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The global solar vehicle market reached a value of US$ 185 Million in 2020. Looking forward, IMARC Group expects the market to grow at a CAGR of around 35% during 2021-2026. Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic. These insights are included in the report as a major market contributor.
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 Market Segmentation:
IMARC Group provides an analysis of the key trends in each sub-segment of the global solar vehicle market report, along with forecasts for growth at the global, regional and country level from 2021-2026. Our report has categorized the market based on propulsion type, vehicle type, battery type, solar panel type and charging type.
Breakup by Propulsion Type:
Breakup by Vehicle Type:
Breakup by Battery Type:
Breakup by Solar Panel Type:
Breakup by Charging Type:
Breakup by Region:
The competitive landscape of the industry has also been examined with some of the key players being Ford, General Motors, Hanergy Thin Film Power Group, Jinko Solar, Lightyear (Atlas Technologies B.V.), Mahindra & Mahindra, Nissan, Solar Electric Vehicle Company, Sono Motors, Toyota, Trina Solar and Volkswagen Ltd., etc.
|Base Year of the Analysis||2020|
|Segment Coverage||Propulsion Type, Vehicle Type, Battery Type, Solar Panel Type, Charging Type, Region|
|Region Covered||Asia Pacific, Europe, North America, Latin America, Middle East and Africa|
|Countries Covered||United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico|
|Companies Covered||Ford, General Motors, Hanergy Thin Film Power Group, Jinko Solar, Lightyear (Atlas Technologies B.V.), Mahindra & Mahindra, Nissan, Solar Electric Vehicle Company, Sono Motors, Toyota, Trina Solar and Volkswagen Ltd.|
|Customization Scope||10% Free Customization|
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|Post-Sale Analyst Support||10-12 Weeks|
|Delivery Format||PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)|
Key Questions Answered in This Report:
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