Solar car market to expand at a CAGR of 12.3%, study says

According to a latest study by Fact.MR, the global solar-powered car market will exceed a market value of $90.3 million by 2022. It is expected to expand at a CAGR of about 12.3% during the forecast period (2022-2032), and will be valued at $288.4 million by 2032. As per region, Europe will dominate the market with an 80.5% share in 2022, followed by the Americas with a 16.9% share. Under the car type segment, solar-powered sedans will dominate with a 39.8% share.

Sono Solar-Powered Electric Car
Photo: Wikimedia Commons

The increasing popularity of self-charging vehicles and the rising demand for eco-friendly transportation has become the driving force for the solar-powered car market. While the continued innovation and maturation of solar cell technologies lay the foundation for the industry's thriving, contributing to carbon footprint reduction for the automobile industry and cities as a whole. 

Companies around the globe are constantly investing heavily in R&D to develop consumer-oriented solar-powered cars. There are many inspiring achievements made so far. Fisker Ocean has claimed that their cars come equipped with the largest solar roof on the market. Aptera set up an ambitious plan to manufacture 10,000 solar cars by 2023. Lightyear announced production of budget-friendly solar-powered electric cars will commence by the end of 2022, boasting the ability to run for short distances for months together with a single charge. While Sono's solar-powered electric cars go further by integrating solar cells into various parts, such as hood, rear, sides and fenders, in addition to the roof.

Click here to learn more about the solar-powered car market study.

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