Press release
The United States Solar Vehicle Market is expected to reach $5.9 billion by 2032, growing at a CAGR of 35.4%. North America accounts for 43% of the global market share.
solar vehicle market
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The Solar Vehicle Market is growing due to rising demand for clean mobility, declining solar panel costs, stricter emission regulations, and advancements in battery efficiency. Increasing government incentives and consumer interest in sustainable transportation are further accelerating adoption.
United States industry development
✅ The U.S. solar vehicle market was about $350 million in 2024 and is set for rapid growth. Estimates show a strong CAGR (35.4%), with the market potentially reaching up to $5.9 billion by 2032
✅ October 2025: Aptera Motors announced that it secured up to US $75 million in committed equity financing from New Circle Capital. The funding is intended to support production readiness, including tooling and other activities required to bring its solar-car "Launch Edition" to market.
✅ July 2024: Aptera Motors raised up to US $60 million in a convertible-notes funding round, led by US Capital Global, aimed at enabling low-volume production of its solar electric vehicle (SEV), including crash testing and initial builds.
✅ Feb 2024: Aptera also secured more than US $33 million via crowdfunding as part of its early-stage production funding for its solar EV.
Global Industry development
✅ April 2025: The global solar vehicle market attracted increasing investments driven by government initiatives for clean energy and carbon neutrality, supporting infrastructure development such as solar charging stations and clean mobility corridors.
✅ Ongoing 2024-2025: Companies and research centers worldwide continue to invest in solar-integrated EV technology development for improved range and sustainability, with North America and Asia as key growth hubs.
✅ September 2024: Lightyear a European solar-EV / on-board solar-system company announced it had secured over €10 million (USD equivalent) in its largest funding round since its restart. The funding is directed toward manufacturing of its high-efficiency on-board solar systems for vehicles.
Recent Merges & acquisition
→ Dispatch Energy fully acquired Green Lantern Solar (GLS), an integrated provider and operator of solar photovoltaic assets. This deal added over 64 solar and battery storage projects totaling 208.9 MW, increasing Dispatch Energy's portfolio to 489.5 MW (Q4 2025).
→ AMPYR Distributed Energy (ADE), part of the AGP Group, acquired Shawton Energy, which provides fully-funded solar energy solutions to UK businesses. This acquisition strengthens ADE's position in the UK distributed energy market by expanding its customer base and operational capabilities (Q4 2025).
→ APA Solar, a provider of solar racking and foundation solutions for commercial and utility-scale projects, was acquired by Array Technologies for $179 million. This strategic acquisition expands Array's product portfolio to better serve solar industry needs (Q3 2025).
Market Segmentation-
Segmentation by Vehicle Type:
→ Passenger Vehicles: This segment includes solar-powered cars designed mainly for personal use, such as electric sedans and compact cars supplemented with solar panels. It is the dominant segment with an estimated market share around 75% in 2025, driven by rising consumer awareness of environmental issues, government incentives, and advancements in solar technology for cleaner transportation.
→ Commercial Vehicles: This segment covers solar vehicles used for commercial purposes like logistics and public transportation. It holds the remaining market share, 28%, supported by growing demand for emission reduction in industry and transport sectors.
Segmentation by Electric Vehicle Type:
→ Battery Electric Vehicle (BEV): These solar vehicles rely solely on battery electric propulsion powered by solar energy. This segment dominates the market with 64% share in 2025, due to advancements improving battery efficiency and energy harvesting.
→ Hybrid Electric Vehicle (HEV): Combining solar with hybrid technology, this segment holds over 60% market share in some analytics, expected to grow rapidly due to stricter emission regulations and government initiatives promoting hybrids.
→ Plug-in Hybrid EV (PHEV): Represent less market share compared to BEV and HEV but are included in some segmentations.
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Regional insights:-
→ North America: About 43%, with a focus on technological innovation and R&D investments, and major companies like Tesla operating in this space.
→ Asia-Pacific: Rapid growth in countries like China and India, with the market share around 25%, supported by government subsidies and large solar infrastructure.
→ Europe: Smaller but steadily growing, with focus on sustainable transportation initiatives.
→ Rest of the World (RoW): Including Brazil, Middle East, and Africa, with emerging markets showing increased interest but limited current market share.
Key Players
ALKE, Ford Motor Company, Aptera Motors Corp, Hyundai Motor Company, Lightyear, Mahindra & Mahindra Ltd, Solar Electric Vehicle Company, Volkswagen AG, Sono Motors and Squad Mobility B.V.
→ Ford Motor Company: Ford is a major global automotive company actively investing in solar vehicle technology. They integrate solar panels into hybrid and electric vehicles to extend driving range and efficiency. Ford benefits from strong manufacturing capabilities, R&D, and collaborations with technology partners to advance solar vehicle integration.
→ Aptera Motors Corp: Aptera is a pioneer in ultra-efficient solar electric vehicles with highly aerodynamic designs and embedded solar cells that enable extended solar-powered driving without frequent recharging. It has garnered nearly 50,000 reservations, showing strong market interest, and recently completed a fully-built validation solar electric vehicle in 2025.
→ Lightyear: Lightyear is a Dutch company specializing in solar electric vehicles with a focus on long-range capability powered by integrated solar roofs that continuously charge the battery while driving or parked. Lightyear combines advanced solar tech with electric drivetrains for sustainable mobility solutions.
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Market Drivers:-
→ Increasing environmental awareness and demand for sustainable transportation.
→ Government subsidies, incentives, and stricter emission regulations.
→ Advancements in solar panel efficiency and battery storage technology.
→ Rising urbanization and demand for eco-friendly passenger vehicles.
→ Integration of solar panels with electric drivetrains boosting range and reducing fuel dependency.
→ Investments in solar infrastructure and AI-enhanced energy management systems.
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