The automobile sector has been flooding with newer technologies since past couple of years. The advancement in technologies have changed the way the industry was functioning and vehicle were manufactured or designed. The key players are concentrating on designing the cars which would run on renewable energy, which would also have a positive impact on the environment protection. Owing to these factors, the global solar powered car market is foreseen to experience a substantial growth in the coming years.
According to recent report by transparency Market Research, the global solar powered car market is estimated to project an astral growth of around 20% of CAGR within the forecast period from 2019 to 2027. By the end of 2027, the market is likely to reach around US$3.5 bn.
Key Players Working on Developing Zero-Emission Vehicle Prototype
With the rising demand for environment friendly commodities in every sector, there has been a significant demand regarding zero-emission vehicle. This is one of the key factors propelling the growth of global solar powered car market. The leading companies are working relentlessly to reduce carbon emission from the vehicles, so as to have a greener and cleaner cars. But, the solar powered vehicles have not be launched on roads as of yet.
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The companies are investing in developing demo cars or the prototypes that are likely to penetrate the market by the end of 2021. Governments of several developing nations are concentrating majorly on introducing solar powered vehicles that have aesthetically appealing, minimalistic, and compact structure.
In 2017, a startup based in Netherlands, Lightyear launched a prototype model of electric car, with its improved sketches of rear and front end of the car introduced in 2019, January. The company said that it is working on newer technologies to incorporate renewable energy to run vehicles, with low maintenance, reduced cost, and power efficient. These vehicles are expected to have longer lifecycle as compared to conventional ones.