Press release
Solar Powered Car Industry Is Set To Rise At 12.3% CAGR Through 2031
As per a revised report published by Fact.MR, a market research and competitive intelligence provider, the global solar powered car market is valued at US$ 80 Mn, and is set to expand at an impressive CAGR of more than 12% over the forecast period of 2021 to 2031.Growing popularity of self-charging vehicles has prompted the creation of the solar vehicle industry, which has aided the expansion of the solar powered car business. Manufacturers have been able to produce solar powered cars and solar powered commercial vehicles due to growing demand for alternate fuel vehicles and the desire for pollution-free vehicles. Also, the need to reduce carbon emissions in the environment along with increasing use of renewable energy is compelling manufacturers to increase their investments in R&D activities and production.
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Key Takeaways from Market Study
Monocrystalline solar cells are expected to be one of the key solar panel segments for solar powered cars.
Sedan cars are anticipated to remain one of the fastest-growing vehicle types for solar power, due to small and sleek design that improves the efficiency of solar panels that are attached on sedan cars.
Pure electric vehicles are expected to become a high growth car category, owing to design of solar vehicles being severely limited by amount of energy input into the car.
The lithium-ion battery segment is expected to surge in the near future because of high charging-discharging efficiency, high charge density, and light weight as compared to lead-based and other battery types.
Europe is estimated to remain one of the fastest-growing regional market because of ease of availability of raw material and increase in government incentives for solar powered car production and selling.
Winning Strategy
Increasing monetary and non-monetary incentives are encouraging the adoption of battery-operated solar powered cars. Moreover, the need for sustainable urban mobility and modern transportation is driving the transition from conventional to renewable modes of transport. Solar powered cars are anticipated to have a positive influence on energy security and air quality.
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Competitive Landscape
The global Solar Powered Cars market is highly competitive. Market players are readjusting, as the far-reaching impacts of COVID-19 on automotive sector and industrial output are yet to be fully realized. Further, owing to stringent regulations on pollutants, demand for energy-efficient motors is likely to increase.
Key Segments Covered in Solar Powered Car
Industry Research
By Solar Panel
Monocrystalline Solar Car Cells
Polycrystalline Solar Car Cells
Thin-Film Solar Car Cells
Organic Solar Car Cells
Others
By Car Type
Compact Solar Powered Cars
Solar Powered Sedans
Solar Powered SUVs
Solar Powered Vans
Others (Mini Vehicles)
By Car Category
Pure Electric Cars
Hybrid Electric Cars
By Battery
Lithium-ion Solar Powered Cars
Lead-based Solar Powered Cars
Others
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Key Companies
Hyundai Motor Company
Squad Mobility
Lightyear
Toyota Motor Corporation
Sono Motors
Aptera Motors
Ford Motor Company
Mahindra & Mahindra Limited
Solar Team Eindhoven
Cruise Car Inc.
Trina Solar
Alkè
Solarrolla
Key Data Points Covered in the Report:-
Elaborated scenario of the parent market
Transformations in the market dynamics
Detailed segmentation of the target market
Historical, current and forecast market size based on value and volume
Latest industry developments and trends
Competition landscape
Strategies adopted by the market players and product developments made
Potential and niche segments, along with their regional analysis
Unbiased analysis on performance of the market
Up-to-date and must-have intelligence for the market players to enhance and sustain their competitiveness
Why Opt For Fact.MR?
Various analysis methods to deliver precise market information.
Digital technologies to facilitate clients with updated market solutions.
Multi-disciplinary approach to provide accurate insights of different industries.
Data collection from extensive primary and secondary research.
Round-the-clock availability to serve clients across the world.
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