Solar Powered Car Market Growing Demand Across The Globe

According to Precision Business Insights (PBI), the latest report, the solar powered car market size was valued at USD 310.8 million in 2022 and is poised to grow at a CAGR of 19.2% during the forecast period 2023 to 2029. The primary drivers of the expansion of the global solar powered car market include the increasing environmental consciousness among the public and increase in awareness about the environmental impacts caused by the internal combustion engines is expected to drive the market growth.

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The solar powered car market is segmented based on vehicle type, battery type, solar panel, electric vehicle type and geography.
Based on the vehicle type, the market is segmented into the following:
• Passenger Vehicle
• Commercial Vehicle

Based on the battery type, the market is segmented into the following:
• Lithium-Ion
• Lead-Acid
• Others

Based on the solar panel, the market is segmented into the following:
• Monocrystalline
• Polycrystalline

Based on the electric vehicle type, the market is segmented into the following:
• Battery Electric Vehicle
• Hybrid Electric Vehicle

Based on geography, the market is segmented into the following:
• North America
• Europe
• The Asia Pacific
• Latin America
• MEA

Passenger Car Segment is expected to Dominate the Solar Powered Car Market:
Based on the vehicle type, the global solar powered car market is segmented into passenger vehicle and commercial vehicle. The passenger vehicle segment is expected to account for a larger revenue share in global solar powered car market. Many key market players are unveiling concept cars and prototypes, which are soon to be in production. The increase in prices of fuel for conventional vehicles forces the people to adopt to solar powered car which is expected to drive the market growth in the future. The solar powered vehicles have less power and efficiency compared to internal combustion engines, thus its an challenge for commercial solar cars where as passenger car requires inly less energy to drive which is expected to boost the market growth.

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Asia Pacific Solar Powered Car Market:
The Asia Pacific solar powered car market is expected to increase over the forecast period due to the several market players or manufacturers present in this region. Rapid urbanization and increase in purchasing power of people in countries like India, China is expected to drive the growth of solar powered car market across the Asia Pacific region. The weather conditions in southeast Asian countries like India is more suitable for solar powered vehicles. The increasing demand for passenger cars from the emerging countries like India, China, Japan, Australia, Indonesia is expected to boost the demand for solar powered car market in the region.

Strategic New Product Launches, Mergers, Acquisitions, and Agreements are the key strategies adopted by market players:
The global solar powered car market further reveals that the key players are increasingly adopting strategies such as the launch of newer products, product launches, and long-term alliances to improve market revenue share and gain significant geographic presence across the region.

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Key players profiles in the solar powered car market report are Sono Motors, Volkswagen, Lightyear, Toyota Motor Corporation, Mahindra & Mahindra Ltd., Cruise Car, Inc., Hanergy Thin Film Power Group Ltd., Ford Motor Company, Nissan, Hyundai Motor Company, General Motors, MAN Trucks, Lightyear

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This release was published on openPR.