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.

Segmentation

The report segments the market into five key dynamics to widen the scope of understanding,

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. Besides, the increase in the demand for solar-powered electric bus led by government initiatives is estimated to boost the market in this region.

In China, there is a massive push for New Energy Vehicles (NEVs) to cut down the urban pollution. In another effort to scale up and earn international attention, some Chinese solar-powered vehicles manufacturers have begun to ship solar-powered electric trucks to the United States.

Major Players:

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

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.