Global solar powered car market rally has been temporarily impacted by the sluggishness induced due to COVID-19 pandemic, according to a new study by Fact.MR. However, the study is bullish on the long-term prospects of the market, with growth rates set to hover around 20% through 2030.
According to Fact.MR, prices of solar energy components are declining continuously since last four decades and are expected to decline further. It is expected that this form of renewable source of energy will be cheaper than fossil fuels in the near future.
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This fall in the pricing along with the technological advancements in the field are expected to boost the solar powered car market. Furthermore, the pandemic has caused the prices to drop even faster since its onset. As the global economy is facing challenges, the fall in the prices of solar panels and components is steeper than expected.
Meanwhile, this is paving way for the faster transition towards adopting clean energy. One of the major reasons holding people back from using this source of renewable energy was the myth that it is expensive than traditional fossil fuels. With plummeting prices, the future looks positive for the global solar powered car market.
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Key Takeaways from the Solar Powered Car Market
- The global solar powered car market is projected to exhibit a CAGR of around 20% through 2030
- The crystalline silicon solar cells segment is the most lucrative segment currently
- Solar powered sedans and SUVs continue to outsell other vairants
- The battery operated electric vehicles (BEVs) segment, in terms of electric vehicle, is anticipated to grow significantly during the forecast period.
- Europe is expected to be the most lucrative market for solar powered car
Solar Powered Car Market: Competitive Landscape
Manufacturers in the global solar powered car market are focusing on technological innovations in order to sustain in the competitive edge. Mergers and acquisitions along with partnering with other companies are a few other effective strategies used by the players in the market to gain advantage over their competitors.
Furthermore, companies in the solar powered car market are concentrating on designing utility vehicles with aesthetics intended to appeal to the consumer along with minimal and compact design. Some of the big players are bringing in prototypes and demo models to gauge and tap the interests of consumers.
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With many strategies in place, the integration of solar technology into automobiles is set to give first movers advantage to the manufacturers as personal solar powered car are yet to witness a full-fledged launch.
For instance, Lightyear has come up with Lightyear One, which is a long range solar electric car which is designed to be grid-independent. This vehicle is two to three times more efficient than the other vehicles currently in the market, according to the manufacturer. As a result, the vehicle has lowest emissions, lowest charging frequency and clean solar range every year.
Some of the key players currently 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 Clenergy ,TeamArrow
More Valuable Insights on Solar powered car Market
In its latest report, Fact.MR has provided an unbiased analysis on the global solar powered cars’ market, comprising data on historical statistics (2015-2019) and forecast of demand for the period between 2024 and 2030. The report discusses critical insights on the solar powered cars market in terms of material (crystalline silicon solar cells and thin-film solar cells), car (hatchbacks, sedans, and SUVs), electric car (BEVs, PHEVs, HEVs), application (personal and commercial) and solar component (solar arrays, batteries, power trackers), across five key regions (North America, Latin America, Europe, Asia Pacific & Middle East & Africa).
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