Solar Powered Car Global Market By Vehicle Type, By Battery Type, By Solar Panel, By Battery Type, Regional Outlook, and Forecast 2024-2033 | Aptera Motors, Fisker Inc., Squad Mobility, Toyota Motor Corp,Lightyear

Solar Powered Car Market

The Solar Powered Car by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s Solar Powered Car, the solar powered car market size has grown exponentially in recent years. It will grow from $1.45 billion in 2023 to $1.94 billion in 2024 at a compound annual growth rate (CAGR) of 34.3%. The growth in the historic period can be attributed to reduced greenhouse gas emissions, infrastructure development, urban planning initiatives, environmental concerns.

The solar powered car market size is expected to see exponential growth in the next few years. It will grow to $6.57 billion in 2028 at a compound annual growth rate (CAGR) of 35.6%. The growth in the forecast period can be attributed to rising government initiatives to reduce carbon emissions, increase in fuel prices, growing adoption of electric vehicles. Major trends in the forecast period include new product launches with focus on improving range, ultra-efficient solar cars for improved energy efficiency, development of solar powered electric vehicles (sevs), strategic partnerships and collaborations among market players, increased focus on sustainability and environmentally-friendly vehicles.

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. For instance, according to a survey conducted by Mastercard, a US-based financial services company, in 2021, 58% of individuals stated they are more conscious of their impact on the environment, while 85% of adults indicated they are prepared to take personal action to address environmental and sustainability issues. Therefore, the growing awareness of the environment is a factor contributing to the growth of the solar-powered car market.

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The solar powered car market covered in this report is segmented –
1) By Type: Compact, Sedan, Other Types
2) By Solar Panel: Monocrystalline Solar Cells, Polycrystalline Solar Cells
3) By Battery Type: Lithium-Ion, 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