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Solar Vehicle Market to Hit USD 689.5 Million by 2027; Backed by Growing Demand for Energy-Efficient Automotive, says Fortune Business Insights™

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Pune, Nov. 30, 2020 (GLOBE NEWSWIRE) — The global solar vehicle market size is expected to gain momentum by reaching USD 689.5 million by 2027 while exhibiting an astounding CAGR of 18.1% between 2020 and 2027. This is attributable to the increasing adoption of advanced rooftop systems and the growing demand for energy-efficient automotive globally. This information is published by Fortune Business Insights, in its latest report, titled, “Solar Vehicle Market Size, Share & COVID-19 Impact Analysis, By Vehicle Type (Passenger Car, Commercial Vehicles), By Battery Type (Lithium-Ion, Lead-Acid, Others), By Solar Panel Type (Monocrystalline, Polycrystalline) and Regional Forecast, 2020-2027.” The report further observes that the market stood at USD 228.1 million in 2019.
The widespread effect of the global pandemic, COVID-19, has been felt across several economies that are facing unprecedented loss. Owing to the lockdown announced by the government agencies to curb the spread of the novel coronavirus, several industries have been at a standstill with zero operational activities. However, a collective effort from the government, as well as the industries is anticipated to bring the economy back on track and aid in resuming industrial activities.Solar vehicles harness energy to operate from the sun by converting it into electrical energy. They consist of photovoltaic cells that aid in the conversion of sunlight into energy. The battery of the automotive that has the stored energy propels the motor to run efficiently. Owing to their several benefits such as zero energy cost, low emission levels, and clean-energy sources, electric vehicles are adopted by people across the globe.
Get Sample PDF Brochure with Impact of COVID19:https://www.fortunebusinessinsights.com/enquiry/request-sample-pdf/solar-vehicle-market-104333
List of the Companies Profiled in this Global Solar Vehicle Market:

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