solar vehicle market is expected to register a healthy CAGR of 37.54% in the forecast period of 2019-2026. 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
Market Restraints:
- Lack in the efficiency of the vehicles powered through solar energy as they are significantly high costs is expected to restrain the growth of the market
- Lack in the availability of standardization of the products in the market is expected to restrain the growth of the market
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Key Insights in the report:
- Complete and distinct analysis of the market drivers and restraints
- Key market players involved in this industry
- Detailed analysis of the market segmentation
- Competitive analysis of the key players involved
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Related Reports:
According to the latest report by IMARC Group, titled "Solar Vehicle Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2020-2025," the global solar vehicle market size is currently witnessing robust growth.
Solar vehicles refer to electric automobiles that are powered by solar energy.
The panels utilize sunlight to produce electricity, which is stored in surplus amounts to be further utilized for charging the batteries present in the vehicles.
They do not require fuel to run, which significantly reduces the overall cost associated with their usage while lowering the maintenance charges.Get a sample copy of this Report: https://www.imarcgroup.com/solar-vehicle-market/requestsample Global Solar Vehicle Market Trends:The market is primarily driven by the growing concerns pertaining to the rising pollution levels across the globe.
This, along with continual technological advancements in the automotive sector, is providing a boost to the demand for solar vehicles.
It is further supported by the stringent environmental regulations implemented by the governments of several countries to reduce air and noise pollution levels.
