Global Solar Powered Car Market Report 2023: Rising Awareness of the Environment Propels Growth

DUBLIN, May 22, 2023 /PRNewswire/ -- The "Solar Powered Car Global Market Report 2023" report has been added to  ResearchAndMarkets.com's offering.

This report provides strategists, marketers and senior management with the critical information they need to assess the market.

The global solar powered car market is expected to grow from $1.08 billion in 2022 to $1.44 billion in 2023 at a compound annual growth rate (CAGR) of 33.2%. The solar powered car market is expected to reach $4.76 billion in 2027 at a CAGR of 34.8%.

Major players in the solar powered car market are Toyota Motor Corporation, Lightyear, Ford Motor Company, Sono Motors GmbH, Mahindra & Mahindra Limited, General Motors, Audi AG, Hanergy Holding Group Ltd., Hyundai Motor Company, Squad Mobility, Aptera Motors, Venturi Automobiles, Nissan Motor Co. Ltd., Fisker Inc. and Rivian Automotive LLC.

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

The main types of solar-powered cars are compact, sedans, SUVs, vans and others including mini vehicles. Compact cars are small cars also referred to as hatchbacks, used for passenger transportation. Solar panels include monocrystalline solar cells, polycrystalline solar cells, thin-film solar cells, organic solar cell sand others, batteries including lithium-ion, lead-acid, lead-carbon and others along with battery vehicles, hybrid vehicles propulsion are used for personal and commercial applications.

The solar-powered car market research report is one of a series of new reports that provides solar-powered car market statistics, including solar-powered car industry global market size, regional shares, competitors with a solar-powered car market share, detailed solar-powered car market segments, market trends and opportunities and any further data you may need to thrive in the solar-powered car industry. This solar-powered car market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

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.

In September 2022, Lightyear, a US-based company developing scalable grid-independent solar electric vehicles operating in the solar powered cars market, partnered with Koenigsegg Automotive AB. Through this partnership, the companies aim to share their resources and skills to create cutting-edge EV breakthroughs together. Koenigsegg Automotive AB is a Sweden-based high-performance sports car manufacturer.

Europe was the largest region in the solar powered car market in 2022. The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

The countries covered in the solar powered car market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK and USA.

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 Topics Covered:

1. Executive Summary

2. Solar Powered Car Market Characteristics

3. Solar Powered Car Market Trends And Strategies

4. Solar Powered Car Market - Macro Economic Scenario
4.1. COVID-19 Impact On Solar Powered Car Market
4.2. Ukraine-Russia War Impact On Solar Powered Car Market
4.3. Impact Of High Inflation On Solar Powered Car Market

5. Solar Powered Car Market Size And Growth
5.1. Global Solar Powered Car Historic Market, 2017-2022, $ Billion
5.1.1. Drivers Of The Market
5.1.2. Restraints On The Market
5.2. Global Solar Powered Car Forecast Market, 2022-2027F, 2032F, $ Billion
5.2.1. Drivers Of The Market
5.2.2. Restraints On the Market

6. Solar Powered Car Market Segmentation
6.1. Global Solar Powered Car Market, Segmentation By Type, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion

• Compact
• Sedan
• SUVs (Sports Utility Vehicles)
• Vans
• Other Types

6.2. Global Solar Powered Car Market, Segmentation By Solar Panel, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion

• Monocrystalline Solar Cells
• Polycrystalline Solar Cell
• Thin-Film Solar Cell
• Organic Solar Cell
• Other Solar Panels

6.3. Global Solar Powered Car Market, Segmentation By Battery Type, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion

• Lithium-Ion
• Lead-Acid
• Lead-Carbon
• Other Batteries

6.4. Global Solar Powered Car Market, Segmentation By Propulsion, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion

• Battery Vehicles
• Hybrid Vehicles

6.5. Global Solar Powered Car Market, Segmentation By Application, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion

• Personal
• Commercial

7. Solar Powered Car Market Regional And Country Analysis
7.1. Global Solar Powered Car Market, Split By Region, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
7.2. Global Solar Powered Car Market, Split By Country, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion

For more information about this report visit https://www.researchandmarkets.com/r/7tz4zz

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