The Solar Powered Car Global Market Report 2023 by The Business Research Company, provides solar powered car market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa for the 27 major global industries. The report covers a ten-year historic period – 2010-2021, and a ten-year forecast period – 2023-2032.
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According to The Business Research Company’s Solar Powered Car Global Market Report 2023, the market size is expected to grow from$1.08 billion in 2022 to $1.44 billion in 2023 at a compound annual growth rate (CAGR) of 33.2%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The global solar powered car market size is expected to reach $4.76 billion in 2027 at a CAGR of 34.8%.
Growing awareness of the environment is expected to propel the growth of the solar-powered car market. Environment awareness refers to the understanding of the natural environment and the decisions one may make to either benefit it or cause more harm. Solar power cars have zero fuel emissions and are sustainable and environmentally friendly. People today are conscious of one’s surroundings and make decisions that do not harm the environment.
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The solar powered car market is segmented:
1) By Type: Compact, Sedan, SUVs (Sports Utility Vehicles), Vans, Other Types
2) By Solar Panel: Monocrystalline Solar Cells, Polycrystalline Solar Cell, Thin-Film Solar Cell, Organic Solar Cell, Other Solar Panels
3) By Battery Type: Lithium-Ion, Lead-Acid, Lead-Carbon, Other Batteries
4) By Propulsion: Battery Vehicles, Hybrid Vehicles
5) By Application: Personal, Commercial
Product innovations have emerged as a key trend gaining popularity in the solar-powered car market. Major companies operating in the market are focused on introducing new technologies to gain a competitive advantage. For instance, in 2022, Valmet Automotive, a Finland vehicles manufacturer launched Lightyear 0 an electric vehicle that can be charged while in motion thanks to solar panels on its top, hood and trunk. The car’s five square meters of curved solar panels, which were fitted into the Lightyear 0’s roof, bonnet and tailgate, are one of its unique features. These panels will transform solar energy harvested from the sun into electric power for the car’s motor. The car can also be able to drive while simultaneously charging their cars using solar power and conventional electric charging.
The solar powered car market report table of contents includes:
1. Executive Summary
2. Solar Powered Car Market Characteristics
3. Solar Powered Car Market Trends And Strategies
4. Solar Powered Car Market – Macro Economic Scenario
5. Solar Powered Car Market Size And Growth
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26. Africa Solar Powered Car Market
27. Solar Powered Car Market Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions In The Solar Powered Car Market
29. Solar Powered Car Market Future Outlook and Potential Analysis
30. Appendix
Top Major Players:
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