Outlook on the World's $3.1B Solar Powered Car Market, 2020-2027

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Dublin, Jan. 14, 2020 (GLOBE NEWSWIRE) -- The report has been added to offering. The Global Solar Powered Car Market accounted for $0.68 billion in 2018 and is expected to reach $3.1 billion by 2027 growing at a CAGR of 18.4% during the forecast period.Resurgence to switch to cleaner energy and technological advancements are the major factors driving the market growth. However, the high dependency of solar-powered vehicles on external factors is restraining market growth.Based on the application, the personal segment is likely to have a huge demand due to rising sales of Personal cars in the electric vehicle segment and the propulsive force needed for passenger cars is which is lesser than commercial vehicles.By geography, Asia-Pacific is going to have a lucrative growth during the forecast period due to the majority of these car sales and EV charging station installations. Furthermore, South Korea and India are taking initiatives to reduce greenhouse gas emissions by increasing the use of electric vehicles.Some of the key players profiled in the Solar Powered Car Market include Audi AG, Clenergy TeamArrow, Cruise Car Inc., EVX Pty Ltd, Ford Motor Company, General Motors, Hanergy Holding Group, Lightyear, Mahindra & Mahindra Limited, Solar Electric Vehicle Company, Son-Motors GmbH, Toyota Motor Corp, Venturi, and Volkswagen AG.

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Globe Newswire: 08:43 GMT Tuesday 14th January 2020

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