Solar Vehicle Market Analysis

segmented by electric vehicle type into battery electric vehicle (BEV), hybrid electric vehicle (HEV), and plug-in hybrid electric vehicle (PHEV), out of which, the hybrid electric vehicle (HEV) segment is anticipated to hold the largest share in the global solar vehicle market. This can be accounted to the implementation of stringent vehicle emission norms and regulations, and removal custom duties for hybrid and electric vehicles by several countries globally. Additionally, on the basis of battery type, the lithium-ion battery is assessed to acquire the largest share during the forecast period, which can be credited to the high energy density and rapid discharging ability of these batteries. Apart from these, lithium-ion batteries offer maximum efficiency, making them more suitable for solar vehicles, which in turn is predicted to drive the market segment’s growth in the near future. 

Our in-depth analysis of the global market includes the following segments: