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Solar Vehicle Market Size

Report ID: GMI7530
Published Date: Nov 2023
Report Format: PDF

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Solar Vehicle Market Size

Solar Vehicle Market size was valued at USD 380.3 million in 2022 and is estimated to register a CAGR of over 12% between 2023 and 2032. Increasing investments in solar-powered car startups are driving growth in the market. These funds contribute to research, development, and vehicle type, propelling innovation in sustainable transportation.

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For instance, in September 2022, Lightyear, a Dutch startup working on the development of a hybrid solar-powered car with an extended range, has revealed today that it secured USD 85.2 million in funding as it gears up to produce its inaugural solar vehicle. This trend reflects a growing interest in eco-friendly mobility solutions and reinforces the potential for solar-powered vehicles to play a significant role in the future of transportation.

Solar Vehicle Market Report Attributes
Report Attribute	Details
Base Year:	2022
Solar Vehicle Market Size in 2022:	USD 380.3 Million
Forecast Period:	2023 to 2032
Forecast Period 2023 to 2032 CAGR:	12%
2032 Value Projection:	USD 1.17 Billion
Historical Data for:	2018 - 2022
No. of Pages:	200
Tables, Charts & Figures:	261
Segments covered:	Vehicle Type, Electric Vehicle Type, Battery Type, Solar Panel Type
Growth Drivers:	Rising investments in solar vehicle startups Increasing demand for sustainable transportation Supportive government policies and incentives Rising technological advancements in electric vehicles
Pitfalls & Challenges:	Limited energy storage Lack of supporting infrastructure

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The surging demand for sustainable transportation is a key driver behind the growth of the solar vehicle market. As environmental concerns and the need for clean energy solutions intensify, consumers and businesses are increasingly seeking eco-friendly alternatives. This rising demand fuels investments, research, and development in solar vehicles, propelling advancements in technology and expanding market offerings. The emphasis on sustainability is reshaping the automotive landscape, highlighting the potential for solar-powered vehicles to become a mainstream and environmentally responsible mode of transportation.

Limited energy storage poses a challenge to the growth of the market. Current energy storage technologies, such as batteries, have constraints in terms of capacity and efficiency. Solar vehicles depend on stored energy for times when sunlight is not available, and existing technologies may not provide sufficient range or power. Advancements in energy storage solutions, including higher capacity batteries and innovative storage technologies, are crucial for overcoming this limitation and enhancing the practicality of solar vehicles.

Authors: Preeti Wadhwani

Frequently Asked Questions (FAQ) :

The market size of solar vehicle reached USD 380.3 million in 2022 and is poised to witness 12% CAGR between 2023 and 2032, due to the increasing investments in solar-powered car startups.

The solar passenger vehicles segment held over 60% market share in 2022, owing to the technological advancements in solar-powered cars.

Asia Pacific market share was over 35% in 2022, attributed to the advancements in technology to enhance the efficiency and appeal of solar vehicles, and strategic partnerships between government bodies, industry players, and research institutions.

Lightyear, Volkswagen, Rivian Automotive, Fisker Inc., Toyota Motor Corporation, Aptera, Ford Motor Company, Fiat Chrysler Automobiles, Sono Motors, and Venturi Automobiles.