WILMINGTON, Del. , Aug. 26, 2022 -- Enormous efforts by industry players and initiatives by governments to spur adoption of renewable energy sources in transportation are invigorating development of solar powered cars. Rising adoption of clean energy technologies in passenger cars in developing regions is enriching the future scope of solar cars. The solar powered car market to reach US$ 46.11 Bn by 2031, advancing at a robust CAGR of 35.50% from 2022 to 2031 (forecast period).
Several manufacturers of solar cars have benefitted from zero-emission technology schemes of governments. Also, they are committing sizable R&D funds to develop solar panel technologies. They are likely to capture substantial revenues by incorporating advanced clean energy technologies in SUVs and utility vehicles. The study found that crystalline silicon is most widely used materials and the segment is likely to account for a major solar powered car market share during the forecast period.
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Key Findings of Solar Powered Car Market Study
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Solar Powered Car Market: Key Drivers
Solar Powered Car Market: Regional Growth Dynamics
Solar Powered Car Market: Competition Landscape
Mergers and acquisitions and expansion of product portfolio are some of the key competitive strategies implemented by firms in the solar powered car market. The study has found that the competition landscape is fairly consolidated.
Some of the key market players are Hanergy, Clenergy TeamArrow, Mahindra & Mahindra Limited, Volkswagen AG, Ford Motor Company, Toyota Motor Corp, General Motors, and Audi AG.
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Solar Powered Car Market Segmentation
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