Solar Vehicle Market Size

Solar Vehicle Market size was valued at USD 434.5 million in 2023 and is likely to reach USD 5.41 billion by 2036, registering around 21.4% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of solar vehicle is estimated at USD 508.89 million. The growth of the market can be attributed to the rising concerns about environmental pollution, and increasing investments in research and development activities by OEMs for developing zero-emission vehicles around the world. Furthermore, significant reduction in the prices of components utilized in the development and integration of solar vehicles is a crucial factor projected to offer abundant opportunities to the market in the upcoming years.

Along with these, growing initiatives undertaken by governments for providing subsidies, intensifying demand for energy-efficient sources as an alternative to fuel, and surge in production of electric vehicles across the globe, are expected to drive market growth in the near future. According to the International Energy Agency, sales of electric cars topped 2.1 million worldwide in 2019. The same year, electric cars, which accounted for 2.6% of global car sales and about 1% of global car stock in 2019, registered a 40% year-on-year increase.