Solar Vehicle Market Recent Study Including Growth Factors CAGR of 37.59%

Posted by nileshdbmr on April 1st, 2021

Solar vehicle market will grow at a CAGR of 37.59% in the forecast period of 2021 to 2028.Solar vehicles are automotive that have been equipped and integrated with solar cells that can generate and store electricity for powering up various components inside the vehicle and even help in mobility of the electric vehicles. Solar vehicles do not utilize or depend completely on solar energy for mobility of the vehicle or powering the components inside the vehicles as currently they are only focused as an alternative source of energy.

Key Market Competitors: Global Solar Vehicle Market

Few of the major competitors currently working in the global solar vehicle market are Daimler AG; Ford Motor Company; TOYOTA MOTOR CORPORATION; Volkswagen AG; Panasonic Corporation; ZF Friedrichshafen AG; AB Volvo; BYD Company Ltd.; Schaeffler AG; Continental AG; Tesla; Nissan; Mahindra & Mahindra Ltd.; Sono Motors; GM Cruise LLC; Hanergy Thin Film Power Group Limited; Solar Electric Vehicle Company; Atlas Technologies; JJ PV Solar; Trina Solar; Surat Exim Pvt. Ltd.; Jinko Solar; Sikco Sustainability Assured and Venturi Automobiles.

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Segmentation: Global Solar Vehicle Market

•          By EV Type (HEV, BEV, PHEV), Vehicle Type (PV, CV)
•          By Battery (Lithium-Ion, Lead-Acid, Lead Carbon)
•          By Solar Panel (Monocrystalline Solar Panel, Polycrystalline Solar Panel)
•          By Charging Station (Residential, Commercial)
•          By NEV Type (Commercial Turf Utility Vehicles, Golf Carts, Personal Carrier, Industrial Utility Vehicles)

Competitive Analysis: Global Solar Vehicle Market

Global solar vehicle market is highly fragmented and the major players have used various strategies such as new product launches, expansions, agreements, joint ventures, partnerships, acquisitions, and others to increase their footprints in this market. The report includes market shares of solar vehicle market for global, Europe, North America, Asia-Pacific, South America and Middle East & Africa.

Market Drivers:

•          Rise in the levels of concerns for the environment has resulted in a rise in adoption for eco-friendly vehicles; this factor is expected to drive the growth of the market
•          Increased initiatives undertaken by the governments to provide subsidies, financial benefits is expected to drive the growth of the market
•          Decreasing prices of components utilized in the development and integration of solar vehicles is expected to positively affect the growth of the market