The global solar-powered car market is valued at $80 million and is set to expand at a CAGR of more than 12% over the forecast period of 2021 to 2031, according to a recent report by Fact.MR. The growing popularity of self-charging vehicles has prompted the creation of the solar vehicle industry, which has aided the expansion of the solar-powered car business.
Manufacturers have been able to produce solar-powered cars and solar-powered commercial vehicles due to growing demand for alternate fuel vehicles and the desire for pollution-free vehicles. Also, the need to reduce carbon emissions in the environment along with increasing use of renewable energy is compelling manufacturers to increase their investments in R&D activities and production.
Key takeaways from the study include:
- Monocrystalline solar cells are expected to be one of the key solar panel segments for solar-powered cars.
- Sedan cars are anticipated to remain one of the fastest-growing vehicle types for solar power, due to small and sleek design that improves the efficiency of solar panels that are attached on sedan cars.
- Pure electric vehicles are expected to become a high growth car category, owing to design of solar vehicles being severely limited by amount of energy input into the car.
- The lithium-ion battery segment is expected to surge in the near future because of high charging-discharging efficiency, high-charge density, and lightweight as compared to lead-based and other battery types.
- Europe is estimated to remain one of the fastest-growing regional market because of ease of availability of raw material and increase in government incentives for solar-powered car production and selling.
