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Top 3 countries dominate solar productivity

Top 3 countries dominate solar productivity

Dublin, October 25, 2022 (GLOBE NEWSLETTER) — Fact.MR has provided detailed information on the price points of major solar car manufacturers positioned in different regions, sales growth, production capacity and speculative technological expansion in the rrecently published report.

According to Fact.MR, the global solar-powered car market is predicted to exceed a market value of $90.3 million by 2022 and is expected to expanding at an impressive CAGR of approximately 12.3% during the forecast period (2022 to 2032).

The increasing popularity of self-charging vehicles has led to the birth of the solar car industry. This has greatly aided in the global expansion of the solar car industry. Solar car manufacturers are able to produce solar-powered commercial vehicles and solar-powered cars due to the increasing demand and need for vehicles that run on environmentally friendly alternative fuels. This is done to produce vehicles that are not only durable and robust, but also limit harmful emissions in order to reduce the environmental footprint of the automotive industry.

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The need to reduce CO2 emissions in the recent past has become a necessity due to increased global warming. The solar powered cars are low maintenance vehicles that make cars easier to use and maintain for consumers. This has prompted manufacturers to invest more in manufacturing and R&D activities. The above factors would increase the demand for the solar-powered car.

Key points from market research

  • The global solar car market is expected to grow at an impressive CAGR of 12.3% and are valued at US$ 288.4 million in 2032.
  • Among solar panels, monocrystalline solar cells are expected to dominate the market with a valuation of US$ 71.1 million in 2022.
  • Under car type, solar powered sedan cars are expected to generate revenue of US$ 36.1 million in 2022.
  • Europe is expected to dominate the market with: 80.5% market share in 2022
  • Pure electric car category likely to represent 92.6% market share in 2022, and is expected to grow at 12.5% ​​CAGR during the forecast period.

Competitive landscape

Prominent manufacturers of the solar car industry worldwide, including Hyundai Motor Company, Squad Mobility, Lightyear, Toyota Motor Corporation, Sono Motors, Aptera Motors, Ford Motor Company emphasize on launching products that are technologically advanced and grab marketing strategies such as acquisitions and partnerships with other market players to help improve production capacity, improve market penetration and gain market share.

Hyundai launched Xcient fuel cell trucks in a hydrogen-powered version in 2020 and delivered seven vehicles to its customers in Switzerland.

In 2022, Sibros, a company pioneering deep Over-the-Air (OTA) connected vehicle technology, announced its partnership with solar-powered carmaker, Lightyear. Lightyear will use this partnership to integrate Sibros’ OTA Deep Logger to get highly accurate and real-time vehicle data from all of its sensors

Important protagonists

  • Hyundai Motor Company
  • Team mobility
  • light year
  • Toyota Motor Corporation
  • Sono motors
  • Aptera motors
  • Ford Motor Company
  • Mahindra & Mahindra Limited
  • Solar Team Eindhoven
  • CruiseCar Inc.
  • Trina Solar
  • alke
  • solarrolla

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Market development

Companies are constantly investing heavily in R&D to develop new features to develop cars with a strong consumer focus. Solar-powered cars have solar panels on their roofs that help the car charge itself. Fisker Ocean, a manufacturer of solar cars, has claimed that their cars are equipped with the largest sunroof on the market. Continued investment and channeling resources to streamline their supply chain has been the priority for automakers.

Aptera, one of the prominent names operating in this space, aims to produce 10,000 cars by 2023. Lightyear has announced that it will start production of a budget-friendly solar-powered electric car by the end of 2022. Lightyear has the ability to run short distances for months on a single charge.

Sion solar powered electric cars set themselves apart from their competition with unique design features. Instead of a solar panel on the roof, these cars have multiple solar cells integrated into various parts such as fenders, roofs, sides, rear and hoods.

Market participants are taking advantage of the mature automotive industry to align the innovation of solar cells for energy sources. The market scenario is moderately consolidated, but the number of new entrants should increase due to attractive long-term monetization opportunities.

More valuable insights into the offer

Fact.MR presents in its new offering an unbiased analysis of the global solar car market, with forecast statistics for the period 2022-2032.

The study reveals essential insights based on solar panel (monocrystalline solar cell, polycrystalline solar cell, thin film solar cell, organic solar cell, others), car type (compact, sedan, SUVs, vans, other (mini vehicles)), car category (pure electric, hybrid electric), battery type (lithium ion, lead acid, others) in the major regions of the world (America, Europe, Asia-Pacific and Middle East and Africa).

Segmentation of Solar Automotive Research

  • By solar panel:
    • Monocrystalline solar cells
    • Polycrystalline solar cell
    • Thin-film solar cell
    • Organic solar cell
    • others
  • By type:
    • Compact
    • Sedan
    • SUVs
    • vans
    • Others (mini vehicles)
  • By category :
    • Pure Electric
    • Hybrid electric
  • By battery type:
    • lithium-ion
    • lead acid
    • others
  • Per region :
    • America
    • Europe
    • Asia-Pacific
    • Middle East and Africa

Check out more related studies published by Fact.MR Research:

Electric Car Battery Charger Market: According to industry experts, manufacturers of both electric cars and electric car battery chargers should expand their joint efforts in developing turnkey solutions for electric car battery chargers in the near future.

Lithium-ion battery market: According to Fact.MR, automotive applications are likely to account for the bulk of the demand for Li-ion batteries in the coming years, with a CAGR of 4% through 2031. The increasing popularity of EVs, e-bikes and automated guided vehicles is on the rise . encourage use.

Solar battery market: In order to meet the ever-growing demand for energy, several leading countries are making efforts to harness solar energy wherever possible and therefore the need for energy storage has led to a surge in the solar battery market.

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