The global solar-powered vehicles market is growing at a significant rate, due to technological advancement and increase in the requirement of an efficient vehicle with zero carbon emission.
Different electric vehicle type such as fully electric vehicle and hybrid electric vehicle contributed to the solar-powered vehicles market size.

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On the basis of the electric vehicle type, the solar-powered vehicle's market is subdivided into the fully electric vehicle and hybrid electric vehicle. Of all-electric vehicle types, 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.

On the basis of vehicle type, the market is subdivided into commercial vehicles and passenger cars. Among the all vehicle type, the passenger cars accounted for the larger share in the solar-powered vehicle market due to mounting demand for fuel-efficient vehicle and mounting environmental awareness among consumers.

Technological advancement and escalating automation in production are also facilitating the growth of the solar-powered vehicle's market. For instance, a technological advancement that substitutes the traditional engine could transform transportation and support the environment by diminishing requirement on fossil-fuel combustion. Moreover, Ford introduced a plug-in hybrid electric vehicle with solar panels on the roof that allow the car to recharge itself.

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Geographically, Asia-Pacific is the largest solar-powered vehicles market due to augmented prominence by the government of several countries to encourage environment-friendly vehicles. In addition, an increase in the requirement of an efficient vehicle with zero carbon emission, and mounting alarm about environmental pollution is also up surging growth of the Asia-Pacific solar-powered vehicles market.

In August 2017, Audi partnered with Alta Devices Inc, to implant highly integrated solar cells into the roof glass of passenger cars. 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.

Source: VynZ Research