The "Solar Vehicle Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2020-2025" report has been added to ResearchAndMarkets.com's offering.
The global solar vehicle market is currently witnessing robust growth. Looking forward, the publisher expects the market to register a CAGR of more than 30% during 2020-2025.
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Growing environmental consciousness across the globe is one of the primary factors driving the market growth. Governments of both developed and emerging economies are increasingly focusing on efforts and undertaking initiatives to minimize vehicular pollution. Consequently, automobile manufacturers are emphasizing on developing sustainable vehicles that reduce the overall dependence on fossil fuels and can operate on clean and renewable sources of energy.
Furthermore, the widespread adoption of electric vehicles (EVs) is also providing a boost to the market growth. Additionally, various technological advancements, including the development of automated solar sunroofs that can minimize the time required for charging the vehicle, are also creating a positive outlook for market growth.
Other factors, including the rising demand for fuel-efficient automobiles and research and development (R&D) activities for developing innovative technologies to harness solar energy, are projected to drive the market further.
The competitive landscape of the industry has also been examined with some of the key players being Cruise Car, Ford, General Motors, Hanergy Thin Film Power Group, Jinko Solar, Lightyear, Mahindra & Mahindra, Nissan, Solar Electric Vehicle Company, Sono Motors, Toyota, Trina Solar, Volkswagen Ltd., etc.
Key Questions Answered
View the source version on PR Newswire:
https://www.prnewswire.com/news-releases/worldwide-solar-vehicle-market-insights-to-2025---bev-vs-hev-vs-phev-monocrystalline-vs-polycrystalline-slow-charging-vs-fast-charging-301053094.html