Transparency Market Research has published a new report on the global solar powered car market for the forecast period of 2019–2027. According to the report, the global solar powered car market is projected to reach ~ US$ 3.5 Bn by 2027, expanding at a CAGR of ~20% during the forecast period.
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Global Solar Powered Car Market: Overview
Expansion of the Global Solar Powered Car Market
Based on material, the global solar powered car market has been bifurcated into crystalline silicon solar cells and thin-film solar cells. The crystalline silicon solar cells segment is estimated to dominate the solar powered car market during the initial stages. This is primarily due to their advantages such as high efficiency, high stability, high reliability, and easy to fabricate. The segment is projected to dominate and account for over 98% share of the market by 2020. The crystalline silicon solar cells segment is anticipated to lose market share, as these are expensive and possess a low absorption coefficient as compared to that of thin-film solar cells.
Based on the type of car, the global solar powered car market has been divided into hatchbacks, sedans, and UVs. UVs and sedans are estimated to be highly lucrative segments during the forecast period, as the design of these vehicles offer larger surface area to absorb the sun’s rays, and hence, deliver high performance. In terms of electric car, the BEVs segment is projected to account for a dominant share of the market, owing to the higher demand for green mobility supplemented by government emission norms and policies. Moreover, BEVs curb pollution and require less maintenance.
Regional Analysis of the Global Solar Powered Car Market
Prominent players operating in the global solar powered car market include Audi AG, Toyota Motor Corp, Ford Motor Company, Sono Motors GmbH, Mahindra & Mahindra Limited, General Motors, Volkswagen AG., Lightyear, Cruise Car Inc., Solar Electric Vehicle Company, Hanergy Holding Group, Venturi, and Clenergy TeamArrow.
The global solar powered car market has been segmented as follows:
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