LONDON, June 06, 2023 (GLOBE NEWSWIRE) -- As per The Business Research Company’s Solar Powered Car Market Report 2023, the market will grow from $1 billion in 2022 to $1.4 billion in 2023, at a compound annual growth rate (CAGR) of more than 33%. Further, the market will reach $4.7 billion in 2027, at a CAGR of more than 34%. Europe was the largest region in the solar powered car market in 2022.
One of the key drivers of the solar-powered car industry is the increasing environmental awareness among individuals. People are becoming more conscious of their impact on the environment and are actively making choices that promote sustainability.
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Major solar powered car companies are Toyota Motor Corporation, Lightyear, Ford Motor Company, Sono Motors GmbH, Aptera Motors, Venturi Automobiles, Nissan Motor Co. Ltd., Fisker Inc., and Rivian Automotive LLC.
Product innovation is the key trend of the solar-powered car market. Leading companies are actively introducing new technologies to gain a competitive edge.
For instance, in 2022, Valmet Automotive launched the Lightyear 0, an electric vehicle equipped with solar panels on its roof, hood, and trunk that allow it to charge while in motion. These unique features include five square meters of curved solar panels integrated into the car's design, converting harvested solar energy into electric power for the motor. The Lightyear 0 can also operate while simultaneously charging via solar power and conventional electric charging.
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The global solar powered car market is segmented as -
1) By Type: Compact, Sedan, SUVs (Sports Utility Vehicles), Vans, Other Types
2) By Solar Panel: Monocrystalline Solar Cells, Polycrystalline Solar Cell, Thin-Film Solar Cell, Organic Solar Cell, Other Solar Panels
3) By Battery Type: Lithium-Ion, Lead-Acid, Lead-Carbon, Other Batteries
4) By Propulsion: Battery Vehicles, Hybrid Vehicles
5) By Application: Personal, Commercial
The global solar powered car market report provides a complete analysis of the market, highlighting its projected growth, key drivers, major players, and notable trends. The report emphasizes the significance of the market, considering its potential to contribute to a sustainable and environmentally friendly future. By understanding the drivers and opportunities presented by this market, stakeholders can make informed decisions to support the transition to sustainable transportation and contribute to a greener future.
Solar Powered Car Global Market Report 2023 by The Business Research Company provides insights on the solar powered car market size, solar powered car market segments, solar powered car market trends, drivers and restraints, major competitors’ market positioning, revenues and market shares.
The Business Research Company has published over 4,500+ industry reports, covering more than 2,500+ market segments and 60 geographies. The reports draw on 1,500,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders.
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