Press release
Solar Powered Car Market Is Anticipated To Reach US$ 288.4 Million By 2032, Fact.MR
The rising popularity of self-charging vehicles has spurred the growth of the solar vehicle industry, significantly contributing to the global expansion of the solar-powered car market. Manufacturers are responding to the increasing demand for eco-friendly alternative fuel vehicles by producing solar-powered commercial vehicles and cars. This approach aims to create sustainable, robust vehicles that reduce harmful emissions, thereby lowering the automobile industry's carbon footprint.
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The need to reduce carbon emissions has become essential due to rising global warming levels. Solar-powered cars, being low-maintenance vehicles, offer ease of use and upkeep for consumers. This advantage has encouraged manufacturers to boost their investment in production and research and development activities. Consequently, the demand for solar-powered cars is expected to rise.
Key Takeaways from Market Study
• The global solar powered cars market is projected to expand at an impressive CAGR of 12.3% and be valued at US$ 288.4 million by 2032.
• Under solar panels, monocrystalline solar cells are expected to dominate the market with valuation of US$ 71.1 million in 2022.
• Under car type, sedan solar powered cars are expected to reach revenue generation of US$ 36.1 million in 2022.
• Europe is predicted to dominate the market with 80.5% market share in 2022
• Pure electric car category likely to represent 92.6% market share in 2022, and is expected to grow at 12.5% CAGR over the forecast period.
Competitive Landscape
Prominent manufacturers of the solar powered car industry worldwide including Hyundai Motor Company, Squad Mobility, Lightyear, Toyota Motor Corporation, Sono Motors, Aptera Motors, Ford Motor Company are putting emphasis on launching products that are technologically advanced and are grabbing marketing strategies such as acquisitions and collaborations with other market players to help improve production capacities, improve market penetration and gain a larger market share.
Hyundai in 2020, launched Xcient fuel cell trucks in a hydrogen-powered version and delivered seven vehicles to its customers in Switzerland.
In 2022, Sibros, a company that is a pioneer in the field of deep Over-the-Air (OTA) connected vehicle technology, announced its collaboration with the solar-powered car manufacturer, Lightyear. Lightyear will use this collaboration to integrate the OTA Deep Logger of Sibros to get highly precise and real-time vehicle data from all its sensors
Major Key Players
• 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
Market Development
Companies are constantly investing heavily in R&D to develop new features to develop cars which are highly consumer oriented. Solar powered cars contain solar panels attached to their roofs that help the car charge itself. Fisker Ocean a solar car manufacturer has claimed that their cars come equipped with the largest solar roof on the market. Continuous investments and channelizing of resources for streamlining their supply chain has been the priority for car manufacturers.
Aptera, one of the prominent name operating in this space aims to produce 10,000 cars by 2023. Lightyear has announced the start of production of a budget-friendly solar-powered electric car by 2022 end. Lightyear has the ability to run for short distances for months together with a single charge.
Sion solar-powered electric cars stand apart from their competition with unique design features. These cars instead of having a solar panel on the roof, have several solar cells integrated into various parts such as fenders, roofs, sides, rear, and hoods.
Market participants are leveraging the matured automotive industry in order to inline the innovation of solar cells for power source. Market scenario is moderately consolidated, however, number of new entrants would increase owing to attractive revenue generation opportunity over the long term.
More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the global solar powered cars market, presenting forecast statistics for the period of 2022-2032.
The study reveals essential insights on the basis of solar panel (monocrystalline solar cell, polycrystalline solar cell, thin-film solar cell, organic solar cell, others), car type (compact, sedan, SUVs, vans, others (mini vehicles)), car category (pure electric, hybrid electric), battery type (lithium ion, lead acid, others) across major regions of the world (Americas, Europe, Asia Pacific and Middle East & Africa).
Segmentation of Solar Powered Car Industry Research
• By Solar Panel :
o Monocrystalline solar cells
o Polycrystalline Solar Cell
o Thin-Film Solar Cell
o Organic Solar Cell
o Others
• By Type :
o Compact
o Sedan
o SUVs
o Vans
o Others (Mini Vehicles)
• By Category :
o Pure Electric
o Hybrid Electric
• By Battery Type :
o Lithium Ion
o Lead Acid
o Others
• By Region :
o Americas
o Europe
o Asia Pacific
o Middle East & Africa
Read More: https://www.factmr.com/report/5359/solar-powered-car-market
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