Global solar-powered vehicle market is projected to witness 21% CAGR by 2025
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 c...