The market is predominantly driven by growing government initiatives and subsidies to encourage continued expansion of solar-powered vehicles. Moreover, increasing long-distance driving ranges of electric cars and the rising demand for environment-friendly vehicles fosters the growth of the market.

Major Players

Players leading the global Solar-Powered Vehicle Industry include Hanergy Holding Group (China), Guangzhou Jcar Industrial Company Ltd (China), Venturi Eclectic (France), Ford Motor Company (US), Sono Motors GmbH

Segmentation

By Solar Panel : Monocrystalline Solar Panel and Polycrystalline Solar Panel.

By Battery Type : Lithium-Ion Battery, Lead-Acid, and Lead-Carbon, among others.

By Propulsion : Battery Electric Vehicle and Hybrid Electric Vehicle.

By Vehicle Type : Commercial Vehicle and Passenger Car.

By Regions : Asia Pacific, North America, Europe, and the Rest-of-the-World.

Regional Analysis

The Asia Pacific region is forecasted to hold the largest share in the global Solar-Powered Vehicle Industry during the forecast period. Increasing production and sales of batteries and hybrid electric vehicles in China and Japan is propelling the growth of the regional market.

Competitive Analysis

[FURL=https://www.marketresearchfuture.com/reports/solar-powered-vehicle-market-7946]Solar-Powered Vehicle Industry[/FURL] demonstrates high growth prospect, which attracts several new entrants to the market, further intensifying the market competition. Battery-makers operating in the market are increasingly turning to nickel to help the sales of solar-powered cars. Manufacturers strive to offer expansive IT expertise that supports rechargeable batteries, as well as, new energy vehicles, solar farming, and other energy storage options.

Industry/ Innovation/ Related News

July 15, 2019 --- Toyota Motor Corp (Japan), a car manufacturing giant, announced the beginning of testing of its solar-powered and self-charging car – Prius. The new version of Prius hybrid car, with up to 860 watts of thin solar film will be able to charge its “solar battery” as it drives, and add more than 50kms to its fossil fuel-free driving range. The 1kW output from solar panels on the car is a potential game-changer for not just hybrids, but also full battery electric vehicles.

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