APAC Leads the Global Solar-Powered Vehicle Industry; Asserts MRFR by Releasing Insights – 2025
Sunlight is the primary or main source of energy for solar-powered vehicles, where solar panels are used to generate electricity, which is then utilized to run vehicle. Growing competition amongst solar-powered vehicle manufacturers, stringent environment regulations, and the government support regarding solar-based electric vehicles (EVs) has encouraged manufacturers to design the system as per the government regulations across different regions, which is considered as one of the key factors responsible for the growth of this market. Furthermore, the rising uses of lithium-ion battery in the EVs is likely to drive the Solar-Powered Vehicle Industry during the study period. The global Solar-Powered Vehicle Industry 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 Industry. ...