Rising Government Initiatives to Drive the Global Solar Powered Vehicle Industry; Asserts MRFR Unleashing the Forecast – 2025
Taste the market data and market information presented through more than 100 market data tables and figures spread in 88 numbers of pages of the project report. Avail the in-depth table of content & market synopsis on “Global Solar-Powered Vehicle Industry Information from 2019 to 2025"
Solar-powered vehicles are used for land transport, where photovoltaic cells are used to convert sunlight energy into electricity, which is then used to power the entire vehicle. The major advantage of this type vehicle is that the vehicle’s battery gets charged while the vehicle is being driven. Solar cars do not create greenhouse gases as gasoline cars and the solar panels work silently so they do not create noise pollution.
The increasing production and sales of electric vehicles in the developing countries are set to drive the global Solar-Powered Vehicle Industry. The growing demand for environment friendly vehicles and the growing concern over the safety in vehicles will further boost the growth of this market. The increasing demand for solar based battery electric vehicles, increasing solar power plants globally, and improving economies from developing countries and technological advancements in solar cars are providing opportunities for the growth of this market.
Increased investments in product development will enable strategic mergers and acquisitions of small startup companies in the global market, which will further drive the global market during the forecast period. However, the major restraints for the global Solar-Powered Vehicle Industry is the high costs associated with the vehicles and energy loss during transmission.
The global Solar-Powered Vehicle Industry is estimated to witness 21% CAGR during the period, 2019–2025.
The global Solar-Powered Vehicle Industry is segmented based on solar panel, battery type, propulsion, vehicle type, and region.
On the basis of solar panel, the monocrystalline solar panel segment is expected to be dominant throughout the study period. This can be attributed due to its growing demand for on-drive charging vehicles, across the globe. Furthermore, monocrystalline solar panels have highest efficiency rates and long lifespans, as they are made from high-grade silicon, which has a capacity to convert up to 25% of sunlight into electricity. Hence, the monocrystalline solar panel segment will witness significant growth over the forecast period.
On the basis of battery type, the lithium-ion battery segment is projected to witness the highest growth during the forecast period. This growth can be attributed to the growing demand for battery electric vehicles and rising long distance travelling.
On the basis of propulsion, the battery electric vehicle is expected to hold the larger share during the study period due the growing uses of lithium-ion battery and rising demand for dynamic wireless charging vehicles. Additionally, the growing demand for the e-mile lifestyle especially from developed and developing regions are set to drive the growth of this segment, which in turn drives the growth of this market.
On the basis of vehicle type, the comercial vehicle segment is projected to witness faster growth during the review period. This growth can be attributed to the growing demand for solar-based electric buses.
The prominent players in the global Solar-Powered Vehicle Industry are 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), Immortus (Australia), Guangzhou Jcar Industrial Company Ltd (China), and Hanergy Holding Group (China).
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