The global solar-powered vehicle market is expected to witness a CAGR of 37.56% during the forecast period. Factors driving the growth of the solar-powered vehicles market are the increasing interest in renewable and sustainable energy resources and systems, the rising purchasing power of consumers, growing environmental concerns, preference of consumers towards eco-friendly solutions and vehicles, and the growing importance of solar-powered vehicles in emerging economies resulting in the growth of the solar-powered vehicles industry. There is a need to reduce the dependence on fossil fuels which is a primary factor contributing to the growth of the solar-powered vehicles market.

The COVID-19 pandemic has affected many economies and the companies are facing unprecedented losses. Owing to the spread of the novel coronavirus, the government had announced strict lockdown and there are no operational activities in the industries. The worst-hit sector is the automotive sector. There are supply chain disruptions leading to production shortfall. The regulatory authorities of various countries such as China are finding relaxation of emission mandates as auto manufacturers have less funding which is the key issue for cost reduction and technological development of solar vehicles. The economies are recovering from the repercussions and the manufacturers are trying to adjust production and supplies to the consumers.

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Based on the solar panel, the market is divided into monocrystalline and polycrystalline. The monocrystalline segment dominates the market as it provides high efficiency owing to the high purity of monocrystalline silicon which will propel the market growth. It can withstand high temperatures, has a high-power output and long life, resulting in increased utilization of monocrystalline solar panels in solar-powered vehicles.

Asia Pacific dominates the global solar-powered vehicle market and is anticipated to have a high CAGR during the forecast period owing to the rapid urbanization, increasing consumer purchasing power, the rising initiatives taken by the government to reduce emission levels, and the dependence on fossil fuels, providing subsidies and rebates by the government, resulting in the growth of solar-powered vehicle market in the region.

Some of the major players in the global car towing service market include Ford Motor Company, Hanergy Holding Group, Toyota Motor Corporation, Nissan Motor Company, Sono Motors, Audi AG, Mahindra & Mahindra, Cruise Car, and Guangzhou Jcar Industrial Company Ltd.

Source: VynZ Research