Market Reports News

Solar Vehicle Market Global Industry Overview, Sales Revenue, Demand and Forecast by 2025

The global solar vehicle market is currently witnessing robust growth. Solar vehicles are electric automobiles equipped with monocrystalline and polycrystalline solar panels that assist in converting sunlight into electricity. These vehicles are cost-effective and environment friendly as they rely on renewable energy and do not produce noise pollution. Besides this, as they are easy to charge and require less maintenance than conventional cars, their sales are increasing across the globe.

With the rising environmental concerns, governments of numerous countries are undertaking initiatives to minimize carbon emissions from vehicles. Consequently, they are encouraging the utilization of solar vehicles by offering subsidies and other financial benefits. Apart from this, leading automobile manufacturers are focusing on the development of solar vehicles to expand their consumer base. These manufacturers are also integrating technologically advanced components to reduce the time required for charging the vehicle. Some of the other factors anticipated to strengthen the market growth include inflating income levels, rising research and development (R&D) projects and the increasing trend of self-charging vehicles.

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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

Breakup by Region:

  • North America
    • United States
    • Canada
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • Australia
    • Indonesia
    • Others
  • Europe
    • Germany
    • France
    • United Kingdom
    • Italy
    • Spain
    • Russia
    • Others
  • Latin America
    • Brazil
    • Mexico
    • Others
  • Middle East and Africa

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Competitive Landscape:

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, Volkswagen Ltd., etc.

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Note: As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the purchase behaviours of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.

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