Solar Powered Car Market Size worth $ 46.11 Billion by 2031 | CAGR: 35.50% – TMR Study – QNT Press Release

  • Adoption of new zero emission technology using renewable energy sources presents lucrative avenues for solar powered vehicle manufacturers; preference for solar powered SUVs propelling revenues
  • Growing popularity of crystalline silicon solar cells to create substantial profits for firms in solar powered car market; governments growing investments in clean energy transportation projects notably in Europe

WILMINGTON, Del., Aug. 26, 2022 /PRNewswire/ — Enormous efforts by industry players and initiatives by governments to spur adoption of renewable energy sources in transportation are invigorating development of solar powered cars. Rising adoption of clean energy technologies in passenger cars in developing regions is enriching the future scope of solar cars. The solar powered car market to reach US$ 46.11 Bn by 2031, advancing at a robust CAGR of 35.50% from 2022 to 2031 (forecast period).

Several manufacturers of solar cars have benefitted from zero-emission technology schemes of governments. Also, they are committing sizable R&D funds to develop solar panel technologies. They are likely to capture substantial revenues by incorporating advanced clean energy technologies in SUVs and utility vehicles. The study found that crystalline silicon is most widely used materials and the segment is likely to account for a major solar powered car market share during the forecast period.

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Key Findings of Solar Powered Car Market Study

  • Growing Investments in Solar Energy Projects for Clean Energy to Spur Demand: Worldwide, growing awareness about the adverse climate impacts of fossil-fueled vehicles has evoked considerable interests in solar-powered vehicles. Moreover, rise in solar energy projects in developed as well as developing regions has bolstered the prospects of solar powered car market. Continuing demand for clean energy in transportation will extend the canvas for market players.
  • Advancements in Solar Cells Technology to Expand Avenue: Automobile companies and automotive firms are geared toward adopting and leveraging cutting-edge clean energy technologies in the vehicles. As a result, this has spurred research in solar cell technology for different types of utility vehicles. Incorporation of advanced solar cells technology in premium cars will open up vast profitable avenue in the solar powered car market in near future. Both sedan and SUV vehicles are anticipated to attract massive consumer demand. Of note, the SUVs segment is estimated to account for a leading market share during the forecast period (2022– 2031). Indeed, solar-powered car companies are capitalizing on …

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