Solar Powered Car Sales to Increase by 13.5% in 2021 Despite COVID-19 Induced Logistical Challenges
The solar powered car market study by Fact.MR offers compelling insights into key growth drivers and restraints impacting the market through 2031. The survey solar powered car demand outlook and studies opportunities existing in key segments, including solar panel and battery. It also highlights key strategies adopted by market players to increase solar powered car sales.
NEW YORK, Aug. 20, 2021 /PRNewswire/ -- As per insights by Fact.MR, the global market for solar powered car is anticipated to rise at a CAGR of 12.3% between 2021 and 2031, surpassing market valuation of US$ 90 Mn by the end of 2022. Despite logistical challenges amid restrictions imposed to contain the pandemic in 2020, the market is forecast to register 13.5% year-on-year growth in 2022.
Growing concerns regarding carbon emissions has increased the adoption of environment-friendly vehicles, which, in turn, is boosting sales of solar powered cars. Demand for solar powered car will continue to surge due to their diverse advantages over conventional fuel-run vehicles. These include increased vehicle efficiency, lesser cost of maintenance, zero pollution, ease in charging, and noise-free operations.
Besides these, increasing preference for monocrystalline solar cells due to its single crystal composition and high efficiency will spur sales prospects. Among various solar panels, the monocrystalline solar cells is dominating the market and is estimated to account for over 85% of the overall sales by the end of 2031.
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The market will continue showcasing steady rate of growth due to the increasing investments in research and development activities by manufacturers for developing zero emission vehicles.
Among various batteries, lithium-ion batteries are extensively used in solar powered cars owing to their high charging-discharging efficiency, high charging density, and light weight. Fact.MR also has estimated the lithium-ion batteries segment to account for over 90% of the market share through 2031.
According to the study, Europe will emerge as a highly lucrative market. Growth prospects for Netherlands remain optimistic driven by high demand for renewable energy transportation and e-mobility.
"Increasing investment in research and development activities and development in solar cell technology are positively impacting the growth of solar powered car market. Besides this, manufacturers are focusing on new product offerings and launches to gain an edge in the market," says a Fact.MR analyst.
Key Takeaways from Solar Powered Car Market Survey
Netherlands is the leading market for solar powered car in Europe and is expected to account for over 35% of the Europe market in 2031.
Backed by well-developed e-mobility infrastructure, the Americas market is forecast to grow at a CAGR of nearly 13% over the forecast period.
Driven by growing solar cell technological innovations, South Korea is estimated to account for over 28% of the Asia-Pacific market in 2021.
Based on solar panel, monocrystalline solar cells is expected to account for over 85% of the market share by the end of 2031.
Solar powered car manufacturers operating in the market are adopting new product launches to enhance their product portfolio and gain a competitive edge in the market.
For instance, in 2019, Hyundai Motor Group announced the launch of its new Sonata HEV with silicon solar panels. With the new launch, Hyundai aims at expanding its footprint to vehicles involving traditional internal combustion engines.
In 2021, Sono Motors, a Munich-based mobility provider announced the launch of its new 54 kWh LFP battery for use in the Solar Electric Vehicle (SEV) Sion. It offers an extended range up to 305 km and a maximum charging power of up to 75 kW.
Some of the leading players operating in the solar powered car market profiled by Fact.MR are:
Hyundai Motor Company
Toyota Motor Corporation
Ford Motor Company
Mahindra & Mahindra Limited
Solar Team Eindhoven
Cruise Car Inc.
More Valuable Insights on Solar Powered Car Market
Fact.MR, in its new report, offers an unbiased analysis of the global solar powered car market, analyzing forecast statistics through 2021 and beyond. The survey reveals growth projections on solar powered car market with detailed segmentation:
By Solar Panel
Monocrystalline Solar Car Cells
Polycrystalline Solar Car Cells
Thin-Film Solar Car Cells
Organic Solar Car Cells
By Car Type
Compact Solar Powered Cars
Solar Powered Sedans
Solar Powered SUVs
Solar Powered Vans
Others (Mini Vehicles)
By Car Category
Pure Electric Cars
Hybrid Electric Cars
Lithium-ion Solar Powered Cars
Lead-based Solar Powered Cars
Key Questions Covered in the Solar Powered Car Market Report
The report offers insight into solar powered car demand outlook for forecast period 2021-2031
Solar powered car market share analysis of the key companies within the industry and coverage of strategies such as mergers & acquisitions, collaborations or partnerships, and others
Solar powered car market analysis identifies key growth drivers, restraints, and other forces impacting prevailing trends and evaluation of current market size and forecast and technological advancements within the industry
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