NEW YORK, Aug. 20, 2021 /PRNewswire/ — As per insights by Fact.MR, the global market for solar powered car is anticipated to rise at a CAGR of 12.3% between 2021 and 2031, surpassing market valuation of US$ 90 Mn by the end of 2022. Despite logistical challenges amid restrictions imposed to contain the pandemic in 2020, the market is forecast to register 13.5% year-on-year growth in 2022.
Growing concerns regarding carbon emissions has increased the adoption of environment-friendly vehicles, which, in turn, is boosting sales of solar powered cars. Demand for solar powered car will continue to surge due to their diverse advantages over conventional fuel-run vehicles. These include increased vehicle efficiency, lesser cost of maintenance, zero pollution, ease in charging, and noise-free operations.
Besides these, increasing preference for monocrystalline solar cells due to its single crystal composition and high efficiency will spur sales prospects. Among various solar panels, the monocrystalline solar cells is dominating the market and is estimated to account for over 85% of the overall sales by the end of 2031.
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The market will continue showcasing steady rate of growth due to the increasing investments in research and development activities by manufacturers for developing zero emission vehicles.
Among various batteries, lithium-ion batteries are extensively used in solar powered cars owing to their high charging-discharging efficiency, high charging density, and light weight. Fact.MR also has estimated the lithium-ion batteries segment to account for over 90% of the market share through 2031.
According to the study, Europe will emerge as a highly lucrative market. Growth prospects for Netherlands remain optimistic driven by high demand for renewable energy transportation and e-mobility.
“Increasing investment in research and development activities and development in solar cell technology are positively impacting the growth of solar powered car market. Besides this, manufacturers are focusing on new product offerings and launches to gain an edge in the market,” says a Fact.MR analyst.
Key Takeaways from Solar Powered Car Market Survey
- Netherlands is the leading market for solar powered car in Europe and is expected to account for over 35% of the Europe market in 2031.
- Backed by well-developed e-mobility infrastructure, the Americas market is forecast to grow at a CAGR of nearly 13% over the forecast period.
- Driven by growing solar cell technological innovations, South Korea is estimated to account for over 28% of the Asia-Pacific market in 2021.
- Based on solar panel, monocrystalline solar cells is expected to account for over 85% of the market share by the end of 2031.
- Based on batteries, Lithium-ion batteries will account for over 90% of the market share through 2031.
Key Drivers
- Growing demand for eco-friendly vehicles is a key factor driving growth of the solar powered car market.
- Increasing government initiatives for providing incentives and subsidies will bolster future growth prospects.
Key Restraints
- Lower operational productivity of solar powered cars is a major factor curtailing the growth of the market.
- Incapability of solar powered cars to produce adequate amounts of power in unfavorable climate conditions is limiting the market growth.
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Competitive Landscape
Solar powered car manufacturers operating in the market are adopting new product launches to enhance their product portfolio and gain a competitive edge in the market.
For instance, in 2019, Hyundai Motor Group announced the launch of its new Sonata HEV with silicon solar panels. With the new launch, Hyundai aims at expanding its footprint to vehicles involving traditional internal combustion engines.
In 2021, Sono Motors, a Munich-based mobility provider announced the launch of its new 54 kWh LFP battery for use in the Solar Electric Vehicle (SEV) Sion. It offers an extended range up to 305 km and a maximum charging power of up to 75 kW.
Some of the leading players operating in the solar powered car market profiled by Fact.MR are:
- 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
More Valuable Insights on Solar Powered Car Market
Fact.MR, in its new report, offers an unbiased analysis of the global solar powered car market, analyzing forecast statistics through 2021 and beyond. The survey reveals growth projections on solar powered car market with detailed segmentation:
- By Solar Panel
- Monocrystalline Solar Car Cells
- Polycrystalline Solar Car Cells
- Thin-Film Solar Car Cells
- Organic Solar Car Cells
- Others
- By Car Type
- Compact Solar Powered Cars
- Solar Powered Sedans
- Solar Powered SUVs
- Solar Powered Vans
- Others (Mini Vehicles)
- By Car Category
- Pure Electric Cars
- Hybrid Electric Cars
- By Battery
- Lithium-ion Solar Powered Cars
- Lead-based Solar Powered Cars
- Others
Key Questions Covered in the Solar Powered Car Market Report
- The market survey also highlights projected sales growth for solar powered car market between 2021 and 2031
- The report offers insight into solar powered car demand outlook for forecast period 2021-2031
- Solar powered car market share analysis of the key companies within the industry and coverage of strategies such as mergers & acquisitions, collaborations or partnerships, and others
- Solar powered car market analysis identifies key growth drivers, restraints, and other forces impacting prevailing trends and evaluation of current market size and forecast and technological advancements within the industry
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