Solar Powered Car Market Overview
The global Solar Powered Car Market was worth US$ xx million in 2021, and it is estimated to reach a valuation of US$ xx million by the end of 2026, expanding at a healthy CAGR.
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.
Solar Powered Car Market Recent Developments and Trends
In 2017, Audi signed a partnership with Alta Devices Inc to embed solar cells in the car roof glass.
In 2017, Panasonic Corporation introduced the Toyota Prius Prime sunroof (capable of producing 180 watts) in the Japanese market.
In March 2019, Sono Motors presented its first solar electric car in Germany. The vehicle is equipped with solar cells on the roof that can produce 34 km of energy per day. The operational range of this vehicle is approximately 255 km, and on a sunny day, the extended distance is 34 km.
In 2019, Hyundai launched the Sonata Hybrid Sedan version with a solar film built into the roof to help charge the battery.
Solar Powered 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.
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.
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.
Solar Powered Car Market Segmentation
Depending on the model, the global Solar Powered Car Market is classified into hybrid electric vehicles and fully electric vehicles. Hybrid electric vehicles use both the internal combustion engine (ICE) and a battery to power the car. Fully electric cars do not have ICE, 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.
By vehicle, the global solar-powered car market is divided into passenger cars and commercial vehicles. The 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.
By type, the global solar-powered car industry market is divided into three wheels and four wheels. 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.
Solar Powered Car Market Regional Analysis
It is estimated that the Asia-Pacific region will be the largest market in the 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.
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.
Major players in the global Solar Powered Car Market include 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.
1.1 Market Definition
1.2 Scope of the report
1.3 Study Assumptions
1.4 Base Currency, Base Year and Forecast Periods
2. Research Methodology
2.1 Analysis Design
2.2 Research Phases
2.2.1 Secondary Research
2.2.2 Primary Research
2.2.3 Data Modelling
2.2.4 Expert Validation
2.3 Study Timeline
3. Report Overview
3.1 Executive Summary
3.2 Key Inferencees
4. Market Dynamics
4.1 Impact Analysis
4.2 Regulatory Environment
4.3 Technology Timeline & Recent Trends
5. Competitor Benchmarking Analysis
5.1 Key Player Benchmarking
5.1.1 Market share analysis
5.1.3 Regional Presence
5.2 Mergers & Acquistion Landscape
5.3 Joint Ventures & Collaborations
6. Market Segmentation
6.1 Solar Powered Car Market, By Model
6.1.2 Fully Electric
6.1.3 Market Size Estimations & Forecasts (2019-2024)
6.1.4 Y-o-Y Growth Rate Analysis
6.1.5 Market Attractiveness Index
6.2 Solar Powered Car Market, By Vehicle
6.2.3 Market Size Estimations & Forecasts (2019-2024)
6.2.4 Y-o-Y Growth Rate Analysis
6.2.5 Market Attractiveness Index
6.3 Solar Powered Car Market, By Type
6.3.3 Market Size Estimations & Forecasts (2019-2024)
6.3.4 Y-o-Y Growth Rate Analysis
6.3.5 Market Attractiveness Index
7. Geographical Landscape
7.1 Global Identity Governance and Administration Market, by Region
7.2 North America - Market Analysis (2018 - 2024)
7.2.1 By Country
7.2.2 By Model
7.2.3 By Vehicle
7.2.4 By Type
7.3.1 By Country
22.214.171.124 Rest of Europe
7.3.2 By Model
7.3.3 By Vehicle
7.3.4 By Type
7.4 Asia Pacific
7.4.1 By Country
126.96.36.199 South Korea
188.8.131.52 South East Asia
184.108.40.206 Australia & NZ
220.127.116.11 Rest of Asia-Pacific
7.4.2 By Model
7.4.3 By Vehicle
7.4.4 By Type
7.5 Latin America
7.5.1 By Country
18.104.22.168 Rest of Latin America
7.5.2 By Model
7.5.3 By Vehicle
7.5.4 By Type
7.6 Middle East and Africa
7.6.1 By Country
22.214.171.124 Middle East
7.6.2 By Model
7.6.3 By Vehicle
7.6.4 By Type
8. Key Player Analysis
8.1 Toyota Motor Corp
8.1.1 Business Description
8.1.4 SWOT Analysis
8.1.5 Recent Developments
8.1.6 Analyst Overview
8.2 Ford Motor Company
8.3 Diamler AG
8.4 Mahindra & Mahindra Limited
8.5 Sono Motors GmbH
8.6 General Motors
8.7 Cruise Car Inc.
8.8 Volvo Cars
8.9 Hanergy Holding Group
9. Market Outlook & Investment Opportunities
List of Tables
List of Figures