Solar Powered Vehicles Market Revenue, Trend and Forecast to 2030

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2022
Solar Powered Vehicles Market Opportunities,
Growth, Challenges, Business Trends and Forecast
2030
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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 PS 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.
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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 (RD), the
declining price of this technology could spell a
fortune for solar-powered vehicles. Request to
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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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