Global solar powered car market rally has been temporarily impacted by the sluggishness induced due to COVID-19 pandemic, according to a new study by Fact.MR.
However, the study is bullish on the long-term prospects of the market, with growth rates set to hover around 20% through 2030.
According to Fact.MR, prices of solar energy components are declining continuously since last four decades and are expected to decline further.It is expected that this form of renewable source of energy will be cheaper than fossil fuels in the near future.
The firm noted “This fall in the pricing along with the technological advancements in the field are expected to boost the solar powered car market. Furthermore, the pandemic has caused the prices to drop even faster since its onset. As the global economy is facing challenges, the fall in the prices of solar panels and components is steeper than expected.”
The firm added this is paving way for the faster transition towards adopting clean energy.
“One of the major reasons holding people back from using this source of renewable energy was the myth that it is expensive than traditional fossil fuels. With plummeting prices, the future looks positive for the global solar powered car market,” said the report.
Key Takeaways from the Solar Powered Car Market
- The global solar powered car market is projected to exhibit a CAGR of around 20% through 2030
- The crystalline silicon solar cells segment is the most lucrative segment currently
- Solar powered sedans and SUVs continue to outsell other vairants
- The battery operated electric vehicles (BEVs) segment, in terms of electric vehicle, is anticipated to grow significantly during the forecast period.
- Europe is expected to be the most lucrative market for solar powered car