According to the latest report by IMARC Group, titled "Solar Vehicle Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026," the market reached a value of US$ 185 Million in 2020. The global solar vehicle market report to grow at a CAGR of around 35% during the forecast period (2021-2026). Solar vehicles refer to electric automobiles that are powered by solar energy. They comprise solar panels, made up of numerous photovoltaic (PV) cells, that are mounted on the roof or exterior of the vehicle. 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. This aids the automobiles to function smoothly, even in the absence of direct sunlight. 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: 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 has created an increasing need for energy-efficient vehicles that do not contribute to vehicular emissions. Consequently, manufacturers are now focusing on the development of sustainable automobiles that utilize renewable sources of energy for propulsion. 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. This has not only contributed to an increase in the uptake of these vehicles but has also resulted in extensive research and development (R&D) activities conducted by students and academic professionals to develop efficient models with better functionalities. Reduced prices of solar panels are acting as another major growth-inducing factor.
View Full Report with TOC & List of Figure: www.imarcgroup.com/solar-vehicle-market
Competitive Landscape with Key players:
The report has also analysed the competitive landscape of the market 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
Volkswagen Ltd
Solar Vehicle Market Segmentation:
Our report has categorized the market based on region, propulsion type, vehicle type, battery type, solar panel type and charging type.
Breakup by Propulsion Type:
BEV
HEV
PHEV
Breakup by Vehicle Type:
Passenger Cars
Industrial Utility Vehicles
Commercial Vehicles
Commercial Turf Utility Vehicles
Golf Cars
Others
Breakup by Battery Type:
Lithium-ion
Lead-Acid
Others
Breakup by Solar Panel Type:
Monocrystalline
Polycrystalline
Breakup by Charging Type:
Slow Charging
Fast Charging
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