Global Solar Powered Car Market Growth Analysis 2024 – Forecast Market Size And Key Factors Driving Growth

Solar powered car refers to an electric vehicle that either totally or partially runs on sunlight using self-contained solar cells. To control and store the energy from the sun cells and via regenerative braking, solar vehicles often have a rechargeable battery.

Sizing and Forecast
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.

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Segmentation & Regional Insights
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

Europe was the largest region in the solar powered car market in 2023. The regions covered in the solar powered car market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

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Major Driver Impacting Market Growth
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.

Key Industry Players
Major companies operating in the solar powered car market report are Aptera Motors, Fisker Inc., Squad Mobility, Solar Team Eindhoven, Toyota Motor Corp,Lightyear, Hyundai Motor Company, BYD Auto Co. Ltd., Hanerg, Guangzhou Xiaopeng Motors Technology Co. Ltd., Honda Motor Co. Ltd., Kia Corporation, Mahindra & Mahindra Limited, Pravaig Dynamics, Sono Group N.V., Volkswagen AG, Ford Motor, General Motors, Rivian Automotive LLC, Enel X, EN1 Technologies

The solar powered car market report table of contents includes:
1. Executive Summary
2. Market Characteristics
3. Market Trends And Strategies
4. Impact Of COVID-19
5. Market Size And Growth
6. Segmentation
7. Regional And Country Analysis
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27. Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis

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