Emergen Research has recently published a comprehensive research study titled “Solar Vehicle Market is Growing Rapidly,” indicating a rising interest in Solar Vehicle research in the year 2020.
The global solar vehicle market size was USD 290.7 Million in 2020 and is expected to reach USD 2,899.7 Million in 2027 and register a robust double-digit CAGR over the forecast period, according to latest analysis by Emergen Research.
This steady growth can be attributed to increasing awareness and concerns regarding environmental degradation due to air pollution and depleting fossil fuel resources.
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In addition, initiatives focused on shifting away from non-renewable and more eco-friendly energy resources are another key factor driving the market growth. Increasing spending capacity and rising sales of fossil fuel-powered vehicles are rapidly becoming a major concern, especially in rapidly developing economies.
Stringent norms by regulatory bodies to control carbon emission levels from conventional fossil fuel-powered vehicles are having a positive impact on vehicle manufacturers globally.
An increasing number of major automotive manufacturers are focusing on research and development in solar power energy systems. The steady introduction of new and more advanced solar-powered vehicles has become a growing trend in the market.
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OEMs are increasingly investing in the production of more efficient, advanced, and cost-effective solar vehicles to meet the growing demand and interest in such energy-efficient vehicles.
The high initial cost currently, however, is a major factor impacting demand for advanced solar-powered vehicles, and this is expected to restrain market growth to a certain extent going forward.
To gain genuine analysis and a thorough understanding of the market, interested parties can request a sample of the report. https://www.emergenresearch.com/request-sample/535
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