Solar Vehicle Industry - Regional Synopsis
On the basis of geographical analysis, the global solar vehicle market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and the Middle East & Africa region. Asia Pacific industry is expected to hold largest revenue share by 2037, backed by increasing installation of electric vehicle charging stations, and largescale production of electric vehicles in China. It is calculated that China will account for almost 43 percent of the electric vehicles produced globally by the end of 2027, reaching a value of 13 million automobile units. In addition, rise in the number of government initiatives to reduce greenhouse gas emissions, especially in India and South Korea, is also projected to boost the region’s market growth in the coming years. Moreover, Europe is expected to grab the largest market share by the end of 2030, ascribing to the early adoption of electric vehicles, growing integration of solar panels with electric vehicles, and escalating investments by prominent automobile manufacturers in the region to decrease greenhouse emissions from vehicles.
