- Adoption of new zero emission technology using renewable energy sources presents lucrative avenues for solar powered vehicle manufacturers; preference for solar powered SUVs propelling revenues
- Growing popularity of crystalline silicon solar cells to create substantial profits for firms in in solar powered car market; governments growing investments in clean energy transportation projects notably in Europe
WILMINGTON, Del., Aug. 26, 2022 /PRNewswire/ -- Enormous efforts by industry players and initiatives by governments to spur adoption of renewable energy sources in transportation are invigorating development of solar powered cars. Rising adoption of clean energy technologies in passenger cars in developing regions is enriching the future scope of solar cars. The solar powered car market to reach US$ 46.11 Bn by 2031, advancing at a robust CAGR of 35.50% from 2022 to 2031 (forecast period).
Several manufacturers of solar cars have benefitted from zero-emission technology schemes of governments. Also, they are committing sizable R&D funds to develop solar panel technologies. They are likely to capture substantial revenues by incorporating advanced clean energy technologies in SUVs and utility vehicles. The study found that crystalline silicon is most widely used materials and the segment is likely to account for a major solar powered car market share during the forecast period.
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Key Findings of Solar Powered Car Market Study
- Growing Investments in Solar Energy Projects for Clean Energy to Spur Demand: Worldwide, growing awareness about the adverse climate impacts of fossil-fueled vehicles has evoked considerable interests in solar-powered vehicles. Moreover, rise in solar energy projects in developed as well as developing regions has bolstered the prospects of solar powered car market. Continuing demand for clean energy in transportation will extend the canvas for market players.
- Advancements in Solar Cells Technology to Expand Avenue: Automobile companies and automotive firms are geared toward adopting and leveraging cutting-edge clean energy technologies in the vehicles. As a result, this has spurred research in solar cell technology for different types of utility vehicles. Incorporation of advanced solar cells technology in premium cars will open up vast profitable avenue in the solar powered car market in near future. Both sedan and SUV vehicles are anticipated to attract massive consumer demand. Of note, the SUVs segment is estimated to account for a leading market share during the forecast period (2022–2031). Indeed, solar-powered car companies are capitalizing on avenues by accelerating their efforts to commercialize solar-powered SUVs and sedans.
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Solar Powered Car Market: Key Drivers
- Globally rising awareness of need for massive adoption of clean energy for transportation is a key driver of solar powered car market. Initiatives by governments in various countries to reduce emission from transportation industry, mainly through implementation of emission regulations, are catalyzing the demand for solar-powered cars.
- Advancement in solar cells technology has led to continuous increase in efficiencies of these in powering electric vehicles, and has spurred commercialization of solar powered vehicles in developed regions.
Solar Powered Car Market: Regional Growth Dynamics
- Asia Pacific held a key share of the global solar powered car market in 2021, and is anticipated to be remain lucrative during the forecast period. Revenue streams in the regional market are propelled by rising demand for passenger vehicles that are powered using renewable energy sources. China and India are likely to contribute a bulk of the demand for the products in the market.
- Europe is projected to account for a major share of the global market during the forecast period. Investments in solar energy projects including by governments and rapid commercialization of electric vehicles have generated several revenue streams to firms in the Europe solar powered car market.
Solar Powered Car Market: Competition Landscape
Mergers and acquisitions and expansion of product portfolio are some of the key competitive strategies implemented by firms in the solar powered car market. The study has found that the competition landscape is fairly consolidated.
Some of the key market players are Hanergy, Clenergy TeamArrow, Mahindra & Mahindra Limited, Volkswagen AG, Ford Motor Company, Toyota Motor Corp, General Motors, and Audi AG.
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Solar Powered Car Market Segmentation
- Crystalline Silicon Solar Cells
- Thin-Film Solar Cells
- Solar Component
- Solar Arrays
- Power Trackers
- Car Type
- Electric Car Type
- Battery Electric Vehicles (BEV)
- Plug-in Hybrid Electric Vehicles (PHEV)
- Hybrid Electric Vehicles (HEV)
- North America
- Asia Pacific
- Middle East & Africa
- South America
- Russia & CIS
- South Korea
- South Africa
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