Solar-Powered Cars Market: Current Analysis and Forecast (2023-2030)
Emphasis on End User (Residential and Commercial); and Region/Country
The Solar-Powered Cars Market is expected to grow at a strong CAGR of 33.4% during the forecast period. It is mainly owing to the government programs and incentives to promote cleaner renewable energy and the rising demand for solar products by consumers in the market. Many established automobile companies such as Hyundai Motor Company, Volkswagen, Audi, Ford Motor, and Tesla have started researching solar-powered cars and have planned prototype models that companies are planning to introduce by next year. New automobile companies were also established such as Lightyear, Aptera Motors and Squad Mobility after seeing the demand and potential of solar-powered cars in the market.
Solar panel companies such as Hanergy also introduced their version of solar-powered cars which include thin film solar panels to charge the automobile. The demand for solar-powered cars is booming despite such cars not being available readily yet. Lightyear 2 (a product of Lightyear) has over 40,000 reservations from individual buyers and about 20,000 preorders from fleet owners like international leasing and car-sharing companies LeasePlan, MyWheels, Arval, and Athlon. The company has not even released much information about the car and production is stated to start by the year 2025.
Some of the major players operating in the market are Hyundai Motor Company, Squad Mobility, Lightyear, Volkswagen AG, Audi AG (Considered a separate entity), Aptera Motors, Ford Motor Company, Fisker Inc, Tesla, Inc, and Hanergy Holding Group Ltd.
Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.
Insights Presented in the Report
“Amongst End User, the Passenger segment held a dominating share of the market in 2022”
Based on End User, The Solar Powered Car market is divided into residential and commercial segments. The passenger segment acquired a majority share in the Solar Powered car market and is expected to showcase a substantial growth rate during the forecast period. The commercial segment is expected to be a big segment in the future; however, the lack of energy conversion efficiency is the biggest challenge due to the limited growth in the commercial segment along with the high price of the vehicle. The majority of vehicles sold now only use solar panels to charge supplementary segments of the vehicle such as the ventilation system, However, the launch of commercial solar-powered vehicles is expected to change the market in the upcoming years.
Solar-Powered Cars Market Report Coverage
“APAC dominated the Solar-Powered Cars market in 2022”
APAC registered the highest market share in the Solar-Powered Cars market and is expected to witness an influential CAGR in the forecasted period. It is mainly owing to many Solar-Powered Cars projects taking place in China, South Korea, and Japan. Moreover, favorable government policies, regulations, and investments in achieving renewable energy targets set by various countries are driving the market. For instance: In Australia, the Australian government will provide AUD 14 million to support 5B’s AUD 33.4 million strategic technology innovation project through the Australian Renewable Energy Agency; In Japan, the Japanese government allocated 8 billion yen in the 2021 national budget to support the introduction of independent solar power generation equipment and storage batteries including electric vehicles through on-site PPA; and in India, the Government of India announced an additional capital infusion of Rs. 10 billion to the Solar Energy Corporation of India and Rs.15 billion to the Indian Renewable Energy Development Agency. An increase in the solar energy industry will act as a catalyst in the growth of the solar-powered cars market during the forecast period.
Reasons to buy this report:
- The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
- The report presents a quick review of overall industry performance at one glance.
- The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolios, expansion strategies, and recent developments.
- Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
- The study comprehensively covers the market across different segments.
- Deep dive regional level analysis of the industry.
Customization Options:
The global Solar-Powered Cars market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to connect with us to get a report that completely suits your requirements.
Table of Contents
Research Methodology for the Solar-Powered Cars Market Analysis (2022-2030)
Analyzing the historical market, estimating the current market, and forecasting the future market of the global Solar-Powered Cars market were the three major steps undertaken to create and analyze the adoption of Solar-Powered Cars in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the global Solar-Powered Cars market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry pertains to. Detailed methodology is explained below:
Analysis of Historical Market Size
Step 1: In-Depth Study of Secondary Sources:
Detail secondary study was conducted to obtain the historical market size of the Solar-Powered Cars market through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.
Step 2: Market Segmentation:
After obtaining the historical market size of the Solar-Powered Cars market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments are included in the report such as End User. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.
Step 3: Factor Analysis:
After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the Solar-Powered Cars market. Further, we conducted factor analysis using dependent and independent variables such as End User of the Solar-Powered Cars market. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the Solar-Powered Cars market sector across the globe.
Current Market Size Estimate & Forecast
Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the global Solar-Powered Cars market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.
Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the top-down/bottom-up approach were applied to arrive at the market forecast for 2030 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:
- The industry’s market size, in terms of revenue (USD) and the adoption rate of the Solar-Powered Cars market across the major markets domestically
- All percentage shares, splits, and breakdowns of market segments and sub-segments
- Key players in the global Solar-Powered Cars market in terms of technology offered. Also, the growth strategies adopted by these players to compete in the fast-growing market
Market Size and Share Validation
Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.
Split of Primary Participants in Different Regions
Market Engineering
The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the global Solar-Powered Cars market. data was split into several segments & sub-segments post studying various parameters and trends in the areas of End User in the global Solar-Powered Cars market.
The main objective of the Global Solar-Powered Cars Market Study
The current & future market trends of the global Solar-Powered Cars market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit from a first-mover advantage. Other quantitative goals of the studies include:
- Analyze the current and forecast market size of the Solar-Powered Cars market in terms of value (USD). Also, analyze the current and forecast market size of different segments and sub-segments
- Segments in the study include areas of End User.
- Define and analysis of the regulatory framework for the Solar-Powered Cars industry
- Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry
- Analyze the current and forecast market size of the Solar-Powered Cars market for the major regions
- Major countries of regions studied in the report include Asia Pacific, Europe, USA, and the Rest of the World
- Company profiles of the Solar-Powered Cars market and the growth strategies adopted by the market players to sustain in the fast-growing market
- Deep dive regional level analysis of the industry
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