DUBLIN--(BUSINESS WIRE)--The "Solar Vehicle Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026" report has been added to ResearchAndMarkets.com's offering.
The global solar vehicle market reached a value of US$ 185 Million in 2020. Looking forward, the global solar vehicle market to grow at a CAGR of around 35% during the forecast period (2021-2026).
Solar vehicles can be defined as electric automobiles that run on solar energy by using photovoltaic (PV) cells to convert energy from sunlight to electricity. These vehicles have either monocrystalline or polycrystalline panels and are available in two kinds: hybrid and electric.
The hybrid variants run on an internal combustion engine (ICE) and an electric motor. Whereas, the electric variants run only on electric motors and store power in rechargeable batteries. These solar-powered vehicles are highly cost-effective and aid in minimizing both environmental and noise pollution.
Growing environmental consciousness across the globe is one of the primary factors driving the market growth. Governments of both developed and emerging economies are increasingly focusing on efforts and undertaking initiatives to minimize vehicular pollution.
Consequently, automobile manufacturers are emphasizing on developing sustainable vehicles that reduce the overall dependence on fossil fuels and can operate on clean and renewable sources of energy. Furthermore, the widespread adoption of electric vehicles (EVs) is also providing a boost to the market growth.
Additionally, various technological advancements, including the development of automated solar sunroofs that can minimize the time required for charging the vehicle, are also creating a positive outlook for the market growth.
Other factors, including the rising demand for fuel-efficient automobiles and research and development (R&D) activities for developing innovative technologies to harness solar energy, are projected to drive the market further.
Key Questions Answered in This Report:
- How has the global solar vehicle market performed so far and how will it perform in the coming years?
- What are the key regional markets?
- What has been the impact of COVID-19 on the global solar vehicle market?
- What is the breakup of the market based on the propulsion type?
- What is the breakup of the market based on the vehicle type?
- What is the breakup of the market based on the battery type?
- What is the breakup of the market based on the solar panel type?
- What is the breakup of the market based on the charging type?
- What are the various stages in the value chain of the industry?
- What are the key driving factors and challenges in the industry?
- What is the structure of the global solar vehicle market and who are the key players?
- What is the degree of competition in the industry?
Breakup by Propulsion Type:
Breakup by Vehicle Type:
- Passenger Cars
- Industrial Utility Vehicles
- Commercial Vehicles
- Commercial Turf Utility Vehicles
- Golf Cars
Breakup by Battery Type:
Breakup by Solar Panel Type:
Breakup by Charging Type:
- Slow Charging
- Fast Charging
Breakup by Region:
- North America
- United States
- Asia Pacific
- South Korea
- United Kingdom
- Latin America
- Middle East and Africa
The competitive landscape of the industry has also been examined with some of the key players being
- General Motors
- Hanergy Thin Film Power Group
- Jinko Solar
- Lightyear (Atlas Technologies B.V.)
- Mahindra & Mahindra
- Solar Electric Vehicle Company
- Sono Motors
- Trina Solar
- Volkswagen Ltd.
For more information about this report visit https://www.researchandmarkets.com/r/h2bgjc
Laura Wood, Senior Press Manager
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