The Global Solar Powered Car Market was worth US$ 198.75 million in 2022 and is anticipated to reach a valuation of US$ 675.42 million by 2028 and is predicted to register a CAGR of 11.82% during 2023-2028.

Solar-powered cars are electric vehicles that run entirely or partially on sunlight using self-contained solar cells. Solar-powered cars often have a rechargeable battery to control and store the energy from the solar cells via regenerative braking. Some solar cars include plug-in capabilities that allow them to utilize additional power sources and sunshine to charge their batteries. The technology used in these cars converts sunlight into power using photovoltaic cells. PV cells directly convert sunlight into electricity, as opposed to solar thermal energy, which transforms solar energy into heat. When photons from sunlight reach photovoltaic cells, they excite electrons, allowing them to flow and generate an electric current.

The necessity for alternative fuel sources has been one of the main reasons for the development of this technology around the world. Solar Energy is being explored and used as one of the main fuels for automobiles and is unquestionably one of the most significant components of the upcoming future for the automobile sector. The size of the market for solar-powered vehicles is predicted to increase significantly during the forecast period, which is being highlighted by many governments, primarily to promote ecologically friendly vehicles.

Market Drivers and Restraints:

One of the major factors propelling the worldwide solar-powered car market is the increasing pressure on important economic nations to reduce vehicular pollution. Several countries propose similar carbon emissions or vehicle fuel economy limits to support the market. The market for solar-powered cars is being helped by the decline in solar panel prices, which make up a significant portion of the price of solar roofs. Solar panel costs have decreased dramatically during the past ten years, and by 2027 industry players anticipate further price reductions of 25–27%. The market for solar cars will also benefit from technology advancements made by significant automakers like Audi AG, which hasten the adoption of solar panels in automobiles. The size of the solar car market will expand significantly, as highlighted by the governments of many nations, primarily to encourage ecologically friendly vehicles. During the projected period, the global market for solar-powered cars would also benefit from the decline in solar panel prices and industry advancements. Solar cells are used in solar automobiles to transform solar energy into electrical energy, which is then used to power the car and stored in batteries.

However, certain factors will hinder the market growth during the anticipated period. Solar panel costs have come down, but installing them in a car still costs a lot, which limits market expansion. The high retail prices of solar-powered automobiles relative to conventional fuel-battery cars will impact the global market. Moreover, the significant R&D expenditure necessary to incorporate the most cutting-edge solar panels into automobiles will also raise costs and restrain the market expansion during the forecasted period.

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The report is segmented as follows:

The Solar Powered Car Market is segmented based on Model; the Market is segmented based on Vehicle; the Market is segmented based on Type:

By Model - (Hybrid and Fully Electric)

By Vehicle - (Passenger and Commercial)

By Type - (Three-Wheeler and Four-Wheeler)

Geographical Segmentation:

It is predicted that the Asia-Pacific region will dominate the worldwide Solar Powered Car market. The region includes some of the world's fastest-growing economies, including China and India. In addition, the climates of the Southeast Asian nations are favorable for these cars. Additionally, during the anticipated period, the Asia-Pacific market is predicted to grow as a result of the rising demand for passenger automobiles in the region's emerging nations.

During the forecasted period, the market in North America is anticipated to experience significant growth due to the region's increasing use of solar panels in manufacturing hybrid solar vehicles.

In the world, Europe is leading the early adoption of electric vehicles. As a result, it is anticipated that during the projection period, the use of such cars will increase in Europe. The fast adoption of these cars in the area is intended to be facilitated by strict environmental regulations and pollution control measures. In the near future, all new automobiles produced in Europe will use electricity, according to a report just released by ING, one of the top financial organizations in the continent.

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Impact of COVID-19 on the Market

The COVID-19 pandemic has presented the automotive industry with a number of difficulties. Global automakers were impacted by production deficits brought on by supply chain disruptions worldwide. The manufacturers strive for sustainable commercial growth as the economies recover from the effects of the pandemic. Companies are now attempting to alter production and consumer supplies as demand resumes.

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