Solar Vehicle Market Expected to grow at CAGR of +12% by 2025

Posted by Faraz on February 7th, 2020

The Global Solar Vehicle market is expected to grow at a CAGR of  +12% over the forecast period.

Solar vehicles are electric vehicles that are driven completely or significantly by direct solar energy. As a rule, PV (solar) cells included in solar panels convert solar energy directly into electrical energy. The term "solar vehicle" generally means that solar energy is used to power all or part of vehicle propulsion. Solar power can also be used to supply power for communication or control or other auxiliary functions. Solar vehicles are not currently sold as practical everyday vehicles, but are primarily demo vehicles and engineering practices sponsored by government agencies. But second-hand solar vehicles are widespread and solar boats are commercially available.

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The key players covered in this study

  •          Lightyear
  •          Volkswagen
  •          Toyota
  •          Nissan
  •          Ford
  •          General Motors
  •          Mahindra & Mahindra
  •          Sono Motors
  •          Hanergy Thin Film Power Group

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The automotive industry is experiencing a lot of changes with new technologies and innovations that are revolutionizing the way vehicles are designed and manufactured. Automakers are now shifting their attention to vehicles that do not rely on fossil fuels and vehicles that use clean, renewable energy sources. One such destructive technology is the sun and solar assisted vehicles. At present, solar cars can be classified as a type of hybrid electric vehicle (HEVS).

Market segment by Type, the product can be split into

  •          Battery Electric Vehicle (BEV)
  •          Hybrid Electric Vehicle (HEV)

Market segment by Application, split into

  •          Passenger Car
  •          Commercial Vehicle

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