Press release
2025-2034 Solar Powered Car Market Roadmap: Insights for Competitive Advantage
Solar Powered Car
How Large Will the Solar Powered Car Market Size By 2025?
The market size for solar powered cars has seen a significant increase in recent years. The market is set to expand from $1.94 billion in 2024 to $2.61 billion in 2025, showing a compound annual growth rate (CAGR) of 34.3%. The surge in growth during the historical period could be credited to the decrease in greenhouse gas emissions, infrastructure enhancement, urban development measures, and environmental anxiety.
How Big Is the Solar Powered Car Market Size Expected to Grow by 2029?
The market size for solar powered cars is anticipated to undergo remarkable growth in the following years, reaching $8.99 billion by 2029 with a compound annual growth rate (CAGR) of 36.2%. This projected expansion during the forecast period can be linked to numerous factors such as the government's growing efforts to lower carbon emissions, surge in fuel costs, and the increased acceptance of electric vehicles. The forecast period is also expected to see major trends like the launch of new products aimed at enhancing driving range, the emergence of ultra-efficient solar vehicles to enhance energy efficiency, the creation of solar powered electric vehicles (SEVs), strategic alliances and synergies between market participants, and a heightened emphasis on sustainable and eco-friendly vehicles.
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Which Key Market Drivers Powering Solar Powered Car Market Expansion and Growth?
The solar-powered car market is anticipated to expand as understanding of environmental issues increases. This knowledge pertains to comprehension of the natural ecosystem and the choices that can either ameliorate or exacerbate its condition. Cars powered by solar energy do not produce any harmful emissions and are therefore a sustainable and eco-friendly transport option. Individuals are increasingly making eco-conscious choices and taking steps to avoid environmental harm. To underscore this point, the UK's Office for National Statistics conducted a survey between May and June 2023, reporting that 86.5% of adults in Great Britain have altered their lifestyles to tackle environmental challenges. Consequently, this heightened environmental awareness is a driving force behind the burgeoning solar-powered car market.
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Which Fast-Growing Trends Are Poised to Disrupt the Solar Powered Car Market?
A prominent trend in the solar-powered car market includes product innovations. Many leading companies in the market are prioritizing the development of new technologies in an effort to maintain a competitive edge. For example, in 2022, Valmet Automotive, a vehicle manufacturer based in Finland, introduced a new electric vehicle known as the Lightyear 0. This vehicle distinguishes itself from others by its ability to charge while in motion due to the solar panels strategically placed on its roof, hood, and trunk. One exclusive feature of the Lightyear 0 is its five square meters of uniquely curved solar panels situated on the roof, bonnet, and tailgate. These panels are designed to convert the solar energy captured from the sun into electricity to power the car's engine. Additionally, the Lightyear 0 provides the unique capability of driving while concurrently charging their vehicles with both solar energy and traditional electric charging methods.
What Are the Emerging Segments in the Solar Powered Car Market?
The solar powered car market covered in this report is segmented -
1) By Type: Compact, Sedan, Other Types
2) By Solar Panel: Monocrystalline Solar Cells, Polycrystalline Solar Cells
3) By Battery Type: Lithium-Ion, Other Batteries
4) By Propulsion: Battery Vehicles, Hybrid Vehicles
5) By Application: Personal, Commercial
Subsegments:
1) By Compact: Small solar-powered vehicles, Two-seater solar cars, Urban mobility solutions with solar integration
2) By Sedan: Four-door solar-powered sedans, Mid-size solar vehicles with solar panels integrated into the roof, Luxury solar-powered sedans with enhanced features
3) By Other Types: SUVs (Sport Utility Vehicles), Trucks (light and heavy-duty), Buses (public transport options), Specialty vehicles
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Who Are the Global Leaders in the Solar Powered Car Market?
Major companies operating in the solar powered car market include Sono Motors, Lightyear, Toyota Motor Corporation, Hyundai Motor Company, Aptera Motors, Tesla, Inc., General Motors, Fisker Inc., Ford Motor Company, Nissan Motor Co., Ltd., Audi AG, BMW AG, Hanergy Mobile Energy Holding Group, Solar Electric Vehicle Company, Clenergy TeamArrow, EVX Ventures, Venturi Automobiles, Squad Mobility B.V., SunSwift Solar Racing, Cruise Car, Inc., Mahindra & Mahindra Ltd., Volkswagen AG, Renault S.A., Panasonic Corporation, Stellantis N.V., Waymo LLC, Kia Corporation, Scania AB, Scaled Composites, Ascent Solar
Which are the Top Profitable Regional Markets for the Solar Powered Car Industry?
Europe was the largest region in the solar powered car market in 2024. The regions covered in the solar powered car market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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