Solar Powered Car Market

Global Solar Powered Car Market Size (2024 to 2032)

The global solar-powered car market was valued at USD 222.24 million in 2023 and is anticipated to reach USD 248.51 million in 2024 from USD 607.43 million by 2032, growing at a CAGR of 11.82% from 2024 to 2032.

Solar-powered cars are integrated electric cars with solar panels. In general, solar panels consist of photovoltaic cells that help convert solar energy into electrical energy. The propulsion of these vehicles is generally provided by solar energy, and the efficiency of the solar modules defines the thrust of the car.

MARKET DRIVERS

The growing emphasis on critical economic governments to reduce vehicle pollution is one of the main drivers of the global solar-powered car market. Similarly, many countries propose regulations on car fuel efficiency or carbon emissions to help the market. The fall in solar panel prices, which constitutes an integral part of the costs of solar roofs, is assisting the solar-powered car market. The cost of solar panels has declined significantly in the last decade, and by 2022, industry participants expect prices to fall 25-27% more. In addition, technological advances of major automotive companies such as Audi AG will continue to help the solar car market by faster adoption of solar panels in vehicles. 

The size of the solar car market is expected to witness remarkable growth during the forecast period, which is highlighted by the governments of several countries, mainly to promote environmentally friendly cars. Also, the fall in solar panel prices and technological advances in the industry will continue to help the global solar-powered car market during the forecast period. Solar cars use solar cells to convert solar energy into electrical energy (stored in batteries) to power the vehicle.

MARKET RESTRAINTS

Despite the decrease in the price of solar panels, installation in the vehicle remains expensive, which hinders the growth of the market. The increase in projected mileage does not justify the rise in retail prices of solar-powered cars compared to ordinary fuel battery cars, which affects the worldwide market. The massive investment in R&D required to integrate aesthetically technically advanced solar panels into vehicles also increases costs, limiting the market growth.

REPORT COVERAGE

SEGMENTAL ANALYSIS 

Global Solar Powered Car Market Analysis By Model

Hybrid electric vehicles use both an internal combustion engine (ICE) and a battery to power the car. Fully electric cars do not have ICE and use only the energy generated by the battery. The entire category of electric vehicles will witness faster growth during the forecast period as government support for these vehicles increases in the form of incentives and subsidies.

Global Solar Powered Car Market Analysis By Vehicle

Passenger cars account for the leading portion of the global business as the market is in the infant stage with manufacturers releasing only solar-powered passenger cars. However, in the coming years, there is a high chance that commercial cars will overtake the passenger car segment, owing to the numerous benefits it offers.

Global Solar Powered Car Market Analysis By Type

The four-wheel segment is expected to experience faster growth during the forecast period as the adoption of solar panels in passenger cars and buses increases.

REGIONAL ANALYSIS 

It is estimated that the Asia-Pacific region will be the largest market in global business by 2030, which includes the fastest-growing economies in the world, such as China and India. As the purchasing power of consumers increases, the Asia-Pacific region became the largest car market. In addition, the climatic conditions of the countries of Southeast Asia are suitable for these vehicles. Also, the growing demand for passenger cars in emerging countries in the region is likely to boost the growth of the Asia-Pacific market during the forecast period. 

Europe is at the forefront of the early adoption of electric vehicles in the world. Therefore, the adoption of such vehicles in Europe is expected to gain strength during the forecast period. Strict environmental policies and pollution control measures are supposed to contribute to the rapid adoption of these vehicles in the region. According to a recent report by ING, one of Europe's leading financial institutions, all new cars sold in Europe will use electricity in the near future.

KEY PLAYERS IN THE GLOBAL SOLAR POWERED SOLAR-POWERED CAR MARKET

The global solar powered car market is concentrated with well established players. Key players in the market include Toyota Motor Corp, Audi AG, Venturi, Ford Motor Company, Mahindra & Mahindra Limited, Sono Motors GmbH, General Motors, Lightyear, Volkswagen AG. Cruise Car Inc., Hanergy Holding Group Yes and Solar Electric Vehicle Company and Clenergy TeamArrow

RECENT HAPPENING IN THE GLOBAL MARKET

• In 2017, Audi signed a partnership with Alta Devices Inc to embed solar cells in the car roof glass.
• In 2017, Panasonic Corporation introduced the Toyota Prius Prime sunroof (capable of producing 180 watts) in the Japanese market.
• In March 2019, Sono Motors presented its first solar electric car in Germany. The vehicle is equipped with solar cells on the roof that can produce 34 km of energy per day. The operational range of this vehicle is approximately 255 km, and on a sunny day, the extended distance is 34 km.
• In 2019, Hyundai launched the Sonata Hybrid Sedan version with a solar film built into the roof to help charge the battery.

DETAILED SEGMENTATION OF THE GLOBAL SOLAR POWERED CAR MARKET INCLUDED IN THIS REPORT

This research report on the global solar powered car market has been segmented model, vehicle, type and region

By Model

• Hybrid Electric Vehicles
• Fully Electric Vehicles​​​​​​​

By Vehicle

• Passenger Cars
• Commercial Vehicles​​​​​​​

By Type

• Three Wheels
• Four Wheels​​​​​​​

By Region

• North America
• Europe 
• Asia Pacific 
• Latin America 
• Middle East and Africa