Press release
Solar Powered Car Industry to Achieve $8.7 Billion Growth by 2029
Solar Powered Car
How Will the Solar Powered Car Market Grow by 2025 in Terms of Size and Growth?
The market dimension of solar powered vehicles has undergone substantial growth in the past few years. It is projected to increase from $1.94 billion in 2024 to $2.58 billion in 2025, reflecting a compound annual growth rate (CAGR) of 32.9%. The expansion during the historical period may be linked to factors such as decreased emissions of greenhouse gases, development of infrastructure, urban planning measures, and concerns about the environment.
What Are the Estimated Growth Rates for the Solar Powered Car Industry Through 2029?
In the coming years, the solar powered car market is predicted to witness rapid expansion. The market is anticipated to amplify to a worth of $8.7 billion in 2029, with an impressive compound annual growth rate (CAGR) of 35.5%. Factors such as governmental efforts to curb carbon emissions, a rise in fuel prices, and a surge in the use of electric vehicles all play a significant role in this projected growth during the forecast period. Key trends during this time will encompass the launch of innovative products designed to extend range, ultra-efficient solar vehicles to enhance energy efficacy, the creation of solar powered electric vehicles (SEVs), strategic alliances and teamwork among market competitors, plus a heightened emphasis on vehicles that are environmentally friendly and champion sustainability.
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What Are the Strategic Drivers Boosting Solar Powered Car Market Performance?
The escalating consciousness about the environment is anticipated to foster the expansion of the market for solar-powered vehicles. This awareness entails the comprehension of the natural environment and the choices one might make to either enhance or further damage it. Solar energy vehicles do not produce any fuel emissions and are both sustainable and eco-friendly. Nowadays, individuals are aware of their environment and make choices that minimize environmental damage. For example, a survey by the Office for National Statistics, a UK government agency, carried out from May to June 2023, revealed that 86.5% of adults in Great Britain claimed to have altered their lifestyles to address environmental problems. For this reason, this increasing environmental consciousness is a factor leading to the surge in the solar-powered car market.
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What Are the 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
What Are the Key Adoption Trends in the Solar Powered Car Market?
The emergence of product innovations is a notable trend in the solar-powered car market. In a bid to secure competitive advantages, a number of key companies in this space are incorporating new technology. For instance, Valmet Automotive, a vehicle manufacturer based in Finland, launched Lightyear 0, an electric vehicle with the unique ability to charge in motion in 2022. The car, fitted with five square meters of curved solar panels on its roof, bonnet, and tailgate, can turn solar energy into electric power for the vehicle's motor. A standout feature of this vehicle is its ability to run and simultaneously charge using both solar power and conventional electric charging.
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Which Companies Lead the Competitive Landscape of the Solar Powered Car Industry?
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
Where Are the Key Solar Powered Car Market Opportunities by Region?
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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Saumya Sahay,
Americas: +1 310-496-7795,
Asia: +44 7882 955267 & +91 8897263534,
Europe: +44 7882 955267,
Email: saumyas@tbrc.info
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