The global solar powered car market is valued at US$80 million, and is set to expand at an impressive CAGR of over 12% over the forecast period from 2021 to 2031.
The growing popularity of self-charging vehicles has led to the creation of the solar vehicle industry, which has assisted the expansion of the solar-powered car business. The growing demand for alternative fuel vehicles and the desire for pollution-free vehicles has enabled manufacturers to produce solar powered cars and solar powered commercial vehicles. Also, increasing use of renewable energy as well as the need to reduce carbon emissions to the environment is forcing manufacturers to increase their investment in R&D activities and production.
Demand analysis of solar powered cars for 2021-2031
The solar powered car industry is set to grow at a CAGR of 12.3% by 2031, with rising concerns about carbon emissions and increasing use of renewable energy.
Consumers with higher purchasing power have increased the demand for conventional and high-end solar powered cars on the road. The governments of many countries have taken steps to reduce pollution levels by banning the use of transitional cars as well as encouraging the use of renewable energy.
Manufacturers are also taking advantage of these solar powered cars by investing heavily in R&D and product development.
The use of solar-powered cars in personal transportation or in competition-based solar race cars requires high performance and solar panel efficiency.
Many other new features by existing as well as emerging companies are likely to attract greater long distance coverage and maximum use of renewable energy, which is a driving factor for the demand and sales of solar powered cars.
Key Takeaways from Market Study
- Monocrystalline solar cells are expected to be one of the major solar panel segments for solar powered cars.
- Due to the smaller and sleeker design that improves the efficiency of the solar panels associated with sedan cars, sedan cars are projected to remain one of the fastest growing vehicle types for solar power.
- Pure electric vehicles are expected to become a high-growth car category, with solar vehicle design being severely limited by the amount of energy input into the car.
- The lithium-ion battery segment is expected to grow in the near future due to higher charging-discharging efficiency, higher charge density and lighter weight as compared to lead-based and other battery types.
- Europe is projected to be one of the fastest growing regional markets due to ease of raw material availability and increased government incentives for solar-powered car production and sales.
For more information about this report https://www.factmr.com/report/5359/solar-powered-car-market
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