The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032

Growing environmental awareness is likely to encourage innovation in solar powered automobile manufacturing, propelling the market during the forecast period.

The global solar powered car market is expected to grow from $1.08 billion in 2022 to $1.44 billion in 2023 at a compound annual growth rate (CAGR) of 33.2%. The global solar powered car market size is expected to reach $4.76 billion in 2027 at a CAGR of 34.8%.

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Global Solar Powered Car Market Segments Include:

• By Type: Compact, Sedan, SUVs (Sports Utility Vehicles), Vans, Other Types
• By Solar Panel: Monocrystalline Solar Cells, Polycrystalline Solar Cell, Thin-Film Solar Cell, Organic Solar Cell, Other Solar Panels
• By Battery Type: Lithium-Ion, Lead-Acid, Lead-Carbon, Other Batteries
• By Propulsion: Battery Vehicles, Hybrid Vehicles
• By Application: Personal, Commercial
• By Geography: The market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa. Among these regions, Europe is the largest region in the global solar powered car market in 2021.

Major Market Players in the solar powered car market include Toyota Motor Corporation, Lightyear, Ford Motor Company, Sono Motors GmbH, Mahindra & Mahindra Limited, General Motors, Audi AG, Hanergy Holding Group Ltd., Hyundai Motor Company.

Product innovation has emerged as a significant trend that is gaining traction in the solar-powered car market. To achieve a competitive advantage, major market players are focusing on launching innovative technology. Valmet Automotive, a Finnish vehicle manufacturer, for example, unveiled Lightyear 0 in 2022, an electric vehicle that can be charged while in motion thanks to solar panels on its roof, hood, and trunk. One of the car’s distinguishing features is its five square metres of curved solar panels, which were installed on the Lightyear 0’s top, bonnet and tailboard. Solar energy captured from the sun will be converted into electric power for the car’s motor by these panels. The automobile can also drive while charging its batteries using solar power and normal electric charging.

The Solar Powered Car Global Market Report 2023  provides a solar powered car market overview for the time series: historic years (2010 – 2021) and ten years forecast (2023 – 2032). The solar powered car market forecast analyzes solar powered car market size, solar powered car market share, leading competitor market positions. The regions covered in the report include Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa and the countries include Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

A solar-powered car is an electric vehicle that runs entirely or partially on sunlight via self-contained solar cells. Solar vehicles frequently use a rechargeable battery to manage and store energy from solar cells and via regenerative braking.

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