The global solar-powered cars market was valued at USD 1564.3 million in 2023 and is anticipated to reach USD 2077.39 million in 2024 from USD 20096 million by 2032, growing at a CAGR of 32.8% during the forecast period 2024 to 2032.
Solar cars usually operate on solar power alone, although some models may add energy to the battery, use solar panels to recharge batteries, or run car auxiliary systems that only use battery power. Solar cars incorporate engineering that is usually used in the aviation and aerospace, alternative energy, and automotive industries.
Solar cars rely on a solar array that uses photovoltaic cells (PV cells) to convert solar radiation into electricity. Unlike solar thermal energy, which converts solar energy into heat, PV cells convert sunlight directly into electricity. When sunlight (photons) strikes PV cells, they stimulate electrons and allow them to flow, creating an electrical current. PV cells are usually made from semiconductor materials such as silicon and indium, gallium, and other nitrogen alloys.
Ongoing efforts to explore advanced technologies that can reduce the carbon footprint of traditional vehicles have increased the demand for cleaner and greener cars., Leading automotive companies and new companies are focused on the launch of models and concept vehicles, which are expected to reach the market by 2021. Stakeholders are currently focusing on the start of solar-powered cars with lightweight, minimalistic, and aesthetically appealing designs. The millennials' interest in minimalistic designs also helps to drive the solar-powered cars market., Apart from the demand from the customers, the falling prices of solar panels offer the car market a much-required economic boost, which in turn helps in the development of this business.
· The high dependence of electric cars on external factors is one of the main factors limiting the growth of the electric car market, particularly the solar-powered cars market. While solar power is a readily available resource, the dependence of these solar panels on irradiance can reduce the vehicle's efficiency. Factors such as climate and temperature may also influence the consumer's preference for conventional electric-powered cars as compared to solar vehicles.
The sedan segment is expected to dominate the market in the future. The goal of solar-powered car producers is precise, to produce vehicles that can replace the current conventional cars. Also, the surface area of sedans is more significant than that of other cars in terms of fitting solar panels, so these are the significant factors that drive the demand for such vehicles.
The lithium-ion segment accounted for the largest share of the forecast period. This type of battery has all the appropriate characteristics required for the operation of these vehicles. The battery provides high energy density with a fast charging capability, enabling a smooth charging process. In addition, with the highest power conversion ratio, this battery offers the highest efficiency, making it most appropriate for these cars.
Solar panels are gaining traction around the world due to the supporting government initiatives and their benefits compared to conventional energy sources.
Geographically, the Asia-Pacific region is estimated to be the largest market by the end of the next decade. The region is comprised of some of the fastest developing economies in the world, such as China and India. The Asia-Pacific area is the largest automotive market, as the rising cost of living and urbanization in this area has sparked demand for cars in the region. The climate conditions of the countries of Southeast Asia are also ideal for these vehicles. Moreover, the high demand for passenger cars from developing countries in the region is likely to boost the growth of the Asia-Pacific market during the forecast period.
Lightyear (Netherlands), Sono Motors (Germany), Volkswagen (Germany), Nissan (Japan), GM (US), Toyota (Japan), Ford (US), Mahindra (India), Solar Electric Vehicle Company (US), Cruise Car (US). These are the market players that dominate the global solar-powered car market.
By Panel Material
By Car Type
By Battery Type
By Region
Related Reports
Access the study in MULTIPLE FORMATS
Purchase options starting from $ 2500
Didn’t find what you’re looking for?
TALK TO OUR ANALYST TEAM
Need something within your budget?
NO WORRIES! WE GOT YOU COVERED!
Call us on: +1 888 702 9696 (U.S Toll Free)
Write to us: [email protected]
Reports By Region