Press release
Solar Powered Electric Vehicle Market to Hit USD 3719.68 Million by 2030
Solar Powered Electric Vehicle Market
The Solar Powered Electric Vehicle Market was valued at USD 455.16 million in 2023 and is projected to grow at a robust CAGR of 35% during the forecast period. By 2030, the global market is expected to reach approximately USD 3,719.68 million, driven by increasing demand for sustainable transportation and advancements in solar-integrated vehicle technologies.
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► Competitive Landscape
Leading companies include Lightyear, Aptera Motors, Sono Motors, Toyota, Hyundai, Ford, Hanergy, Cruise Car, Mahindra & Mahindra, Solar Electric Vehicle Company, Squad Mobility, Stella (Solar Team Eindhoven), and General Motors . Competition centers on panel integration, vehicle range, solar efficiency, and scalability.
• United States: Opportunity & Consolidation
The U.S., part of North America (37.6% share in 2023), is rapidly embracing solar EVs, supported by federal grants (~USD 150 million), DOE incentives, and startup innovation .
Key M&A: Aptera Motors raised USD 140 million in 2024-25, is finalizing design for its solar‐EV, and plans production from 2026; also partnered with Telo Trucks to supply solar panels .
• Asia Pacific: Growth & Trends
APAC dominated with ~40% share in 2023, led by China, India, Japan, and South Korea . The region's solar EV market is forecast to grow at ~18.5% CAGR to 2032 , propelled by government subsidies and strong manufacturing ecosystems.
Key M&A: Partnerships such as Toyota + Sharp (solar integration) and Hyundai + Hanwha Q Cells (panel co‐development) enhance APAC innovation capacity .
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• Europe: Growth & Updation
Europe stands out with substantial growth-EUR 300 million in 2023 to potentially USD 6 billion by 2032-and the region is leading in environmental policy . Germany, Netherlands, and France are early adopters, backed by electric vehicle mandates and solar-tech investment.
Recent Developments: Squad Mobility launching its micro‐solar EV in Europe (from 2024), and Stella vehicles being road‐legal in the Netherlands .
• Middle East & Africa: Consolidation & Opportunity
While nascent, MEA is gaining momentum, especially in the UAE and KSA . Solar EV trials and pilot programs align with smart-city strategies and solar-rich geographies.
Regional M&A: Investments from GCC sovereign funds and collaborations on autonomous solar vehicles in Dubai Expo City are advancing market consolidation .
► Key Recent Developments
Lightyear 0 introduced the world's first solar-electric liftback, with production started in 2022.
Aptera Motors continues preparing its high-efficiency solar‐EV with up to 40 miles/day solar range; production set for 2026.
Squad Solar micro‐EV to begin European (2024) and U.S. (2025) rollouts .
Stella achieves road legality in EU and demonstrates strong solar capabilities up to 600-800 km range .
Sono Motors, after insolvency in 2023, now focuses on licensing its embeddable solar-cell tech .
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► Market Segmentation: In-Depth Analysis:
• by Battery type
Lithium-ion battery
Lead-ion battery
Lead carbon
Lead-ion batteries, lithium-ion batteries, and lead carbon make up the market's subsegments. Because they are lightweight, have a high charge density, and are very efficient at charging and discharging, lithium-ion batteries are used more frequently than lead-based and other battery types. With a market share of more than 90% by 2030, the segment is anticipated to hold. Lithium-ion batteries are most frequently seen in solar-powered vehicles and are anticipated to witness significant growth in sales throughout the projection period due to their superior performance, low maintenance requirements, and environmental friendliness.
• by Electric vehicle
Hybrid electric vehicle
Plug-in hybrid electric vehicle
Battery electric vehicle
• by Solar panel
Monocrystalline
Polycrystalline
Monocrystalline and polycrystalline make up the market's subsegments. The most common kind of solar cells, monocrystalline ones, are predicted to account for 85% of the market by 2030. The electrons that produce an electric current have greater space to move about because the cell is composed of a single crystal. As a result, monocrystalline solar cells are more efficient than other types, and during the projection period, their market is anticipated to expand.
For deeper market insights, peruse the summary of the research report:https://www.maximizemarketresearch.com/market-report/global-solar-powered-electric-vehicle-market/77087/
► Learn about the top players driving innovation in the Market :
1. Toyota Motor Corporation
2. Volkswagen AG
3. Ford Motor Company
4. EVX Pty Ltd.
5. Cruise Car
6. Nissan Motor Corporation
7. Mahindra & Mahindra
8. Renault Zoe
9. Venturi
10. Sono motors
11. Hanergy Thin Film Powered Group
12. Kia Soul EV
13. Solar Electric Vehicle Company
14. Alke
15. Lightyear
16. Hyundai Motor Company
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► About Maximize Market Research:
Maximize Market Research is a multifaceted market research and consulting company with professionals from several industries. Some of the industries we cover include medical devices, pharmaceutical manufacturers, science and engineering, electronic components, industrial equipment, technology and communication, cars and automobiles, chemical products and substances, general merchandise, beverages, personal care, and automated systems. To mention a few, we provide market-verified industry estimations, technical trend analysis, crucial market research, strategic advice, competition analysis, production and demand analysis, and client impact studies.
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