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Pulished Date April, 2021
ID: 8934
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Solar Powered Cars Market Segmented by Panel Material (polycrystalline, monocrystalline), by Car Type (Sedans, Hatchbacks and SUVs), by Components (Batteries, Power Trackers, Solar Panels Others), By Battery Type (Lithium ion, Lead acid & Lead Carbon) Regional analysis- Global Industry Analysis, Forecast, Trends and Market Size (2021-2026)

Pulished: April, 2021
ID: 8934
Pages: 155

Solar Powered Cars Market Overview and Trends:

Solar Powered Cars market was estimated at USD 887 Million in 2021 and is expected to expand at a CAGR of 32.6% to USD 3.6 Billion by 2026.

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

Recent Developments of Solar Powered Cars market:

In Jan 2019, Lightyear, a start-up from the Netherlands debuted "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 being it only comes in black.

Drivers and Restraints of Solar Powered Cars 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 cars market the much-required economic boost, which in turn helps in the development of this business. 

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 Segmentation:

By Car Type:

Based on the Car type, the Solar Powered Cars market is segmented into, Sedans, Hatchbacks, and SUVs. Of these, the sedans segment is expected to dominate the market in the future. The goal of solar-powered car producers is precise, to produce the 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 on, so, these are the significant factors that drive the demand for such vehicles.

By Battery Type: 

Based on the Battery Type, the Solar Powered Cars market is segmented to Lithium-ion, Lead-acid & Lead Carbon. Of these, 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.

By Components:

Based on the components, the global market is divided into batteries, power trackers, solar panels, and others. The solar panels are gaining traction around the world due to the supporting government initiatives and its benefits compared to conventional energy sources.

Solar Powered Cars Region-wise analysis:

Based in region, Solar Powered Cars can be segmented into:

  1. North America
    1. U.S
    2. Canada
  2. Europe
    1. Norway
    2. Germany
    3. Sweden
  3. Asia Pacific
    1. China
    2. India
    3. Japan
  4. Latin America and Middle East Africa
    1. Brazil
    2. Saudi Arabia

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.

Key Players of Market:

Some of the key players of the Global Solar Powered Cars market include Lightyear (Netherlands), Sono Motors (Germany), Volkswagen (Germany), Nissan (Japan), GM (US), Toyota (Japan), Ford (US), Mahindra (India), Solar Electric Vehicle Company (US), Cruise Car (US).

Global Solar Powered Cars Market Research Report Key Highlights:

  1. Evaluation of the current stage of 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 providing 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 as a result of a competitive environment.

1. Introduction                                 

                1.1 Market Definition                    

                1.2 Study Deliverables                  

                1.3 Base Currency, Base Year and Forecast Periods                          

                1.4 General Study Assumptions                

2. Research Methodology                                           

                2.1 Introduction                               

                2.2 Research Phases                      

                                2.2.1 Secondary Research           

                                2.2.2 Primary Research 

                                2.2.3 Econometric Modelling      

                                2.2.4 Expert Validation  

                2.3 Analysis Design                         

                2.4 Study Timeline                          

3. Overview                                       

                3.1 Executive Summary                

                3.2 Key Inferences                         

                3.3 Epidemology                              

4. Drivers, Restraints, Opportunities, and Challenges Analysis (DROC)                                    

                4.1 Market Drivers                          

                4.2 Market Restraints                    

                4.3 Key Challenges                         

                4.4 Current Opportunities in the Market                              

5. Market Segmentation                                              

                5.1 By Panal Material                     

                                5.1.1 Introduction           

                                5.1.2 Polycrystalline       

                                5.1.3 Mono-Crystalline 

                                5.1.4 Others      

                                5.1.5 Y-o-Y Growth Analysis        

                                5.1.6 Market Attractiveness Analysis      

                                5.1.7 Market Share Analysis       

                5.2 By Car Type                

                                5.2.1 Introduction           

                                5.2.2 Sedans      

                                5.2.3 Hatchnacks             

                                5.2.4 SUV's         

                                5.2.5 Y-o-Y Growth Analysis        

                                5.2.6 Market Attractiveness Analysis      

                                5.2.7 Market Share Analysis       

                5.3 By Components                        

                                5.3.1 Introduction           

                                5.3.2 Batteries  

                                5.3.3 Powertrackers       

                                5.3.4 Solar Panels            

                                5.3.5 Other Components             

                                5.3.6 Y-o-Y Growth Analysis        

                                5.3.7 Market Attractiveness Analysis      

                                5.3.8 Market Share Analysis       

                5.4 By Battery Type                        

                                5.4.1 Introduction           

                                5.4.2 Lithium Ion              

                                5.4.3 Lead Acid 

                                5.4.4 Lead Carbon           

                                5.4.5 Y-o-Y Growth Analysis        

                                5.4.6 Market Attractiveness Analysis      

                                5.4.7 Market Share Analysis       

6. Geographical Analysis                                              

                6.1 Introduction                               

                                6.1.1 Regional Trends    

                                6.1.2 Impact Analysis     

                                6.1.3 Y-o-Y Growth Analysis        

                                                6.1.3.1 By Geographical Area

                                                6.1.3.2 By Panel Material

                                                6.1.3.3 By Car Type

                                                6.1.3.4 By Components

                                                6.1.3.5 By Battery Type

                                6.1.4  Market Attractiveness Analysis     

                                                6.1.4.1 By Geographical Area

                                                6.1.4.2 By Panel Material

                                                6.1.4.3 By Car Type

                                                6.1.4.4 By Components

                                                6.1.4.5 By Battery Type

                                6.1.5  Market Share Analysis      

                                                6.1.5.1 By Geographical Area

                                                6.1.5.2 By Panel Material

                                                6.1.5.3 By Car Type

                                                6.1.5.4 By Components

                                                6.1.5.5 By Battery Type

                6.2 North America                          

                                6.1.1 Introduction           

                                6.1.2 United States         

                                6.1.3 Canada     

                6.3 Europe                         

                                6.2.1 Introduction           

                                6.2.2 U.K             

                                6.2.3 Spain         

                                6.2.4 Germany 

                                6.2.5 Italy            

                                6.2.6 France       

                6.4 Asia-Pacific                 

                                6.3.1 Introduction           

                                6.3.2 China         

                                6.3.3 India          

                                6.3.4 Japan         

                                6.3.5 Australia   

                                6.3.6 South Korea           

                6.5 Latin America                             

                                6.4.1 Introduction           

                                6.4.2 Brazil          

                                6.4.3 Argentina

                                6.4.4 Mexico     

                                6.4.5 Rest of Latin America          

                6.6 Middle East & Africa               

                                6.5.1 Introduction           

                                6.5.2 Middle-East            

                                6.5.3 Africa         

7. Strategic Analysis                                       

                7.1 PESTLE analysis                         

                                7.1.1 Political     

                                7.1.2 Economic 

                                7.1.3 Social         

                                7.1.4 Technological         

                                7.1.5 Legal          

                                7.1.6 Environmental       

                7.2 Porter’s Five analysis                              

                                7.2.1 Bargaining Power of Suppliers        

                                7.2.2 Bargaining Power of Consumers    

                                7.2.3 Threat of New Entrants     

                                7.2.4 Threat of Substitute Products and Services              

                                7.2.5 Competitive Rivalry within the Industry     

8. Market Leader Analysis                                           

                8.1 Lightyear                     

                                8.1.1 Overview 

                                8.1.2 Product Analysis   

                                8.1.3 Financial analysis  

                                8.1.4 Recent Developments       

                                8.1.5 SWOT analysis       

                                8.1.6 Analyst View          

                8.2 Volkswagen               

                8.3 Toyota                          

                8.4 Cruise Car                    

                8.5 Mahindra                    

                8.6 Solar Electric Vehicle Company                          

                8.7 Sono Motors                              

                8.8 GM                

                8.9 Nissan                           

                8.10 Ford                            

9. Competitive Landscape                                           

                9.1 Market share analysis                            

                9.2 Merger and Acquisition Analysis                       

                9.3 Agreements, collaborations and Joint Ventures                         

                9.4 New Product Launches                         

10. Market Outlook and Investment Opportunities                                         

Appendix                                           

                a) List of Tables                

                b) List of Figures                              

  • Global, regional and country-level analysis and forecasts of the study market; providing Insights on the major countries/regions in which this industry is blooming and to also identify the regions that are still untapped
  • The segment-level analysis in terms of By Car Type, by Battery Type, by component Level, and along with market size forecasts and estimations to detect key areas of industry growth in detail
  • Identification of key drivers, restraints, opportunities, and challenges (DROC) in the market and their impact on shifting market dynamics
  • Study of the effect of exogenous and endogenous factors that affect the global market; which includes broadly demographic, economics, and political, among other macro-environmental factors presented in an extensive PESTLE Analysis
  • Study the microenvironment factors that determine the overall profitability of an Industry, using Porter’s five forces analysis for analyzing the level of competition and business strategy development
  • A comprehensive list of key market players along with their product portfolio, current strategic interests, key financial information, legal issues, SWOT analysis and analyst overview to study and sustain the market environment
  • Competitive landscape analysis listing out the mergers, acquisitions, collaborations in the field along with new product launches, comparative financial studies and recent developments in the market by the major companies
  • An executive summary, abridging the entire report in such a way that decision-making personnel can rapidly become acquainted with background information, concise analysis, and main conclusions
  • Expertly devised analyst overview along with Investment opportunities to provide both individuals and organizations a strong financial foothold in the market
  1. Global Solar Powered Cars Market By Region, From 2021-2026 ( USD Billion )
  2. Global Solar Powered Cars Market By Panel Type, From 2021-2026 ( USD Billion )
  3. Global Polycrystalline Market By Region, From 2021-2026 ( USD Billion )
  4. Global Monocrystalline Market By Region, From 2021-2026 ( USD Billion )
  5. Global Solar Powered Cars Market By Car Type, From 2021-2026 ( USD Billion )
  6. Global Sedans Market By Region, From 2021-2026 ( USD Billion )
  7. Global Hetchbacks Market By Region, From 2021-2026 ( USD Billion )
  8. Global SUV's Market By Region, From 2021-2026 ( USD Billion )
  9. Global Other Cars Market By Region, From 2021-2026 ( USD Billion )
  10. Global Solar Powered Cars Market By Components, From 2021-2026 ( USD Billion )
  11. Global Batteries Market By Region, From 2021-2026 ( USD Billion )
  12. Global Power trackers Market By Region, From 2021-2026 ( USD Billion )
  13. Global Solar Panels  Market By Region, From 2021-2026 ( USD Billion )
  14. Global Others Market By Region, From 2021-2026 ( USD Billion )
  15. Global Solar Powered Cars Market By Battery Type, From 2021-2026 ( USD Billion )
  16. Global Lithium-Ion Market By Region, From 2021-2026 ( USD Billion )
  17. Global Lead Acid Market By Region, From 2021-2026 ( USD Billion )
  18. Global Lead Carbon Market By Region, From 2021-2026 ( USD Billion )

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