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Will Japan And South Korea Become a Lucrative Market for Solar Powered Cars in the Future | Fact.MR

Fact.MR has provided detailed information about the price points of key manufacturers of solar powered car positioned across regions, sales growth, production capacity, and speculative technological expansion, in the recently published report.

According to Fact.MR, the global solar-powered car market is predicted to exceed a market value of US$ 90.3 Mn by 2022 and is expected to expand at an impressive CAGR of about 12.3% during the forecast period (2022 to 2032).

The increasing popularity of self-charging vehicles has led to the birth of the solar vehicle industry. This has majorly helped in the expansion of the solar-powered car business globally. Solar vehicle manufacturers are able to manufacture solar-powered commercial vehicles and solar-powered cars, owing to the rising demand and need for vehicles that run on eco-friendly alternate fuels. This is being done to manufacture vehicles that are not only sustainable and robust but also limit harmful emissions so as to reduce the carbon footprint of the automobile industry.

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The need to reduce carbon emissions in the recent past has become a necessity due to increased global warming levels. The solar-powered cars are low-maintenance vehicles that make cars easier to use and maintain for consumers, this has prompted manufacturers to increase their investment in production and R&D activities. Owing to aforementioned factors there would be increase in demand for the solar powered car.

Key Takeaways from Market Study

  • The global solar powered cars market is projected to expand at an impressive CAGR of 3% and be valued at US$ 288.4 million by 2032.
  • Under solar panels, monocrystalline solar cells are expected to dominate the market with valuation of US$ 1 million in 2022.
  • Under car type, sedan solar powered cars are expected to reach revenue generation of US$ 1 million in 2022.
  • Europe is predicted to dominate the market with 5% market share in 2022
  • Pure electric car category likely to represent 6% market share in 2022, and is expected to grow at 12.5% CAGR over the forecast period.

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Solar powered car market forecast by Fact.MR

Competitive Landscape

Prominent manufacturers of the solar powered car industry worldwide including Hyundai Motor Company, Squad Mobility, Lightyear, Toyota Motor Corporation, Sono Motors, Aptera Motors, Ford Motor Company are putting emphasis on launching products that are technologically advanced and are grabbing marketing strategies such as acquisitions and collaborations with other market players to help improve production capacities, improve market penetration and gain a larger market share.

Hyundai in 2020, launched Xcient fuel cell trucks in a hydrogen-powered version and delivered seven vehicles to its customers in Switzerland.

In 2022, Sibros, a company that is a pioneer in the field of deep Over-the-Air (OTA) connected vehicle technology, announced its collaboration with the solar-powered car manufacturer, Lightyear. Lightyear will use this collaboration to integrate the OTA Deep Logger of Sibros to get highly precise and real-time vehicle data from all its sensors

Major Key Players

  • Hyundai Motor Company
  • Squad Mobility
  • Lightyear
  • Toyota Motor Corporation
  • Sono Motors
  • Aptera Motors
  • Ford Motor Company
  • Mahindra & Mahindra Limited
  • Solar Team Eindhoven
  • Cruise Car Inc.
  • Trina Solar
  • Alkè
  • Solarrolla

Market Development

Companies are constantly investing heavily in R&D to develop new features to develop cars which are highly consumer oriented. Solar powered cars contain solar panels attached to their roofs that help the car charge itself. Fisker Ocean a solar car manufacturer has claimed that their cars come equipped with the largest solar roof on the market. Continuous investments and channelizing of resources for streamlining their supply chain has been the priority for car manufacturers.

Aptera, one of the prominent name operating in this space aims to produce 10,000 cars by 2023. Lightyear has announced the start of production of a budget-friendly solar-powered electric car by 2022 end. Lightyear has the ability to run for short distances for months together with a single charge.

Sion solar-powered electric cars stand apart from their competition with unique design features. These cars instead of having a solar panel on the roof, have several solar cells integrated into various parts such as fenders, roofs, sides, rear, and hoods.

Market participants are leveraging the matured automotive industry in order to inline the innovation of solar cells for power source. Market scenario is moderately consolidated, however, number of new entrants would increase owing to attractive revenue generation opportunity over the long term.

 More Valuable Insights on Offer

Fact.MR, in its new offering, presents an unbiased analysis of the global solar powered cars market, presenting forecast statistics for the period of 2022-2032.

The study reveals essential insights on the basis of solar panel (monocrystalline solar cell, polycrystalline solar cell, thin-film solar cell, organic solar cell, others), car type (compact, sedan, SUVs, vans, others (mini vehicles)), car category (pure electric, hybrid electric), battery type (lithium ion, lead acid, others) across major regions of the world (Americas, Europe, Asia Pacific and Middle East & Africa).

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Segmentation of Solar Powered Car Industry Research

  • By Solar Panel :
    • Monocrystalline solar cells
    • Polycrystalline Solar Cell
    • Thin-Film Solar Cell
    • Organic Solar Cell
    • Others
  • By Type :
    • Compact
    • Sedan
    • SUVs
    • Vans
    • Others (Mini Vehicles)
  • By Category :
    • Pure Electric
    • Hybrid Electric
  • By Battery Type :
    • Lithium Ion
    • Lead Acid
    • Others
  • By Region :
    • Americas
    • Europe
    • Asia Pacific
    • Middle East & Africa

Check out more related studies published by Fact.MR Research: 

Electric Car Battery Charger Market: According to industry experts, to address the ever-prevailing challenge of the imbalance between electric cars and electric car battery chargers, manufacturers of both electric cars and electric car battery chargers ought to extend mutual efforts in the development of turnkey electric car battery charger solutions in the near future.

Lithium-Ion Battery Pack Market: According to Fact.MR, automotive applications are likely to account for bulk of the li-ion battery pack demand in forthcoming years, expanding at a CAGR of 4% until 2031. Widening popularity of EVs, e-bikes and automated guided vehicles are spurring usage.

Solar Battery Market: In order to fulfill the ever-growing demand for energy, various prominent countries are making an effort to use solar energy wherever possible and hence the requirement of energy storage has led to a surge in the solar batteries market. 

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