Solar Powered Car Global Market Report 2024

The solar powered car market size has grown exponentially in recent years. It will grow from $1.45 billion in 2023 to $1.94 billion in 2024 at a compound annual growth rate (CAGR) of 34.3%. The expansion observed in the historical period can be attributed to several factors, including a decrease in greenhouse gas emissions, advancements in infrastructure development, urban planning initiatives, and growing environmental concerns.

The solar powered car market size is expected to see exponential growth in the next few years. It will grow to $6.57 billion in 2028 at a compound annual growth rate (CAGR) of 35.6%. Forecasted growth is fueled by government initiatives to cut carbon emissions, higher fuel prices, and increased adoption of electric vehicles. Trends include product launches for improved range, ultra-efficient solar cars, development of solar-powered electric vehicles, strategic partnerships, and a heightened focus on sustainability in the automotive industry.

The surge in environmental consciousness is poised to propel the expansion of the solar-powered vehicle sector. Environmental awareness denotes individuals' comprehension of the natural environment and their choices that can either positively contribute to or detrimentally impact it. Solar-powered cars, known for emitting zero fuel emissions, offer sustainability and eco-friendliness. Presently, people exhibit a heightened awareness of their surroundings, making decisions that prioritize environmental preservation. Notably, in a survey by Mastercard, a US-based financial services company, conducted in 2021, 58% of respondents acknowledged a heightened consciousness regarding their environmental impact. Furthermore, an overwhelming 85% of adults expressed willingness to undertake personal initiatives to address sustainability and environmental concerns. This heightened environmental awareness significantly influences the growth trajectory of the solar-powered car market.

The escalating demand for electric vehicles (EVs) is expected to drive the expansion of the solar-powered car market in the foreseeable future. As EVs gain widespread popularity, there is a mounting interest in integrating solar technology to enhance their sustainability and energy efficiency. Solar-powered cars leverage regular lithium-based batteries that can be charged via grid electricity, thereby functioning akin to standard EVs for longer distances. A notable instance occurred in October 2022, as reported by the World Economic Forum, revealing a global sale of approximately 4.3 million new battery-powered electric vehicles (BEVs) and plug-in hybrid electric vehicles (PHEVs) in the initial half of 2022. This marked a 75% year-on-year growth for BEVs and a 37% increase for PHEVs. Moreover, according to the Times of India in July 2022, retail sales of electric vehicles (EVs) in India surged to 390,399 units in the first half of the same year, showcasing a remarkable 333% year-over-year growth compared to the previous year's 90,102 units sold during the same period. Consequently, the escalating demand for electric vehicles serves as a key driver in propelling the growth of the solar-powered car market within the projected timeframe.

Product innovations have become a prominent trend, capturing significant attention. Key industry players are directing their efforts towards introducing novel technologies, aiming to secure a competitive edge. An illustrative instance occurred in 2022 when Valmet Automotive, a Finland-based vehicle manufacturer, unveiled the Lightyear 0, an electric vehicle equipped with the ability to charge while in motion, facilitated by solar panels integrated across its top, hood, and trunk. A distinctive feature of this car lies in its five square meters of curved solar panels, ingeniously incorporated into the vehicle's roof, bonnet, and tailgate, harnessing solar energy to power the car's motor. Notably, this vehicle demonstrates the capacity to drive while concurrently utilizing solar power and traditional electric charging, marking a notable advancement in solar-powered car technology.

Companies within the solar-powered car industry are increasingly prioritizing strategic partnerships and collaborations to bolster their financial standing, fortify their product arrays, and extend their global footprint. For instance, in July 2022, Lightyear, a Netherlands-based manufacturer specializing in solar electric cars, forged an alliance with the Sharjah Research, Technology and Innovation Park (SRTIP), situated in the UAE - a pioneering science and technology park. This collaboration with the park, renowned as an incubator for tech startups, marks a milestone for Lightyear and promises to elevate the UAE's position as a hub for sustainable mobility solutions. Additionally, during the same period, Lightyear established a partnership with Koenigsegg Automotive AB, a Swedish high-performance sports car manufacturer. This strategic alliance aims to synergize resources and expertise to pioneer cutting-edge breakthroughs in solar-powered electric vehicles (EVs). Collaborative efforts will involve the exchange of proprietary knowledge and patented information to develop ultra-efficient vehicles and foster the advancement of innovative automotive technologies. Leveraging Koenigsegg's proficiency in high-performance sports cars and sustainable technology along with Lightyear's specialization in solar-powered vehicles, this partnership seeks to drive forward advancements in automotive technology collectively.

In September 2022, Lightyear, a US-based company specializing in scalable grid-independent solar electric vehicles within the solar-powered cars market, entered into a strategic partnership with Koenigsegg Automotive AB. This collaboration signifies a joint effort between the two companies to leverage their respective resources and expertise in the pursuit of advancing groundbreaking electric vehicle (EV) technologies. Koenigsegg Automotive AB, based in Sweden, is a renowned manufacturer of high-performance sports cars. Through this partnership, both entities aim to contribute to the development of cutting-edge breakthroughs in the field of electric vehicles.

Major companies operating in the solar powered car market report are Aptera Motors, Fisker Inc., Squad Mobility, Solar Team Eindhoven, Toyota Motor Corp,Lightyear, Hyundai Motor Company, BYD Auto Co. Ltd., Hanerg, Guangzhou Xiaopeng Motors Technology Co. Ltd., Honda Motor Co. Ltd., Kia Corporation, Mahindra & Mahindra Limited, Pravaig Dynamics, Sono Group N.V., Volkswagen AG, Ford Motor, General Motors, Rivian Automotive LLC, Enel X, EN1 Technologies.

Europe was the largest region in the solar powered car market in 2023. The regions covered in the solar powered car market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the solar powered car market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Spain, Canada.

Solar-powered cars come in various types, with common categories being compact, sedans, and others. Compact cars, also known as hatchbacks, are smaller vehicles primarily used for passenger transportation. The solar panels utilized in these cars often consist of monocrystalline and polycrystalline solar cells. The batteries employed include lithium-ion and other types. Additionally, these solar-powered vehicles can feature battery electric propulsion or hybrid propulsion systems, catering to both personal and commercial applications.

The solar-powered car market research report is one of a series of new reports that provides solar-powered car market statistics, including solar-powered car industry global market size, regional shares, competitors with a solar-powered car market share, detailed solar-powered car market segments, market trends and opportunities and any further data you may need to thrive in the solar-powered car industry. This solar-powered car market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The solar powered car market consists of sales of solar power car batteries, motors and so on. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.


The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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