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Solar-Powered Vehicle Market Research Report -|COVID-19 Impact, Outlook Forecast till 2025

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Shweta Raj
Solar-Powered Vehicle Market Research Report -|COVID-19 Impact, Outlook Forecast till 2025

The Global Solar-Powered Vehicle Market is expected to Witness 21% CAGR During the Period, 2019–2025.Global Solar-Powered Vehicle Market Research Report: Information by Solar Panel (Monocrystalline and Polycrystalline Solar Panel), by Battery Type (Lithium-Ion Battery, Lead-Acid, Lead-Carbon and others), by Propulsion (Battery and Hybrid Electric Vehicle), by Vehicle Type (Passenger Car and Commercial Vehicle) and by Region (North America, Europe, Asia-Pacific and Rest of the World) - Forecast till 2025

Solar-Powered Vehicle Market Overview

Sunlight is the primary or main source of energy for solar-powered vehicles, where solar panels are used to generate electricity, which is then utilized to run vehicle. Growing competition amongst solar-powered vehicle manufacturers, stringent environment regulations, and the government support regarding solar-based electric vehicles (EVs) has encouraged manufacturers to design the system as per the government regulations across different regions, which is considered as one of the key factors responsible for the growth of this market. Furthermore, the rising uses of lithium-ion battery in the EVs are likely to drive the solar-powered vehicle market during the study period.

The increasing production and sales of battery and hybrid electric vehicle in countries such as China, Germany, Norway, and Japan drive the growth of solar-powered vehicle market. Furthermore, technological advancements, growing awareness of the key manufacturers for reducing the carbon footprints, low maintenance cost of this system, and the incentives and subsidies provided by federal government of different countries for the setup of solar-based power plants globally, boost the market growth, further.  

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Key Players

The major players considered for the study of global solar-powered vehicle market are Guangzhou Jcar Industrial Company Ltd. (China), Hanergy Holding Group (China), Venturi Eclectic (France), Sono Motors GmbH (Germany), Ford Motor Company (US), Mahindra & Mahindra (India), Cruise Car (US), The Solar Electric Vehicle Company (US), Kiira Motors Corporation (KMC) (Uganda), and Immortus (Australia).

Market Research Analysis

In terms of region, the global market for solar-powered vehicles is segmented into North America, Europe, Asia-Pacific, and the rest of the world. Asia-Pacific is estimated to hold the highest market share during the forecast period owing to the growing production and sales of electric vehicles from China and Japan. Moreover, the climatic conditions of countries such as China and India, both receive an average of more than 290 days of sunlight, which is suitable for these solar-based vehicles. Hence, the demand for solar cars is growing in China and India.

North America is estimated to grow at a significant rate in solar-powered vehicle market during forecast period owing to the growing demand for environmentally-friendly vehicles and the presence of key playes such as Ford Motor Company, Cruise Car, and The Solar Electric Vehicle Company.

In Europe, Germany is the largest solar-powered vehicle market, whereas the UK, France, Italy, Spain, Belgium, and the Netherlands are the other major countries in Europe that are also contributing towards the growth of this market. In the Middle East & Africa, the UAE, Iran, and South Africa are major solar-powered vehicle markets, whereas in Latin America, Brazil and Argentina play an important role in the growth of this market.

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About Market Research Future

At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research & Consulting Services.

MRFR team have supreme objective to provide the optimum quality market research and intelligence services to our clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help to answer all their most important questions.

In order to stay updated with technology and work process of the industry, MRFR often plans & conducts meet with the industry experts and industrial visits for its research analyst members.

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