Solar cars zoom in, anticipated to hit US$288.4 million by 2032.

By Oliver Townsend Jul 3, 2024
Solar Powered Car Market Is Anticipated To Reach US$ 288.4 Million By 2032, Fact.MR.jpegOrginal image from:

The solar-powered car market is experiencing significant growth, with projections indicating that it will reach a market value of US$ 288.4 million by 2032. This growth is being primarily driven by the increasing demand for eco-friendly alternative fuel vehicles, as consumers are becoming more conscious of the need to reduce carbon emissions. Manufacturers are responding to this demand by producing solar-powered commercial vehicles and cars that aim to create sustainable, robust vehicles while reducing harmful emissions.

Key Takeaways from Market Study

• The global solar powered cars market is projected to expand at an impressive CAGR of 12.3% and be valued at US$ 288.4 million by 2032.

• Monocrystalline solar cells are expected to dominate the market under solar panels, with a valuation of US$ 71.1 million in 2022.

• Sedan solar powered cars are anticipated to reach revenue generation of US$ 36.1 million in 2022 under the car type segment.

• Europe is predicted to dominate the market with an 80.5% market share in 2022.

• Pure electric car category is likely to represent 92.6% market share in 2022 and is expected to grow at a 12.5% CAGR over the forecast period.

Competitive Landscape

Key players in the solar powered car industry such as Hyundai Motor Company, Squad Mobility, Lightyear, Toyota Motor Corporation, Sono Motors, Aptera Motors, Ford Motor Company are focusing on launching technologically advanced products and implementing marketing strategies like acquisitions and collaborations to improve production capacities and market penetration. For example, Hyundai launched Xcient fuel cell trucks in a hydrogen-powered version in 2020, and Sibros collaborated with Lightyear in 2022 to integrate OTA Deep Logger technology.

Market Development

Companies in the solar powered car market are investing heavily in research and development to develop consumer-oriented features. Solar powered cars with solar panels attached to their roofs can charge themselves, with companies like Fisker Ocean claiming to have the largest solar roof on the market. Aptera aims to produce 10,000 cars by 2023, while Lightyear plans to start production of a budget-friendly solar-powered electric car by the end of 2022.

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