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Solar Powered Vehicles Market

The solar-powered vehicle uses photovoltaic cells to transform solar energy into electrical energy and to energy the vehicle. Due to technological advancements and increased demand for a powerful vehicle with zero carbon emissions, the global solar-powered vehicle market is rising at a substantial pace.

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Solar Powered Vehicles Market

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  1. Solar Powered Vehicles Market Solar powered vehicle uses photovoltaic cells to transform solar energy into electrical energy and to energy the vehicle. Due to technical advancements and increased demand for a powerful vehicle with zero carbon emissions, the global solar-powered vehicle market is rising at a substantial pace. Different types of electric cars, such as fully electric vehicles and hybrid electric vehicles, have led to the market size of solar powered vehicles. Owing to the mounting government backing for these cars in the form of discounts and grants, the industry has seen strong demand for the fully electric vehicle. By electric vehicle type, fully electric vehicle segment is expected to grow at a faster rate in the market due to mounting government backing for these vehicles in the mode of subsidies and incentives. By vehicle type, the passenger cars accounted the larger share in the solar-powered vehicle market due to mounting demand for fuel-efficient vehicle and mounting environmental awareness among consumers. By type, the four wheelers segment is expected to grow at a faster rate in the market due to escalating acceptance of solar panels in passenger car and buses. The main drivers of growth for the solar powered vehicles market are increased prominence by the government of many countries to support eco sustainable vehicles and declining solar panel prices. In addition, the rise of the industry is also motivated by an increase in the demand for a powerful vehicle with zero carbon emissions, increasing alarms about environmental pollution and stringent restrictions on vehicle emissions. Technological advancement and escalating automation in production are also facilitating the growth of the solar-powered vehicle's market. Recent News: In July 2016, In Beijing, Hanergy Holding Group launched four full solar power vehicles and introduced the advantages of solar thin film cells. In August 2017, With Alta Devices Inc, Audi has collaborated to implant highly engineered solar cells into the roof glass of passenger cars. Competitive Insights: Ford Motor Company, Hanergy Holding Group, Toyota Motor Corporation, Nissan Motor Company, Audi AG, Mahindra & Mahindra, Cruise Car, and Guangzhou Jcar Industrial Company Ltd are the key players offering solar-powered vehicles.

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