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.
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 marketâ€Â 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.
