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Global Solar Solar Powered Vehicles Market Research Report - Development, Growth and Demand Forecast to 2023
Solar Powered Vehicles Market
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On the basis of electric vehicle type, the global solar powered vehicles market is categorized as hybrid electric vehicles and fully electric vehicles. Hybrid electric vehicles use both internal combustion engine (ICE) and battery to propel the vehicle.
On the basis of vehicle type, the market is segmented into passenger cars and commercial vehicles. On the basis of type, the market is segmented into three wheelers and four wheelers.
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The increasing emphasis by the governments of major economies to reduce vehicular pollution is a major driver of the solar powered vehicles market. For example, the European Union targets to reduce carbon dioxide emission by 20% by 2020, from the emission levels recorded in the year 2008.
Declining prices of solar panel, which form a major part of solar roof cost, are benefiting the solar powered vehicles market. The prices of solar panels have seen a significant decline over the last decade and the industry participants expect the prices to decline further by 25-27%, by 2022.
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The solar powered vehicles market is at a nascent stage, and is characterized by the presence of many small companies, such as Weifang Guangsheng New Energy Co., Ltd. Some of the key international automotive companies in the market include Ford Motor Company and Toyota Motor Corporation and Audi AG. In 2017, Audi announced its partnership with Alta Devices Inc, to embed solar cells into the roof glass of passenger cars. During the same year, Panasonic Corporation showcased the solar roof (capable of producing 180 Watts of output) for the Toyota Prius Prime, for the Japanese market.
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