Solar Powered Car Market Size to be Worth USD 46.11 billion by 2031, with Notable CAGR of 35.50%| Transparency Market Research, Inc.

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Dec 18, 2023, 10:01 ET

Due to rising clean energy demand, rising electric car sales and production, and the quick uptake of renewable energy sources, the global market for solar-powered automobiles is anticipated to grow considerably over the projected period.

WILMINGTON, Del., Dec. 18, 2023 /PRNewswire/ -- The global solar powered car was projected to attain US$ 2.21 billion in 2021. It is anticipated to garner a 35.50% CAGR from 2022 to 2031 and by 2031; the market is likely to attain US$ 46.11 billion by 2031.

Several manufacturers are working on a vehicle type whose engine can run on solar energy. On the other hand, the market for solar-powered automobiles is anticipated to grow because of the increased production and sales of electric vehicles worldwide. The global adoption of strict automobile pollution standards has increased demand for electric cars.

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In the upcoming years, several government programs, such as tax breaks, financial aid, and incentives for the use of zero-emission technologies, are anticipated to support market expansion. Moreover, the industry is anticipated to be supported by the global drop in solar panel prices.

Solar Powered Car Market Report Scope:

Report Coverage	Details
Forecast Period	2022-2031
Base Year	2021
Size in 2021	US$ 2.21 Bn
Forecast (Value) in 2031	US$ 46.11 Bn
Growth Rate (CAGR)	35.50 %
No. of Pages	180 Pages
Segments covered	Material, Solar Component, Car Type, Electric Car Type, Application

Key Findings of the Market Report

Crystalline silicon solar cells and thin-film solar cells are the two material categories used to categorize the solar-powered automobile industry.
In 2021, the market for solar-powered automobiles was dominated by the crystalline silicon solar cell category.
Due to its increased stability and 15%–25% better efficiency compared to other materials, crystalline silicon solar cells are anticipated to continue holding the top spot in the market during the projection period.
Crystalline silicon material has excellent thermal, environmental, mechanical, optical, and electrical qualities, which drives its market demand.
Crystalline silicon is inexpensive to produce, readily available, and simple to fabricate.

Market Trends for Solar Powered Cars

The global market for solar-powered cars is divided into three automobile types: hatchbacks, sedans, and SUVs. Throughout the forecast period, the SUV class is anticipated to occupy a sizable proportion of the worldwide market for solar-powered cars. This is because of their bigger surface area, which contributes to increased energy efficiency and solar energy absorption.
There has been an increase in the use of sunroofs—either solar or conventional—for utility vehicles. It is anticipated that throughout the projected period, the sedan sector of the worldwide market for solar-powered cars would have substantial expansion.

Global Market for Solar Powered Car: Regional Outlook

During the projected period, Europe is anticipated to have a leading share of the global market for solar-powered vehicles. Some of the drivers propelling the market in Europe are the growing popularity of electric cars, the use of renewable energy sources to power automobiles, and an increase in government funding in solar energy projects.
According to a forecast published by the European financial organization ING, all cars sold in Europe in the future will be electric vehicles. The addition of solar panels to electric vehicles increases their efficiency and sustainability, which might encourage more people in Europe to buy solar-powered automobiles.
It is also expected that the industry will be supported in the future by the significant presence of OEMs and automakers in Europe that produce solar-powered cars and their components in big quantities.
The market for solar-powered cars is expected to be dominated by Asia Pacific because of the regional concentration of rapidly developing economies like China and India. Throughout the forecast period, the increasing production and sales of passenger vehicles in China are anticipated to propel the solar-powered car market in Asia Pacific.

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Global Solar Powered Car: Key Players

The main goal of the substantial research and development investments made by manufacturers in the global market is the creation of environmentally friendly goods. The main tactics used by big players include product portfolio development, mergers and acquisitions, and mergers. The following companies are well-known participants in the global solar powered cars:

Audi AG
General Motors
Toyota Motor Corp
Ford Motor Company
Volkswagen AG
Sono Motors GmbH
Lightyear
Cruise Car Inc.
Mahindra & Mahindra Limited
Solar Electric Vehicle Company
Clenergy TeamArrow
Hanergy Holding Group
Venturi

Key developments by the players in this market are:

A solar-powered mobility business named Sono Motors GmbH revealed in July 2022 that they were going to produce their first solar electric vehicle (SEV), which they were calling the Sion. The company has also unveiled a "Solar Bus Kit," which is intended to be utilized by fleets of public vehicles and provides a way to cut fuel and greenhouse gas emissions from inner cities.
A Dutch startup business called Lightyear unveiled the Lightyear 0 electric vehicle in June 2022. It features built-in solar panels for on-the-go charging on the roof, bonnet, trunk, and tailgate. The Lightyear 0 is an electric vehicle that runs on solar power and conventional electric charging. Its owners may drive while the vehicle is receiving solar power charging.

Global Solar Powered Car Segmentation

Material

Crystalline Silicon Solar Cells
Thin-Film Solar Cells
Solar Component
Solar Arrays
Batteries
Power Trackers
Others

Car Type

Hatchbacks
Sedans
SUVs

Electric Car Type

Battery Electric Vehicles (BEV)
Plug-in Hybrid Electric Vehicles (PHEV)
Hybrid Electric Vehicles (HEV)

Application

Personal
Commercial

Region

North America
Europe
Asia Pacific
Middle East & Africa
Latin America

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