Solar Powered Car Market Size worth $ 46.11 Billion by 2031 | CAGR: 35.50% - TMR Study

2022-08-27 13:51:54 By : Mr. Marc Liang

WILMINGTON, Del. , Aug. 26, 2022 -- 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

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Solar Powered Car Market: Key Drivers

Solar Powered Car Market: Regional Growth Dynamics

Solar Powered Car Market: Competition Landscape

Mergers and acquisitions and expansion of product portfolio are some of the key competitive strategies implemented by firms in the solar powered car market. The study has found that the competition landscape is fairly consolidated.

Some of the key market players are Hanergy, Clenergy TeamArrow, Mahindra & Mahindra Limited, Volkswagen AG, Ford Motor Company, Toyota Motor Corp, General Motors, and Audi AG.

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Solar Powered Car Market Segmentation

Automotive Antenna Market - The global automotive antenna market is expected to reach US$ 12.2 Bn by the end of 2031, grow at a CAGR of 4.05% from 2022 to 2031

Robo-Taxi Market - The global robo-taxi market is expected to reach US$ 30.81 Bn by the end of 2031, it is estimated to advance at a CAGR of 62.50% from 2022 to 2031

Automotive Electric Water Pump Market - The global automotive electric water pump market is expected to reach US$ 7.74 Bn by the end of 2031, rise at a CAGR of 13.45% from 2022 to 2031

Connected Car Devices Market - The global connected car devices market is expected to reach US$ 52.78 Bn by the end of 2031, rise at a CAGR of 7.25% from 2022 to 2031

Shared Mobility Market - The global shared mobility market is expected to reach US$ 397.61 Bn by the end of 2031, rise at a CAGR of 12.05% from 2022 to 2031

Vehicle-to-Grid Technology Market - The global vehicle-to-grid technology market size is expected to reach US$ 12.75 Bn by the end of 2031, rise at a CAGR of 16.45% from 2022 to 2031

Automotive Sheet Metal Components Market - The global automotive sheet metal components market is expected to surpass value of US$ 157.2 Bn by the end of 2031

Driver Assistance Systems for Locomotives Market - The global driver assistance systems for locomotives market is expected to reach a value of US$ 12 Bn by the end of 2031

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