Solar Powered Cars Market

Solar Powered Cars Market Size (2022-2027:

The Global Solar Powered Cars Market was worth US$ 887 million in 2021 and is anticipated to reach a valuation of US$ 3.8 billion by 2027 and is predicted to register a CAGR of 32.8% during 2022-2027.

The solar car usually operates on solar power alone, although some models may add the energy to the battery or use solar panels to recharge batteries, or run car auxiliary systems that only use battery power. Solar cars incorporate engineering that is usually used in the aviation and aerospace, alternative energy, and automotive industries. 

Solar cars rely on a solar array that uses photovoltaic cells (PV cells) to convert solar radiation into electricity. Unlike solar thermal energy, which converts solar energy into heat, PV cells convert sunlight directly into electricity. When sunlight (photons) strikes PV cells, they stimulate electrons and allow them to flow, creating an electrical current. PV cells are usually made from semiconductor materials such as silicon and indium, gallium, and other nitrogen alloys

Market Drivers:

Ongoing efforts to explore advanced technologies that can reduce the carbon footprint of traditional vehicles have increased the demand for cleaner and greener cars., Leading automotive companies and new companies are focused on the launch of models and concept vehicles, which are expected to reach the market by 2021. Stakeholders are currently focusing on the start of solar-powered cars with lightweight, minimalistic, and aesthetically appealing designs. The millennials' interest in minimalistic designs also helps to drive the solar-powered cars market., Apart from the demand from the customers, the falling prices of solar panels offer the car market a much-required economic boost, which in turn helps in the development of this business. 

Market Restraints:

· The high dependence of electric cars on external factors is one of the main factors limiting the growth of the electric car market, particularly the solar-powered cars market. While solar power is a readily available resource, the dependence of these solar panels on irradiance can reduce the vehicle's efficiency. Factors such as climate and temperature may also influence the consumer's preference for conventional electric-powered cars as compared to solar vehicles.

Market Recent Developments:

• In Jan 2019, Lightyear, a start-up from the Netherlands debuted its "first long-range" solar-powered electric car, by the name Light year one. The recently unveiled Lightyear One prototype vehicle has a sleek, driver-friendly design. It also boasts a range of 450 miles on a single charge – certainly the first for a car powered by solar energy and intended for the actual consumer market.
• In March 2019, Sono Motors unveiled its first solar electric vehicle in Germany. The car is mounted on a roof with solar cells capable of generating 34 km of electricity per day. The operating range of this vehicle is roughly 255 km, with an extended range of 34 km on a sunny day. One disadvantage of this car is it only comes in black.

Market Segmentation:

Solar Powered Cars Market - By Panel Material:

• Polycrystalline       
• Mono-Crystalline

Solar Powered Cars Market - By Car Type:

• Sedans      
• Hatchnacks             
• SUV's

The sedan segment is expected to dominate the market in the future. The goal of solar-powered car producers is precise, to produce vehicles that can replace the current conventional cars. Also, the surface area of sedans is more significant than other cars to fit the solar panels, so, these are the significant factors that drive the demand for such vehicles.

Solar Powered Cars Market - By Battery Type: 

• Lithium Ion
• Lead Acid
• Lead Carbon

The Lithium-ion segment accounted for the largest share during the forecast period. This type of battery has all the appropriate characteristics required for the operation of these vehicles. The battery provides high energy density with a fast-charging capability, enabling a smooth charging process. In addition, with the highest power conversion ratio, this battery offers the highest efficiency, making it most appropriate for these cars.

Solar Powered Cars Market - By Components:

• Batteries
• Powertrackers
• Solar Panels

Solar panels are gaining traction around the world due to the supporting government initiatives and their benefits compared to conventional energy sources.

Market Regional Analysis: 

The Global Solar Powered Cars Market Report includes the segmentation of regions:

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa

Geographically, the Asia-Pacific region is estimated to be the largest market by the end of the next decade. The region is comprised of some of the fastest developing economies in the world, such as China and India. The Asia-Pacific area is the largest automotive market, as the rising cost of living and urbanization in this area has sparked demand for cars in the region. The climate conditions of the countries of Southeast Asia are also ideal for these vehicles. Moreover, the high demand for passenger cars from developing countries in the region is likely to boost the growth of the Asia-Pacific market during the forecast period.

Market Key Players:

1. Lightyear (Netherlands)
2. Sono Motors (Germany)
3. Volkswagen (Germany)
4. Nissan (Japan)
5. GM (US)
6. Toyota (Japan)
7. Ford (US)
8. Mahindra (India)
9. Solar Electric Vehicle Company (US)
10. Cruise Car (US).

Market Research Report Key Highlights:

1. Evaluation of the current stage of the market and future implications of the market based on the detailed observation of recent key developments.
2. Address the matter by better understanding the market size estimates through CAGR analysis to forecast the future market.
3. Comprehensive segmentation of the market, a detailed evaluation of the market by further sub-segments.
4. Address Market Drivers, Restraints and provide insights for gaining market share.
5. Porter’s Five Forces are used to analyze the factors responsible for the shaping of the industry as it is a result of a competitive environment.