Urja Daily
No Result
View All Result
  • News
  • Renewable
    • Solar
    • Rooftop
    • Floating Solar
    • Module
    • Wind
    • Hydrogen
    • Biomass
    • Tenders
    • Sustainibility
  • Storage
  • E-Mobility
  • EV Battery
  • Smart City
  • Power
    • Smart Grid
    • Microgrid
    • Off-Grid
  • Editor’s Pick
    • Articles
    • In Talks
    • E-MAG
    • Market Research
  • On-demand Webinars
  • More
    • Events
    • Contact Us
    • Subscribe
  • News
  • Renewable
    • Solar
    • Rooftop
    • Floating Solar
    • Module
    • Wind
    • Hydrogen
    • Biomass
    • Tenders
    • Sustainibility
  • Storage
  • E-Mobility
  • EV Battery
  • Smart City
  • Power
    • Smart Grid
    • Microgrid
    • Off-Grid
  • Editor’s Pick
    • Articles
    • In Talks
    • E-MAG
    • Market Research
  • On-demand Webinars
  • More
    • Events
    • Contact Us
    • Subscribe
No Result
View All Result
Urja Daily
No Result
View All Result
Home Editor's Pick Market Research

Solar Powered Car Market to Accumulate US$ 288.4 Mn by 2032

Urja Daily by Urja Daily
December 15, 2022
in Market Research
Reading Time: 3 mins read
0
solar car
Share on FacebookShare on TwitterShare on Linkedin

According to Fact.MR, the global solar-powered car market is predicted to exceed a market value of US$ 90.3 Mn by 2022 and is expected to expand at an impressive CAGR of about 12.3% during the forecast period (2022 to 2032).

The increasing popularity of self-charging vehicles has led to the birth of the solar vehicle industry. This has majorly helped in the expansion of the solar-powered car business globally. Solar vehicle manufacturers are able to manufacture solar-powered commercial vehicles and solar-powered cars, owing to the rising demand and need for vehicles that run on eco-friendly alternate fuels. This is being done to manufacture vehicles that are not only sustainable and robust but also limit harmful emissions so as to reduce the carbon footprint of the automobile industry.

RELATED POSTS

What Are the Latest Technological Innovations in Fuel Cell Vehicles?

What’s Holding Back the EV Battery Revolution?

The need to reduce carbon emissions in the recent past has become a necessity due to increased global warming levels. The solar-powered cars are low-maintenance vehicles that make cars easier to use and maintain for consumers, this has prompted manufacturers to increase their investment in production and R&D activities. Owing to aforementioned factors there would be increase in demand for the solar powered car.

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.

“The demand of renewable energy and eco-friendly automobiles to remain main driving factors in solar powered car market” says a Fact.MR analyst.

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.

Tags: Fact.MRsolar powered carSolar Vehicle
ShareTweetShare
Urja Daily

Urja Daily

Related Posts

Fuel Cell Vehicle Market

What Are the Latest Technological Innovations in Fuel Cell Vehicles?

by Palak
September 8, 2025
0

The automotive industry is experiencing a profound transformation as the world shifts toward sustainable energy solutions. While battery electric vehicles...

EV Battery Revolution

What’s Holding Back the EV Battery Revolution?

by Palak
September 4, 2025
0

The Electric Vehicle (EV) Battery Market is at the center of the global clean mobility transition. With EV adoption accelerating...

Autonomous Driving Software

What Opportunities Exist for Startups in the Autonomous Driving Software Market?

by Palak
September 3, 2025
0

The rise of self-driving technology is reshaping global mobility, creating a wave of opportunities across software, hardware, and services. Among...

Electric Vehicle Polymers Market

What Challenges Could Slow Down the Electric Vehicle Polymers Market?

by Palak
September 2, 2025
0

The global automotive industry is undergoing a massive transformation with the rapid adoption of electric vehicles (EVs). Among the many...

Building Insulation Market

Top Innovations Driving the Future of the Building Insulation Market

by Palak
August 30, 2025
0

The global construction industry is undergoing a major transformation, with sustainability, energy efficiency, and advanced materials becoming the cornerstones of...

Next Post
Green Hydrogen

The Green Hydrogen Energy Sector is Ready to Branch Out

Jackery

Jackery to Showcase New Models at CES 2023

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

RECOMMENDED

Mr. Raman Bhatia with Jerry Nie Sino Zhuhai Piwin New Energy Co., Ltd

Servotech Renewable Power Partners with Zhuhai Piwin New Energy in Exclusive Deal

September 8, 2025
Vikram Solar

Vikram Solar Bags 336 MW Module Supply Order from L&T for Khavda Project

September 8, 2025

MOST VIEWED

  • Hydrom

    Hydrom and Thyssenkrupp Nucera Partner for Green Hydrogen Projects in Oman

    0 shares
    Share 0 Tweet 0
  • SFC India Selected Dassault Systèmes for Indigenization and Digital Transformation of Wastewater Treatment Plants

    0 shares
    Share 0 Tweet 0
  • Juniper Green Energy Secures 1 GW Solar Module Deal with First Solar

    0 shares
    Share 0 Tweet 0
  • PGCIL Wins ISTS Project for Renewable Energy Integration in Karnataka

    0 shares
    Share 0 Tweet 0

Servotech Renewable Power Partners with Zhuhai Piwin New Energy in Exclusive Deal

Vikram Solar Bags 336 MW Module Supply Order from L&T for Khavda Project

What Are the Latest Technological Innovations in Fuel Cell Vehicles?

Shweta Solar set to unveil 1.2 GW Advanced Solar Module Manufacturing Facility in NCR

Transmission Lines: Myths, Facts, and Why They Matter for Powering India’s Future

UAE Energy Undersecretary Visits Tellus Power Globe Holding’s Hong Kong Office

Latest Magazine

© 2016 – 2025 TechZone Print Media | All Rights Reserved

  • About Us
  • Contact Us
No Result
View All Result
  • News
  • Renewable
    • Solar
    • Rooftop
    • Floating Solar
    • Module
    • Wind
    • Hydrogen
    • Biomass
    • Tenders
    • Sustainibility
  • Storage
  • E-Mobility
  • EV Battery
  • Smart City
  • Power
    • Smart Grid
    • Microgrid
    • Off-Grid
  • Editor’s Pick
    • Articles
    • In Talks
    • E-MAG
    • Market Research
  • On-demand Webinars
  • More
    • Events
    • Contact Us
    • Subscribe

© 2016 - 2025 TechZone Print Media | All Rights Reserved