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The global solar-powered vehicle market is expected to witness 21% CAGR during the period, 2019–2025.
The increasing production and sales of battery and hybrid electric vehicle in countries such as China, Germany, Norway, and Japan drive the growth of solar-powered vehicle market. Furthermore, technological advancements, growing awareness of the key manufacturers for reducing the carbon footprints, low maintenance cost of this system, and the incentives and subsidies provided by federal government of different countries for the setup of solar-based power plants globally, boost the market growth, further.
Market Research Analysis
In terms of region, the global market for solar-powered vehicles is segmented into North America, Europe, Asia-Pacific, and the rest of the world. Asia-Pacific is estimated to hold the highest market share during the forecast period owing to the growing production and sales of electric vehicles from China and Japan. Moreover, the climatic conditions of countries such as China and India, both receive an average of more than 290 days of sunlight, which is suitable for these solar-based vehicles. Hence, the demand for solar cars is growing in China and India.
North America is estimated to grow at a significant rate in solar-powered vehicle market during forecast period owing to the growing demand for environmentally-friendly vehicles and the presence of key playes such as Ford Motor Company, Cruise Car, and The Solar Electric Vehicle Company.
In Europe, Germany is the largest solar-powered vehicle market, whereas the UK, France, Italy, Spain, Belgium, and the Netherlands are the other major countries in Europe that are also contributing towards the growth of this market. In the Middle East & Africa, the UAE, Iran, and South Africa are major solar-powered vehicle markets, whereas in Latin America, Brazil and Argentina play an important role in the growth of this market.
Key Players
The major players considered for the study of global solar-powered vehicle market are Guangzhou Jcar Industrial Company Ltd. (China), Hanergy Holding Group (China), Venturi Eclectic (France), Sono Motors GmbH (Germany), Ford Motor Company (US), Mahindra & Mahindra (India), Cruise Car (US), The Solar Electric Vehicle Company (US), Kiira Motors Corporation (KMC) (Uganda), and Immortus (Australia).
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https://github.com/samirk18/MRFR-SagarKinagi/issues/174
https://github.com/samirk18/MRFR-SagarKinagi/issues/175
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