- Passenger Vehicle
- Commercial Vehicle
Solar Powered Car Market size was valued at USD 310.8 million in 2022, and is expected to grow at a 19.2% CAGR from 2023 to 2029. The solar powered cars convert solar energy into electrical energy. This electricity charges the battery, which gives the power to the car engine. Some solar vehicle transfer electricity directly to electric motor without the battery. The photovoltaic cells present in the solar panel helps to convert solar rays into electricity. The photovoltaic cells are made up of semiconductors especially silicon which absorbs light. The electrons in the semiconductor are liberated by the sun rays which in turn provides energy and is used to charge battery and specialized motor in solar automobiles. Increase in preservation of natural resources by using solar vehicles is the key driver in the growth of solar-powered car market. The solar powered car doesn’t require any kind of energy input. The solar powered vehicles are maintenance free when compared to gasoline vehicles. Then solar powered vehicle reduces environmental impacts by decreasing or eliminating fuel consumption. In addition, solar powered vehicles provide noise free operations and require low maintenance when compare with the internal combustion engines. Hence, increase in vehicle emission concern and eco-friendly operations of solar panels vehicles are expected to drive the growth of solar powered car market in the forecasted years. Fossil fuels like petrol and diesel are the source of energy to majority of the vehicles across the globe. However, the fuel reserves have been decreased significantly in the past years by increased consumption and surge in demand for personal mobility, particularly in countries like India, China, the energy consumption has increased. Increase in fuel prices which compels the people to adopt to solar powered vehicles which comparatively reduces the cost of mobility. Whereas, factors like the operation efficiency of solar powered vehicles are less when compared to Internal combustion engines, weather conditions also considered as important factor to charge the battery, the speed and power of solar powered vehicles is less compared conventional vehicles. Hence these factors are expected to hinder the market growth in the forecasted years.
In May 2021, MAN Trucks announced partnership with Sono motors to analyze technical and economic feasibility by integrating Sono solar technology in MAN’s eTGE electric transporter.
In December 2022, Lightyear launched world’s first solar car with 1000km range.
Fastest Growing Market
Solar powered car market is expected to grow owing to increasing environmental consciousness among the public and increase in awareness about the environmental impacts caused by the internal combustion engines is expected to drive the market growth. In addition, decrease in maintenance cost of solar powered vehicle, elimination of consumption of fossil fuel are expected to boost the market growth. The global drop in the price of solar panels across the globe in last decades is expected to propel the solar powered car market in a significant rate in the forecasted years. Furthermore, strict regulations on vehicle emission norms are expected to drive the growth of solar powered car market across the globe.
Solar Powered Car market was valued at USD 310.8 million in 2022, and is expected to grow at a 19.2% CAGR from 2023 to 2029.
Increasing environmental consciousness among the public and increase in awareness about the environmental impacts caused by the internal combustion engines is expected to drive the market growth .
The leading players in the global Solar Powered Car market are Sono Motors, Volkswagen, Lightyear, Toyota Motor Corporation, Mahindra & Mahindra Ltd., Cruise Car, Inc., Hanergy Thin Film Power Group Ltd., Ford Motor Company, Nissan, Hyundai Motor Company, General Motors, MAN Trucks, Lightyear