Solar Powered Vehicles Market – Global Forecast to 2030

1. 2022 Solar Powered Vehicles Market Opportunities, Growth, Challenges, Business Trends and Forecast 2030

2. The 21st century is definitely the time of electric mobility, with countries around the world taking numerous initiatives to embrace it. Globally, purchase subsidies are being offered, taxes are being reduced, and even dedicated parking lanes are being offered to encourage people to go for electric vehicles (EVs). Now, while these efforts are bearing fruit, they are also creating a problem. In a world already starved of energy, the growing number of EVs is only going to make this problem worse, by further driving the demand for electricity. This creates another problem; still, the majority of the electricity, especially in developing countries, is produced from fossil fuels. In its latest report, the International Energy Agency (IEA) says, “The share of renewables in electricity generation is projected to increase to almost 30% in 2021.”, meaning that 70% of the energy will still be produced from natural gas, coal, and oil. According to P&S Intelligence, these apparent disadvantages of the growing EV stock around the world would be the key drivers for the solar powered vehicles market in the years to come.

3. This is because by integrating solar panels into the vehicles themselves, the need for procuring electricity from a secondary source is eliminated. Already, the photovoltaic (PV) technology has been the preferred way to generate renewable energy, with the IEA saying, “Renewables are set to provide more than half of the increase in global electricity supply in 2021.” This is because of the cost-efficiency and good understanding of the PV technology, which is why it is being extensively experimented upon for running automobiles. Thus, one of the key prerequisites for the growth of the solar powered vehicles market would be a sharp drop in the price of PV panels. Thanks to the pandemic-induced lockdowns, production surge in China, and emergence of efficient monocrystalline PV panels in 2019, their prices have witnessed a sharp decline. As per an article published on Forbes in September 2020, the price of solar panels fell from $0.63 per Watt in the first quarter of 2016 to $0.21 per Watt by the first quarter of 2020. Thus, combined with the continuous research and development (R&D), the declining price of this technology could spell a fortune for solar-powered vehicles. Request to Get the Sample Report: https://www.psmarketresearch.com/market-analysis/solar-powered-vehicles-market/report-sample

4. This study covers 1. Historical and the present size of the Solar Powered Vehicles Market 2. Historical and the present size of the market segments and understand their comparative future potential 3. Potential of on-demand logistics services, so the market players make informed decisions on the sales of their offerings 4. Competitive scenario of various market segments across key countries in several regions for uncovering market opportunities for the stakeholders 5. Major players operating in the market and their service offerings

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