Pune, India -- (SBWIRE) -- 12/23/2019 -- A new report published by Infinium Global Research on "Solar Vehicle Market (Hybridization - BEV, HEV, and PHEV; Vehicle Type - Passenger Vehicle, and Commercial Vehicle; Solar Panel Type - Monocrystalline, and Polycrystalline): Global Industry Analysis, Trends, Size, Share and Forecasts to 2025." Solar vehicles are used for transportation which is completely charged electrically by direct solar energy. These vehicles contain solar panels with photovoltaic (PV) cells that convert the sun's rays into electric energy. The global solar vehicle market is projected to grow at a CAGR of 38.62% over the forecast period of 2019-2025.

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Granted Subsidies by Government Enhance Growth for Solar Vehicles

The increase in pollution levels and exhausting fossil fuel reservoirs enhance growth for the solar vehicles market. Factors such as reducing prices of the solar panels, technological advancements, granted subsidies by the government for solar panel's affordability, demand for fuel-efficient and environment-friendly vehicles fuel the growth of the global Solar vehicle market. Also, growing pollution due to high emission from vehicles, propel growth for the solar vehicles market. Moreover, developing innovations for harnessing solar energy generates opportunities for solar vehicles market.

Due to Growing Purchase Capabilities, Asia-Pacific is Anticipated to Hold Dominance in the Global Solar Vehicles Market

Geographically, Asia-Pacific holds dominance in the global solar vehicles market. Rising purchase capabilities of consumers and strict emission rules enhance growth for the solar vehicles market in the region. Also, the availability of sunlight for around 300 days throughout the year fuel growth opportunities for the solar vehicles market in the region.

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PHEV Holds the Largest Share in the Solar Vehicles Market

According to the analyst, the scope of the market is analyzed on the basis of hybridization, vehicle type, and solar panel type. Based on hybridization the study includes BEV, HEV, and PHEV. PHEV segment holds a dominant share in the global solar vehicle market. Owing to the growing demand for electric vehicles and rising environmental pollution and disturbance in the ecological balance fuels the growth for solar vehicles. Based on vehicle type the market includes passenger vehicle and commercial vehicle. The passenger vehicle segment is expected to grow and hold the largest share in the global solar vehicles market due to rising sales of passenger vehicles than commercial vehicles. Based on the solar panel type the study includes monocrystalline and polycrystalline.

Leading Key Players in Market of Solar Vehicles

Based on the analysis of the market the leading companies in the study include Toyota Motor Corp, Volkswagen AG, Ford Motor Company, Mahindra & Mahindra Limited, Nissan Motor Co., Ltd., Atlas Technologies B.V., Cruise Car America, Venturi Automobiles, Sono Motors GmbH, Hanergy Holding Group, and Other Companies. In September 2019, Toyota and Subura agreed to form a new business and capital alliance with an aim to develop and strengthen their long-term partnership. In September 2019, Meru Mobility Tech Private Limited was acquired by Mahindra & Mahindra Limited for $28.1 million.

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About Infinium Global Research
Infinium Global Research provides in-depth insight regarding the market, its trends, indicators, and factors that drive and restrain the growth of the market. IGR expertise in the analysis of the market growth using analytical tools, that were also used to analyze the market for the solar vehicle market. Other than, automotive IGR also deals in the field of agriculture, food and beverage, aerospace and defense, chemical and materials, healthcare and medical devices, consumer goods and packaging, energy, infrastructure and mining, ICT, semiconductors and electronics and industrial automation.  

Reasons to Buy this Report:

=> Comprehensive analysis of global as well as regional markets of the solar vehicle.

=> Complete coverage of all the product type and application segments to analyze the trends, developments, and forecast of market size up to 2025.

=> Comprehensive analysis of the companies operating in this market. The company profile includes analysis of product portfolio, revenue, SWOT analysis and the latest developments of the company.  

=> Infinium Global Research- Growth Matrix presents an analysis of the product segments and geographies that market players should focus to invest, consolidate, expand and/or diversify.