The solar powered car market is expected to display an exponential rate of growth of approximately 20% CAGR through 2030. Major investments into solar power technologies and the steady decline in prices of raw materials and components are major factors positively influencing the industry. Long-term prospects of the industry are dependent competition from other eco-friendly automotive power sources, and developments in the efficiency of solar power devices.

"Regulations being implemented by governments around the world towards promoting solar and hybrid vehicles, including reduction of taxes and registration fees will positively affect the market. Concerns over the environment and emission control laws will also contribute to long-term growth in the solar powered car industry," says the FACT.MR analyst.

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Solar Powered Car Market- Key Takeaways

Battery Electric Vehicle (BEV) solar powered cars will reflect higher growth rates owing to ease of incorporating solar panels.
Solar powered cars with monocrystalline panels aid faster adoption supported by higher efficiency and smaller sizes.
Asia Pacific will stay a dominant regional market owing higher sunlight levels in the region, and favorable government policies.

Solar Powered Car Market- Driving Factors

Low noise, emission free, and cost-effective operations of solar powered cars are primary factors driving adoption.
Significant investments being made by OEMS towards research on photovoltaic technologies is a positive influencer.

Solar Powered Car Market- Major Restraints

High costs of production for photovoltaic cells and limited operational lifespans hurt sales.
Size of vehicles is a key factor affecting solar charging capacities, thereby making it inefficient for smaller vehicles.

COVID-19 Impact on Solar powered car Market

The impact of the covid-19 pandemic on the solar powered car market has been negative. Lockdown restriction have significantly affected production operations and supply chains for raw materials and components. Also, restrictions on trade have hurt inventories.

Further, changes in consumer purchasing patterns towards essential commodities has limited automotive sales. The solar powered car market on the other hand is also witnessing potential opportunities for growth as the pandemic has significantly reduced the prices of raw materials and components essential to manufacturers. Recovery is likely to be steady in the near future, with the relaxation of regulations in the coming months.

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Competitive Landscape

Solar powered car manufacturers are operating in a moderately consolidated industry and are focused largely on strategies to expand product portfolios, with new vehicle models and research on automotive tech.

For instance, in December 2020, Aptera Motors unveiled its electric vehicle, which is the first to be charged only by solar energy. The car can travel more than 1600 kilometers in a full charge and can reach a 100 kmph in 3.5 seconds. Similarly, in June 2019, Lightyear unveiled Lightyear One - a prototype of the company's solar powered car, which the company claimed could never run out of power, in regions with perpetual access to strong sunlight. Tesla Model 3 is also now being tested with solar panels as a power source to mitigate concerns over lack of adequate charging infrastructure.

Some of the leading players in the solar powered car market include Audi AG, Clenergy TeamArrow, Toyota Motor Corp., Venturi, Ford Motor Company, Hanergy Holding Group, Sono Motor Company, Solar Electric Vehicle Company, Mahindra & Mahindra Ltd., and Cruise Car Inc. among others.

About the Report

This study offers readers a comprehensive market forecast of the solar powered car market. Global, regional and country-level analysis of the top industry trends impacting the solar powered car market is covered in this FACT.MR study. The report offers insights on the solar powered car market on the basis of material (crystalline silicon solar cells, thin-film solar cells), car (hatchbacks, sedans, SUVs), electric car (BEV, PHEV, and HEV), application (personal and commercial), and solar component (solar arrays, batteries, power trackers, and others) across five regions (North America, Latin America, Europe, Asia Pacific, and MEA).

Press Release: https://www.factmr.com/media-release/1737/global-solar-powered-car-market