cars shall play defining role in driving sales across the global market. Availability of solar-powered hatchbacks and sedans shall be a game changer for the vendors operating in the global market.
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Sluggish Adoption of New Technologies to Constrain Market Growth
- The automobile sector has been steadfast in developing electric cars, and several big names have made mega announcements about the launch of new models. However, people have been slow in reciprocating to the launch of electric vehicles in the marketplace. The contempt shown by the masses to shift from the use of fuel-powered vehicles to electric vehicles has aided market growth.
- Manufacturing solar arrays and power trackers requires substantial investment, increasing the overall price of electric vehicles. Automobile manufacturers are looking to reconcile the pricing of electric cars in order to attract a larger consumer base.
Analyze solar powered car market growth in 30+ countries including US, Canada, Germany, United Kingdom, France, Italy, Russia, Poland, Benelux, Nordic, China, Japan, India, and South Korea. Request a sample of the study.
Global Solar Powered Car Market: Competitive Landscape
Hyundai has been at the forefront of advancements in the electric car market. The company lately unveiled a solar roof charging car that can replenish up to 60% of the battery with solar energy. Lightyear is a Netherland-based newbie in the electric car market, and the company lately revealed its 'Lightyear One' solar powered-car.
View Detailed Table of Contents at https://www.transparencymarketresearch.com/report-toc/25529
The global solar powered car market has been segmented as follows:
- Solar Powered Car Market by Material
- Crystalline Silicon Solar Cells
- Thin-Film Solar Cells
- Solar Powered Car Market by Car
- Solar Powered Car Market by Electric Car
- Solar Powered Car Market by Application
- Solar Powered Car Market by Solar Component
- Solar Arrays
- Power Trackers
- Solar Powered Car Market by Region
- North America
- Italy & Spain
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
- Latin America
- Rest of Latin America
Explore Transparency Market Research's award-winning coverage of the Global Automotive & Transport Industry:
Robo-Taxi Market – The robo-taxi market, despite being at a nascent stage right now, is growing rapidly at a value CAGR of ~58%. With a mounting number of countries in the world increasing focus on integrating public transport with urban mobility solutions, the adoption of robo-taxis is expected to reach new heights in the coming years.
Smart Key for Cars Market – The global smart key for cars market is envisaged to gain momentum owing to the rise in demand for remote control and automatic devices in the society. The standard of living of people have also changed along with the increase in the number of disposable income, thus contributing to the market for smart key for cars.
Robot Cars and Trucks Market – Increasing production of vehicles and rising demand for automation of transportation services is a major driving factor for the robot cars and trucks market. Rising incidents of road accidents due to human errors is another influential factor to the robot cars and trucks market.
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