PUBLISHER: The Business Research Company | PRODUCT CODE: 1673993
PUBLISHER: The Business Research Company | PRODUCT CODE: 1673993
A solar-powered car is an electric vehicle designed to operate either entirely or partially on solar energy, harnessing sunlight through integrated self-contained solar cells. These vehicles typically incorporate rechargeable batteries to manage and store the energy collected from solar cells and through regenerative braking.
Solar-powered cars come in various types, with common categories being compact, sedans, and others. Compact cars, also known as hatchbacks, are smaller vehicles primarily used for passenger transportation. The solar panels utilized in these cars often consist of monocrystalline and polycrystalline solar cells. The batteries employed include lithium-ion and other types. Additionally, these solar-powered vehicles can feature battery electric propulsion or hybrid propulsion systems, catering to both personal and commercial applications.
The solar-powered car market research report is one of a series of new reports from The Business Research Company that provides solar-powered car market statistics, including solar-powered car industry global market size, regional shares, competitors with a solar-powered car market share, detailed solar-powered car market segments, market trends and opportunities and any further data you may need to thrive in the solar-powered car industry. This solar-powered car market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The solar powered car market size has grown exponentially in recent years. It will grow from $1.94 billion in 2024 to $2.61 billion in 2025 at a compound annual growth rate (CAGR) of 34.3%. The growth in the historic period can be attributed to reduced greenhouse gas emissions, infrastructure development, urban planning initiatives, environmental concerns.
The solar powered car market size is expected to see exponential growth in the next few years. It will grow to $8.99 billion in 2029 at a compound annual growth rate (CAGR) of 36.2%. The growth in the forecast period can be attributed to rising government initiatives to reduce carbon emissions, increase in fuel prices, growing adoption of electric vehicles. Major trends in the forecast period include new product launches with focus on improving range, ultra-efficient solar cars for improved energy efficiency, development of solar powered electric vehicles (SEVs), strategic partnerships and collaborations among market players, increased focus on sustainability and environmentally-friendly vehicles.
The increasing awareness of environmental issues is expected to drive the growth of the solar-powered car market. This awareness stems from enhanced education regarding climate change, pollution, and sustainability, along with the impact of media coverage and grassroots movements advocating for ecological preservation. Solar-powered vehicles contribute to environmental protection by lowering greenhouse gas emissions and reducing dependence on fossil fuels, thus fostering cleaner air quality and promoting sustainable energy consumption. For instance, a survey conducted by the Office for National Statistics, a UK government department, between May and June 2023 revealed that 86.5% of adults in Great Britain reported making lifestyle changes to address environmental challenges. Consequently, the rising environmental awareness is fueling the growth of the solar-powered car market.
The escalating demand for electric vehicles (EVs) is expected to drive the expansion of the solar-powered car market in the foreseeable future. As EVs gain widespread popularity, there is a mounting interest in integrating solar technology to enhance their sustainability and energy efficiency. Solar-powered cars leverage regular lithium-based batteries that can be charged via grid electricity, thereby functioning akin to standard EVs for longer distances. A notable instance occurred in October 2022, as reported by the World Economic Forum, revealing a global sale of approximately 4.3 million new battery-powered electric vehicles (BEVs) and plug-in hybrid electric vehicles (PHEVs) in the initial half of 2022. This marked a 75% year-on-year growth for BEVs and a 37% increase for PHEVs. Moreover, according to the Times of India in July 2022, retail sales of electric vehicles (EVs) in India surged to 390,399 units in the first half of the same year, showcasing a remarkable 333% year-over-year growth compared to the previous year's 90,102 units sold during the same period. Consequently, the escalating demand for electric vehicles serves as a key driver in propelling the growth of the solar-powered car market within the projected timeframe.
Product innovations have become a prominent trend, capturing significant attention. Key industry players are directing their efforts towards introducing novel technologies, aiming to secure a competitive edge. An illustrative instance occurred in 2022 when Valmet Automotive, a Finland-based vehicle manufacturer, unveiled the Lightyear 0, an electric vehicle equipped with the ability to charge while in motion, facilitated by solar panels integrated across its top, hood, and trunk. A distinctive feature of this car lies in its five square meters of curved solar panels, ingeniously incorporated into the vehicle's roof, bonnet, and tailgate, harnessing solar energy to power the car's motor. Notably, this vehicle demonstrates the capacity to drive while concurrently utilizing solar power and traditional electric charging, marking a notable advancement in solar-powered car technology.
Companies within the solar-powered car industry are increasingly prioritizing strategic partnerships and collaborations to bolster their financial standing, fortify their product arrays, and extend their global footprint. For instance, in July 2022, Lightyear, a Netherlands-based manufacturer specializing in solar electric cars, forged an alliance with the Sharjah Research, Technology and Innovation Park (SRTIP), situated in the UAE-a pioneering science and technology park. This collaboration with the park, renowned as an incubator for tech startups, marks a milestone for Lightyear and promises to elevate the UAE's position as a hub for sustainable mobility solutions. Additionally, during the same period, Lightyear established a partnership with Koenigsegg Automotive AB, a Swedish high-performance sports car manufacturer. This strategic alliance aims to synergize resources and expertise to pioneer cutting-edge breakthroughs in solar-powered electric vehicles (EVs). Collaborative efforts will involve the exchange of proprietary knowledge and patented information to develop ultra-efficient vehicles and foster the advancement of innovative automotive technologies. Leveraging Koenigsegg's proficiency in high-performance sports cars and sustainable technology along with Lightyear's specialization in solar-powered vehicles, this partnership seeks to drive forward advancements in automotive technology collectively.
In September 2022, Lightyear, a US-based company specializing in scalable grid-independent solar electric vehicles within the solar-powered cars market, entered into a strategic partnership with Koenigsegg Automotive AB. This collaboration signifies a joint effort between the two companies to leverage their respective resources and expertise in the pursuit of advancing groundbreaking electric vehicle (EV) technologies. Koenigsegg Automotive AB, based in Sweden, is a renowned manufacturer of high-performance sports cars. Through this partnership, both entities aim to contribute to the development of cutting-edge breakthroughs in the field of electric vehicles.
Major companies operating in the solar powered car market include Sono Motors, Lightyear, Toyota Motor Corporation, Hyundai Motor Company, Aptera Motors, Tesla, Inc., General Motors, Fisker Inc., Ford Motor Company, Nissan Motor Co., Ltd., Audi AG, BMW AG, Hanergy Mobile Energy Holding Group, Solar Electric Vehicle Company, Clenergy TeamArrow, EVX Ventures, Venturi Automobiles, Squad Mobility B.V., SunSwift Solar Racing, Cruise Car, Inc., Mahindra & Mahindra Ltd., Volkswagen AG, Renault S.A., Panasonic Corporation, Stellantis N.V., Waymo LLC, Kia Corporation, Scania AB, Scaled Composites, Ascent Solar
Europe was the largest region in the solar powered car market in 2024. The regions covered in the solar powered car market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the solar powered car market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Spain, Canada.
The solar powered car market consists of sales of solar power car batteries, motors and so on. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Solar Powered Car Global Market Report 2025 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on solar powered car market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for solar powered car ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The solar powered car market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The forecasts are made after considering the major factors currently impacting the market. These include the Russia-Ukraine war, rising inflation, higher interest rates, and the legacy of the COVID-19 pandemic.