Solar Powered Car - Global Market Outlook (2018-2027)
According to Stratistics MRC, the Global Solar Powered Car Market is accounted for $0.68 billion in 2018 and is expected to reach $3.10 billion by 2027 growing at a CAGR of 18.4% during the forecast period. Resurgence to switch to cleaner energy and technological advancements are the major factors driving the market growth. However, the high dependency of solar-powered vehicles on external factors is restraining market growth.
A solar-powered car is a solar vehicle used for land transport. Solar-powered cars usually run on only power from the sun, although some models will supplement that power using a battery, or use solar panels to recharge batteries or run auxiliary systems for a car that mainly uses battery power.
Based on the application, the personal segment is likely to have a huge demand due to rising sales of Personal cars in the electric vehicle segment and the propulsive force needed for passenger cars is which is lesser than commercial vehicles. By geography, Asia Pacific is going to have a lucrative growth during the forecast period due to the majority of these car sales and EV charging station installations. Furthermore, South Korea and India are taking initiatives to reduce greenhouse gas emissions by increasing the use of electric vehicles.
Some of the key players profiled in the Solar Powered Car Market include Audi AG, Clenergy TeamArrow, Cruise Car Inc., EVX Pty Ltd, Ford Motor Company, General Motors, Hanergy Holding Group, Lightyear, Mahindra & Mahindra Limited, Solar Electric Vehicle Company, Sono Motors GmbH, Toyota Motor Corp, Venturi, and Volkswagen AG.
• Utility Vehicle (UV)
• Thin-Film Solar Cells
• Crystalline Silicon Solar Cells
Solar Components Covered:
• Power Tracker
• Solar Array
• Other Solar Components
Electric Cars Covered:
• Hybrid Electric Vehicle (HEV)
• Plug-In Hybrid Electric Vehicle (PHEV)
• Battery Electric Vehicle (BEV)
• North America
o Rest of Europe
• Asia Pacific
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o South Africa
o Rest of Middle East & Africa
What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2017, 2018, 2019, 2023 and 2027
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements
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o Comprehensive profiling of additional market players (up to 3)
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• Regional Segmentation
o Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
o Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances
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