Market Research Report
Solar Vehicle Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2020-2025
|Published by||IMARC Services Private Limited||Product code||933934|
|Published||Content info||106 Pages
Delivery time: 2-3 business days
|Solar Vehicle Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2020-2025|
|Published: April 16, 2020||Content info: 106 Pages||
The global solar vehicle market is currently witnessing robust growth. 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. Looking forward, IMARC Group expects the market to register a CAGR of more than 30% during 2020-2025.