In 2022, Europe is poised to lead the global solar-powered car market, capturing a commanding 80.5% market share.

ROCKVILLE, MARYLAND, UNITED STATES, September 8, 2023/EINPresswire.com/ -- According to Fact.MR, the 𝗦𝗼𝗹𝗮𝗿 𝗣𝗼𝘄𝗲𝗿𝗲𝗱 𝗖𝗮𝗿 𝗠𝗮𝗿𝗸𝗲𝘁 𝗦𝗶𝘇𝗲 is anticipated to reach a value of 90.3 million in 2022 and then grow at a CAGR of 12.3% to 288.4 million by the end of 2032.

The growing popularity of self-charging vehicles has spurred the emergence of the solar vehicle industry, greatly contributing to the global expansion of solar-powered cars. Solar vehicle manufacturers are now capable of producing both solar-powered commercial vehicles and solar-powered passenger cars, driven by the increasing demand for eco-friendly alternative fuel vehicles. Their aim is to create vehicles that are not only sustainable and durable but also environmentally friendly by minimizing harmful emissions and reducing the automotive industry's carbon footprint.

𝗙𝗼𝗿 𝗺𝗼𝗿𝗲 𝗶𝗻𝘀𝗶𝗴𝗵𝘁𝘀 𝗶𝗻𝘁𝗼 𝘁𝗵𝗲 𝗠𝗮𝗿𝗸𝗲𝘁, 𝗥𝗲𝗾𝘂𝗲𝘀𝘁 𝗮 𝗦𝗮𝗺𝗽𝗹𝗲 𝗼𝗳 𝘁𝗵𝗶𝘀 𝗥𝗲𝗽𝗼𝗿𝘁:
https://www.factmr.com/connectus/sample?flag=S&rep_id=5359

In response to escalating global warming concerns and the imperative to curtail carbon emissions, solar-powered vehicles have emerged as a compelling solution. These low-maintenance vehicles have simplified the ownership experience, driving increased investments by manufacturers in production and research and development (R&D) efforts. This heightened commitment is expected to fuel a surge in demand for solar-powered cars.

𝗛𝘆𝘂𝗻𝗱𝗮𝗶 𝗘𝘅𝗽𝗮𝗻𝗱𝘀 𝗛𝘆𝘂𝗻𝗱𝗮𝗶 𝗛𝗼𝗺𝗲 𝗠𝗮𝗿𝗸𝗲𝘁𝗽𝗹𝗮𝗰𝗲 𝘁𝗼 𝗢𝘃𝗲𝗿 𝟰𝟬 𝗦𝘁𝗮𝘁𝗲𝘀 𝗶𝗻 𝗟𝗲𝘀𝘀 𝗧𝗵𝗮𝗻 𝗦𝗶𝘅 𝗠𝗼𝗻𝘁𝗵𝘀

Fountain Valley, Calif., April 3, 2023 – Hyundai's transformation into a Smart Mobility Solution Provider gains momentum with the rapid expansion of Hyundai Home, now available in over 40 states. This remarkable growth represents an almost threefold increase since its initial launch in November 2022. Hyundai Home serves as an all-encompassing online platform that seamlessly connects homeowners with solar panels, energy storage systems, electric vehicle (EV) chargers, and local installation services. This transformative marketplace is the result of Hyundai's strategic collaboration with Electrum, a pioneering expert in home electrification solutions.

𝗖𝗼𝗺𝗽𝗲𝘁𝗶𝘁𝗶𝘃𝗲 𝗟𝗮𝗻𝗱𝘀𝗰𝗮𝗽𝗲

Prominent players in the global solar-powered car industry, including Hyundai Motor Company, Squad Mobility, Lightyear, Toyota Motor Corporation, Sono Motors, Aptera Motors, and Ford Motor Company, are prioritizing the launch of technologically advanced products. These companies are also implementing strategic initiatives such as acquisitions and collaborations with other market stakeholders to bolster production capacities, enhance market penetration, and secure a larger market share.

For instance, in 2020, Hyundai introduced Xcient fuel cell trucks in a hydrogen-powered version, delivering seven vehicles to customers in Switzerland. Furthermore, in 2022, Sibros, a pioneer in deep Over-the-Air (OTA) connected vehicle technology, announced a collaboration with solar-powered car manufacturer Lightyear. This collaboration allows Lightyear to integrate Sibros' OTA Deep Logger, providing precise and real-time vehicle data from all sensors.

𝗠𝗮𝗷𝗼𝗿 𝗞𝗲𝘆 𝗣𝗹𝗮𝘆𝗲𝗿𝘀

Hyundai Motor Company
Squad Mobility
Lightyear
Toyota Motor Corporation
Sono Motors
Aptera Motors
Ford Motor Company
Mahindra & Mahindra Limited
Solar Team Eindhoven
Cruise Car Inc.
Trina Solar
Alkè
Solarrolla

𝗚𝗲𝘁 𝗖𝘂𝘀𝘁𝗼𝗺𝗶𝘇𝗮𝘁𝗶𝗼𝗻 𝗼𝗻 𝘁𝗵𝗶𝘀 𝗥𝗲𝗽𝗼𝗿𝘁 𝗳𝗼𝗿 𝗦𝗽𝗲𝗰𝗶𝗳𝗶𝗰 𝗥𝗲𝘀𝗲𝗮𝗿𝗰𝗵 𝗦𝗼𝗹𝘂𝘁𝗶𝗼𝗻𝘀:
https://www.factmr.com/connectus/sample?flag=RC&rep_id=5359

𝗠𝗮𝗿𝗸𝗲𝘁 𝗗𝗲𝘃𝗲𝗹𝗼𝗽𝗺𝗲𝗻𝘁

Companies are making substantial investments in research and development (R&D) to create consumer-centric features for automobiles. Solar-powered cars, equipped with solar panels on their roofs for self-charging, have taken center stage in this pursuit. Notably, Fisker Ocean, a prominent solar car manufacturer, boasts the largest solar roof in the market, showcasing their commitment to innovation.

Efforts to enhance efficiency and optimize the supply chain are paramount for car manufacturers, leading to continuous investments and resource allocation.

Aptera, a notable player in this field, has set an ambitious goal of manufacturing 10,000 cars by 2023, signaling their dedication to expanding production. Meanwhile, Lightyear has announced its plans to commence production of an affordable solar-powered electric car by the end of 2022, capable of covering short distances for months on a single charge.

Sion's solar-powered electric cars distinguish themselves through unique design elements. Rather than relying solely on a solar panel on the roof, these vehicles incorporate multiple solar cells into various parts, including fenders, roofs, sides, rear, and hoods.

Market participants are harnessing the well-established automotive industry to drive innovation in solar cell technology as a power source. While the market landscape is moderately consolidated, the allure of long-term revenue prospects is expected to attract a growing number of new entrants over time.

𝗞𝗲𝘆 𝗧𝗮𝗸𝗲𝗮𝘄𝗮𝘆𝘀 𝗳𝗿𝗼𝗺 𝗠𝗮𝗿𝗸𝗲𝘁 𝗦𝘁𝘂𝗱𝘆

- The global solar powered car market is forecasted to exhibit a remarkable CAGR of 12.3%, reaching a market valuation of US$ 288.4 million by 2032.
- Within the realm of solar panels, monocrystalline solar cells are poised to dominate the market, projected to be valued at US$ 71.1 million in 2022.
- Among different car types, sedan solar-powered cars are expected to generate revenues of US$ 36.1 million in 2022.
- Europe is anticipated to assert its dominance in the market, capturing an 80.5% market share in 2022.
- The pure electric car category is likely to command a substantial 92.6% market share in 2022, with a projected 12.5% CAGR over the forecast period.

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

𝗘𝗹𝗲𝗰𝘁𝗿𝗶𝗰 𝗖𝗮𝗿 𝗕𝗮𝘁𝘁𝗲𝗿𝘆 𝗖𝗵𝗮𝗿𝗴𝗲𝗿 𝗠𝗮𝗿𝗸𝗲𝘁: The global electric car battery charger market is estimated to surge at a CAGR of 16% and increase rapidly from its current valuation of US$ 2.5 billion to US$ 11 billion by the end of 2032.

𝗛𝘆𝗯𝗿𝗶𝗱 𝗘𝗹𝗲𝗰𝘁𝗿𝗶𝗰 𝗩𝗲𝗵𝗶𝗰𝗹𝗲𝘀 𝗠𝗮𝗿𝗸𝗲𝘁: The global market for hybrid electric vehicles is anticipated to showcase a stellar growth trajectory registering a CAGR of over 14% over the forecast period 2021-2031.

𝗔𝗯𝗼𝘂𝘁 𝗨𝘀:

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