The global solar-powered vehicle market was valued at USD 290.1 million in 2020 and is anticipated to reach USD 2850.7 million in 2027, registering a CAGR of 37.56% during the forecast period 2021-2027. Solar-powered vehicles are a type of electric vehicle that is partially or completely powered by solar energy as a fuel for propulsion. It is equipped with photovoltaic cells which convert solar energy into electrical energy and are stored directly in the battery of the vehicle.
The increasing level of concerns regarding the environment has led the government of various countries to adopt eco-friendly vehicles and decreasing prices and technological innovation in solar panels are the key growth drivers for the solar-powered vehicles market. The increase in the sale of electric vehicles i.e. solar cars which are self-charging vehicles is acting as range-extenders, thus boosting the demand for the solar-powered electric market.
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Globally, the manufacturing companies trying to enter the solar-powered vehicle market are required to maintain stringent regulatory standards. Moreover, the high level of capital requirement also poses a major barrier to the entry of new players. This offers an edge to the established players in the industry competition.
Europe is anticipated to grow in the solar-powered vehicle market due to the strict environmental policies, pollution control measures, favorable government support, decreasing battery cost, and economies of scale are the factors that contribute to the growth in the region.
MAN Trucks and Sono Motors partnered to analyze the technical and economic feasibility of integrating Sono Solar technology into MAN’s eTGE electric transporter.
Hanergy Holding Group introduced four full solar power vehicles at Beijing and introduced the advantages of thin film solar cell.
Audi partnered with Alta Devices Inc, to implant highly integrated solar cells into the roof glass of passenger cars.
Ford Motor Company, Hanergy Holding Group, Toyota Motor Corporation, Nissan Motor Company, Sono Motors, Audi AG, Mahindra & Mahindra, Cruise Car, and Guangzhou Jcar Industrial Company Ltd are the key players offering solar-powered vehicles.
Source: VynZ Research
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