Automotive sector actively embraces technology for innovation to gain a competitive edge in the market that is receiving flak for encouraging fuel emission. As such, solar cars happen to serve both the purposes-attaining an innovative feat with self-driven cars and addressing pollution with zero emission technology. Emissions emanating from automotive sector have compelled big players to embrace solar powered car. Nevertheless, solar powered cars are lighter in weight and faster that help in enhancing efficiency and reducing cost. Improved efficiency and cost effectiveness together amount to a definitive reason for automakers to take a plunge into solar cars market. Toyota Motor Corp., Ford Motor Company, General Motors, Volkswagen AG, Audi AG are some of the prominent players who have already made a mark in the solar powered car ecosystem.
A boom in the solar cars industry in near future can be expected, attributing to the active participation of the auto makers. According to a report, the solar powered car market is projected to reach ~US$3.5Bn and expand at a growth rate of ?20% by 2027-end. These insights are in accordance with the intelligence report, titled, "Solar Powered Car Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2019 – 2027". It is the latest addition to over-arching repository of Market Research Hub (MRH).
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Sedan and Bev’s race ahead
The fleet of solar powered cars globally can be categorized in UVs, sedans and hatchbacks. Amongst these, UVs and sedans are undisputed winners against the backdrop of possessing a larger surface area to intake sun rays. BEV type of electric cars also dominate the market share as they are in compliance with norms and policies of emission rolled out by government for green mobility.
Europe and Asia Pacific Gain momentum
Europe and Asia Pacific are highly concerned about the detrimental effects of fuel pollution, and are persistent in implementing zero emission cars. Further, innate capability OEMs in manufacturing solar powered cars and its components has propelled the regions. Accordingly, an array of these benefactors supporting solar powered cars production concatenates to give Europe and Asia pacific, the larger share of solar cars market.
Solar Powered Car Market: Report Synopsis
Quantitative and qualitative assessment exhort intelligence and overarching report on the solar powered car market. Further, the report thoroughly delineates various aspects of the market that will potentially have considerable influence on the development of the solar powered car market. As such, those aspects incorporate drivers, trends, restraints, and opportunities. Furthermore, the report elucidates segregation of the market that provides an exhaustive analysis on solar powered car.
An insightful and deep-dive assessment of the competitive assessment of the solar powered car market pins hope on Porters’ Five Force Analysis. Accordingly, the Porters’ Five Force Analysis offers a pressing analysis on the potential strategies of the preeminent players in the solar powered car market. In addition, the business strategies counts on company overview, product portfolio, SWOT analysis, key differentiation and recent development.
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Solar Powered Car Market: Research Methodology
Primary sources and secondary sources propel intelligence report on solar powered car market that provide deep dive analysis on the market. As such, the report provides reliable and unbiased projections, and assessments which have palpable impact on the market size and historical data. Besides, the report also counts on primary sources which hinges upon in-depth and intelligent analysis from well-grounded and reliable experts, telephonic interview, and a thorough assessment from surveys and seasoned analyst.
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