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The solar-powered car is an electric vehicle that uses solar energy as a power source. It uses the photovoltaic cells to convert sunlight energy into electric power to run the car. Solar panels are mounted on such cars that contains photovoltaic cells. Solar panels produces the electricity which is stored in batteries. The charged batteries employed in the car further drives the motor, which serves as an engine and moves the car. The rising interest towards sustainable and renewable energy systems has significantly pushed the demand for solar-powered cars. Therefore, a number of automobile companies are working towards making solar cars; as the technology will transform the future of the automotive industry.
The solar-powered car market is expected to reach rise at a CAGR of 21 percent during the forecast period. The increasing awareness about climate change and the trend of self-charging vehicles has significantly fueled the growth of the solar-powered car market.
The growing demand for eco-friendly alternatives has led to the shift in focus of the companies on cars that run on renewable sources rather than fossil fuels. In addition to this, increase in air pollution has turned out to be life threatening. For instance, according to the World Health Organization (WHO), millions of lives are lost in past several years due to the low air quality. Therefore, the need for combating this critical situation has enabled the governments around the globe to find ways to encourage people to switch to renewable sources of energy. Moreover, depletion of the fossil fuel has encouraged a number automakers to look for a feasible option to maintain their pace of development and progress. Currently the solar powered cars is one of the best possible alternate solutions. Hence, such automakers are introducing technologically advanced solar powered cars.
However, factors such as expensive integration of technology and less operational efficiency may hamper growth of the market to some extent during forecast period. On the other hand, upsurge in demand for zero-emission cars has forced the automotive industry players to develop and design new alternative technologies, such as solar powered cars that uses solar energy to drive the vehicle. This factor creates lucrative growth opportunities for the market. Also, an upsurge in research in far-field wireless charging technologies is anticipated to be opportunistic for the growth of solar-powered cars.
Throughout the forecast period, crystalline silicon solar cells segment will continue to hold a dominant share of the global market, on the basis of material. This is attributed to the fact that crystalline silicon solar cells are the most generally used material in most of the solar panels. Such solar cells provide high stability along with the efficiency that can go up to 25%. However, the thin-film solar cells segment is anticipated to witness highest growth rate during the forecast period. Thin-film solar cells are about 20 times thinner than crystalline silicon solar cells; hence, they are extremely flexible and lightweight.
According to the car, the SUVs and sedans segments are expected to hold a dominant global market share. This is attributed to the rising preference towards solar-powered SUVs and sedans due to larger areas for installing solar panels, which causes higher absorption of solar energy by panels, leading to higher efficiency. Consequently, the segment is also projected to grow at highest growth rate, which in turn propels the solar powered car market in the upcoming years.
SOLAR POWERED CAR MARKET SEGMENTATION:
By Solar Component:
Europe dominated the global solar powered car market and is likely to be the most profitable region throughout forecast period. This is due to increasing concerns across the region about changing climatic conditions. In addition to this, growing awareness about zero emission vehicles in the region significantly contributes solar powered car market in the region. Moreover, the region huge presence of key manufacturers of solar powered cars, which is one of the prominent factor that drives growth of the market.
On the other hand, the considerable growth disposable income of the public in several countries across the Middle East has led to the rising demand for solar cars, further encouraging demand for solar powered cars.
Further, North America region is expected to witness highest growth rate during the forecast period. This is attributed to rising trend of expansion of the automotive sector and increase in the demand for electric vehicles which leads to the upsurge in production of solar powered cars.
FEW KEY PLAYERS IN SOLAR POWERED CAR MARKET:
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