Solar Vehicle Market Size, Growth, Industry Analysis and Forecast Report by 2027
The global Solar Vehicle market is studied in detail in the new report on Qualiket Research. The new report studies the Solar Vehicle market by profiling its major driving factors and restraining factors, compiling a comprehensive database on the market’s historical growth trajectory and present conditions, and by using easy formulation of calculations and estimations through the use of industry-leading analytical tools and methods.
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Solar vehicle is the type of electric vehicle which is run on only power from the sun. These vehicles are equipped with photovoltaic cell, which is installed in solar panels, and they are responsible to convert solar energy to electric energy. In a solar vehicle electrical energy is stored into battery of vehicle. Basically, solar panels are made up with silicone, which absorbs heat and that heat is convert into electrical energy. Rise in adoption of advanced technology for vehicles, the demand for solar vehicles is increased which is expected to grow the solar vehicle market growth, across the globe.
Market Drivers
Increase in environmental concerns has resulted in rise in acceptance of eco-friendly vehicles is the key driving factor, which is expected to boost the global solar vehicle market growth. Furthermore, rise in government initiatives, and investments are expected to propel the global solar vehicle market growth. Also, decreased prices of components used in integration and development of solar vehicles will have the positive impact on growth of global solar vehicle market, over the forecast period. Moreover increase in product launch activities is expected to fuel the market growth. For instance, in August 2019, Hyundai hand launched its new vehicle with roof based solar charging technology. Â In which roof of the vehicle is equipped with solar panels.
Market Restraints
However, less operation efficiency and solar vehicles coupled with high cost and lack of standardization are the challenging factor for market growth which are expected to hamper the global solar vehicle market, during this forecast period.
Market Key Players
Various key players are discussed in this report such as Hyundai Motor Company, Lightyear, Alke, Solar Electric Vehicle Company, Hanergy Thin Film Power Group, Sono motors,
Mahindra & Mahindra, Ford, Toyota Motor Corporation, and Volkswagen AG.
Market Taxonomy
By Electric Vehicle
- Plug-in Hybrid Electric Vehicle (PHEV)
- Hybrid Electric Vehicle (HEV)
- Battery Electric Vehicle
By Battery Type
- Lead Carbon
- Lead Acid,
- Lead Ion
By Solar panel
- Polycrystalline
- Monocrystalline
By vehicle type
- Passenger Vehicle
- Commercial Vehicle
By Region
- North America
- Latin America
- Europe
- Asia Pacific
- Middles East & Africa
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