The Global Solar Powered Car Market was worth US$ 198.75 million in 2022 and is anticipated to reach a valuation of US$ 675.42 million by 2028 and is predicted to register a CAGR of 11.82% during 2023-2028.
Solar Powered Cars are integrated electric cars with solar panels. In general, solar panels consist of photovoltaic cells that help convert solar energy into electrical energy. The propulsion of these vehicles is generally provided by solar energy, and the efficiency of the solar modules defines the thrust of the car.
Market Growth:
The size of the solar-powered car market is expected to witness remarkable growth during the forecast period, which is highlighted by the governments of several countries, mainly to promote environmentally friendly cars.
Market Drivers:
The growing emphasis on critical economic governments to reduce vehicle pollution is one of the main drivers of the global solar-powered car market. Similarly, many countries propose regulations on car fuel efficiency or carbon emissions to help the market. The fall in solar panel prices, which constitutes an integral part of the costs of solar roofs, is assisting the solar-powered car market. The cost of solar panels has declined significantly in the last decade, and by 2022, industry participants expect prices to fall 25-27% more. In addition, technological advances of major automotive companies such as Audi AG will continue to help the solar car market by adopting solar panels in vehicles faster.
The size of the solar car market is expected to witness remarkable growth during the forecast period, which is highlighted by the governments of several countries, mainly to promote environmentally friendly cars. Also, the fall in solar panel prices and technological advances in the industry will continue to help the global solar-powered car market during the forecast period. Solar cars use solar cells to convert solar energy into electrical energy (stored in batteries) to power the vehicle.
Market Restraints:
Despite the decrease in the price of solar panels, installation in the vehicle remains expensive, which hinders the growth of the market. The increase in projected mileage does not justify the rise in retail prices of solar-powered cars compared to ordinary fuel battery cars, which affects the worldwide market. The massive investment in R&D required to integrate aesthetically technically advanced solar panels into vehicles also increases costs, limiting the market growth.
Market Recent Developments:
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REPORT METRIC |
DETAILS |
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Market Size Available |
2022 – 2028 |
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Base Year |
2022 |
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Forecast Period |
2023 - 2028 |
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CAGR |
11.82% |
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Segments Covered |
By Model, Vehicle, Type, and Region. |
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Various Analyses Covered |
Global, Regional & Country Level Analysis, Segment-Level Analysis, DROC, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview of Investment Opportunities |
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Regions Covered |
North America, Europe, APAC, Latin America, Middle East & Africa |
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Market Leaders Profiled |
Toyota Motor Corp, Audi AG, Venturi, Ford Motor Company, Mahindra & Mahindra Limited, Sono Motors GmbH, General Motors, Lightyear, Volkswagen AG., Cruise Car Inc., Hanergy Holding Group Yes, Solar Electric Vehicle Company and Clenergy TeamArrow, and Others. |
Market Segmentation
Hybrid electric vehicles use both an internal combustion engine (ICE) and a battery to power the car. Fully electric cars do not have ICE and use only the energy generated by the battery. The entire category of electric vehicles will witness faster growth during the forecast period as government support for these vehicles increases in the form of incentives and subsidies.
Passenger cars account for the leading portion of the global business as the market is in the infant stage with manufacturers releasing only solar-powered passenger cars. However, in the coming years, there is a high chance that commercial cars will overtake the passenger car segment, owing to the numerous benefits it offers.
The four-wheel segment is expected to experience faster growth during the forecast period as the adoption of solar panels in passenger cars and buses increases.
Market Regional Analysis:
The Global Solar Powered Car Market Report includes the segmentation of regions:
It is estimated that the Asia-Pacific region will be the largest market in global business by 2030, which includes the fastest-growing economies in the world, such as China and India. As the purchasing power of consumers increases, the Asia-Pacific region became the largest car market. In addition, the climatic conditions of the countries of Southeast Asia are suitable for these vehicles. Also, the growing demand for passenger cars in emerging countries in the region is likely to boost the growth of the Asia-Pacific market during the forecast period.
Europe is at the forefront of the early adoption of electric vehicles in the world. Therefore, the adoption of such vehicles in Europe is expected to gain strength during the forecast period. Strict environmental policies and pollution control measures are supposed to contribute to the rapid adoption of these vehicles in the region. According to a recent report by ING, one of Europe's leading financial institutions, all new cars sold in Europe will use electricity in the near future.
Leading Company:
The solar-powered car market is in its infancy and is characterized by the presence of many small companies such as Weifang Guangcheng New Energy Co., Ltd.
Market Key Players
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