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Solar Vehicle Market Share

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

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Solar Vehicle Market Share

Major companies operating in the solar vehicle industry are:

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

Major companies in the market vie for revenue share by actively pursuing government subsidies and engaging in strategic collaborations. Leveraging financial incentives encourages adoption, while partnerships with industry stakeholders facilitate research, development, and the deployment of competitive solar vehicle technologies.

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.