Solar car market worth $447m by 2032

The global solar-powered car market is predicted to exceed a market value of US$90.3 million (NZ$127m) by the end of this year and to expand at about 12.3% CAGR to reach about US$288.4m (NZ$447m) by 2032.

That’s according to a study based on a Solar Powered Car Market report by Fact.MR which provides insights and business intelligence to clients across a range of industries.

The increasing popularity of self-charging vehicles has led to the birth of the solar vehicle industry, it adds.

“This has majorly helped in the expansion of the solar-powered car business globally.

“Solar vehicle manufacturers are able to manufacture solar-powered commercial vehicles and solar-powered cars, owing to the rising demand and need for vehicles that run on eco-friendly alternate fuels,” Fact.MR explains.

“This is being done to manufacture vehicles that are not only sustainable and robust but also limit harmful emissions so as to reduce the carbon footprint of the automobile industry.”

Fact.MR says solar-powered cars are low-maintenance vehicles that make cars easier to use and maintain for consumers, prompting manufacturers to increase their investment in production and research and development activities.

Other points from the Fact.MR study include that under solar panels, monocrystalline solar cells are expected to dominate the market with a 2022 valuation of US$71.1m (about NZ$110m), sedan solar cars are expected to generate US$36.1m (about NZ$56m) revenue this year with Europe dominating market share (80.5%), while the pure electric car category is likely to represent 92.6% market share in 2022 and expected to grow at 12.5% CAGR by 2032.

“The demand of renewable energy and eco-friendly automobiles will remain main driving factors in the solar powered car market,” says a Fact.MR analyst.

Solar powered cars have solar panels which help the car charge itself, such as those from Fisker Ocean.

Aptera aims to produce 10,000 cars by 2023. Lightyear has announced production start of a budget-friendly solar-powered electric car by the end of this year.

Sion solar electric cars have unique design features with solar cells integrated into various parts such as fenders, roofs, sides, rear, and hoods.

Continuous investments and channelising of resources for streamlining supply chains has been the priority for car manufacturers, says Fact.MR.

It expects the number of new entrants in the solar car market to increase owing to attractive revenue generation opportunity over the long term.