According to a report, the global solar powered car market is projected to reach $3.5bn by 2027, expanding at a CAGR of ~20% during the forecast period.
An overview of the market report concluded that:
- The global solar powered car market is likely to be driven by the demand for zero-emission cars.
- Self-driving cars are more efficient and cost-effective, and curb transportation emissions.
- Key automakers such as Sono Motors, and Lightyear are projected to offer solar powered cars post 2020 and 2021, respectively, which, in turn, is expected to drive the solar powered car market.
Expansion of the Global Solar Powered Car Market:
- The depletion of fossil fuel has prompted global automakers to search for a viable option to maintain their pace of progress and development. Solar powered cars are presently one of the best possible alternate solutions.
- The demand for zero-emission vehicles has compelled the automotive industry to design and develop new alternate technologies, such as solar powered vehicles that use solar radiant energy as a form of fuel to drive the vehicle.
- Additionally, the light weight of the car makes it fast and highly efficient as compared to the conventional fossil fuel powered car.
Based on material, the global solar powered car market has been bifurcated into crystalline silicon solar cells and thin-film solar cells. The crystalline silicon solar cells segment is estimated to dominate the solar powered car market during the initial stages. This is primarily due to their advantages such as high efficiency, high stability, high reliability, and easy to fabricate.
The segment is projected to dominate and account for over 98% share of the market by 2020. The crystalline silicon solar cells segment is anticipated to lose market share, as these are expensive and possess a low absorption coefficient as compared to that of thin-film solar cells.
Based on the type of car, the global solar powered car market has been divided into hatchbacks, sedans, and UVs. UVs and sedans are estimated to be highly lucrative segments during the forecast period, as the design of these vehicles offer larger surface area to absorb the sun’s rays, and hence, deliver high performance.
In terms of electric car, the BEVs segment is projected to account for a dominant share of the market, owing to the higher demand for green mobility supplemented by government emission norms and policies. Moreover, BEVs curb pollution and require less maintenance.
Regional Analysis of the Global Solar Powered Car Market
In terms of region, the global solar powered car market has been segregated into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. Europe and Asia Pacific are expected to hold prominent shares of the global solar powered car market.
This is due to the rising concerns about transportation emissions, requirement of economical solutions, increasing preference for zero-emission cars, and the existence of well-established automakers and automotive sector, leading to an increase in the development of the solar powered car market.
Moreover, the presence of automakers and OEMs capable of offering solar powered cars and mass availability of solar powered car components in these regions have led to their higher shares, globally, as compared to that held by other regions.
Prominent players operating in the global solar powered car market include Audi AG, Toyota Motor Corp, Ford Motor Company, Sono Motors GmbH, Mahindra & Mahindra Limited, General Motors, Volkswagen AG., Lightyear, Cruise Car Inc., Solar Electric Vehicle Company, Hanergy Holding Group, Venturi, and Clenergy TeamArrow.