© 2016 Global Market Insights, Inc. USA. All Rights Reserved Fuel Cell Market size worth $25.5bn by 2024 solar vehicle market is set to see healthy CAGR during 2018 to 2024: Global Market Insights, Inc.

© 2016 Global Market Insights, Inc. USA. All Rights Reserved  Asia Pacific is expected to account for a significant share in the solar vehicle market. This can be attributed to the prevalence for summers and the availability of around 300 days of sunlight throughout the year. Moreover, governments across the region are focusing on offering a wide range of incentives and schemes to promote vehicles powered by alternative sources of fuel. The presence of several automobile manufacturers focusing on launching a multiple vehicle at diversified price range further accelerates the solar vehicle market demand over the projected timeframe. For instance, in 2017, Panasonic announced the launch of a solar car roof for the Toyota Prius model. Regional Analysis of solar vehicle market :

© 2016 Global Market Insights, Inc. USA. All Rights Reserved Application Analysis of solar vehicle market :  Based on vehicle, the solar vehicle market share is segmented into hybrid electric vehicles, battery electric vehicles, and plug-in hybrid electric vehicles. The BEV will showcase considerable growth owing to easier integration of solar panels to charge the battery through solar energy. Additionally, the development of Photovoltaic (PV) technology including transparent photovoltaic (TPV) cells will reduce the vehicle charging time significantly and support the market expansion.  The solar vehicle market share based on panel is bifurcated into monocrystalline panels and polycrystalline panels. The monocrystalline solar panels will grow considerably owing to the compact size and higher efficiency compared to the polycrystalline solar panels. The semiflexible monocrystalline panels are used in electric cars with significant improvements in efficiency. However, the higher panel cost compared to the polycrystalline panels may hamper the market expansion over the study timeframe.

© 2016 Global Market Insights, Inc. USA. All Rights Reserved  The industry participants in the solar vehicle market includes Sono Motors, Volkswagen AG, Toyota Motor Corporation, Ford Motor Company, Mahindra Electric Mobility Limited, Nissan, General Motors, and Cruise Car. Industry participants are investing in R&D for developing advanced solar panel solutions for catering to the rising customer demand. For instance, in April 2015, Mahindra announced the integration of its electric vehicles. Namely the Reva and e2o with solar panels to improve the overall vehicle efficiency.  Industry participants are also engaged in strategic contracts and partnerships for developing innovative connectivity solutions for gaining a competitive edge and improve their market share. For instance, in January 2019, Sono Motors and Bosch entered into a strategic partnership for developing advanced connectivity solutions for its Sion solar vehicle. Competitive Market Share of solar vehicle market :

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