Solar Vehicle Sector: Growth Drivers and Challenges
Growth Drivers
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Rising Concerns About Environmental Pollution
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Increasing Investments in Research and Development Activities by OEMs for Developing Zero-Emission Vehicles
Challenges
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Less Operational Efficiency of Solar Vehicles
Solar Vehicle Market: Key Insights
|
Base Year |
2024 |
|
Forecast Year |
2025-2037 |
|
CAGR |
21.4% |
|
Base Year Market Size (2024) |
USD 527.48 million |
|
Forecast Year Market Size (2037) |
USD 6.56 billion |
|
Regional Scope |
|
Browse key industry insights with market data tables & charts from the report:
Frequently Asked Questions (FAQ)
In the year 2025, the industry size of solar vehicle is estimated at USD 623.43 million.
Solar Vehicle Market size was valued at USD 527.48 million in 2024 and is likely to cross USD 6.56 billion by 2037, registering more than 21.4% CAGR during the forecast period i.e., between 2025-2037.
Asia Pacific industry is expected to hold largest revenue share by 2037, backed by increasing installation of electric vehicle charging stations, and largescale production of electric vehicles in China.
The major players in the market are Toyota Motor Corporation, Ford Motor Company, Daimler AG, Volkswagen AG, Panasonic Corporation, and others.
