15 of the Most Innovative Start-Ups in Solar-Powered Cars Market

The primary source of power for propulsion in solar is sun energy. These cars have solar panels built into their bodies that collect sunlight and produce power, making them very energy efficient. There are many different types and sizes of solar vehicles, including automobiles, motorbikes, and even boats. The wheels are normally driven by an electric motor, and the motor is powered by electricity produced by solar panels mounted on the vehicle.

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Government support for green automobiles is a significant industry element. Globally, governments have implemented regulations and financial incentives to encourage the use of renewable energy sources and reduce greenhouse gas emissions, including financial assistance for solar- and electric-powered vehicles. Tax incentives are offered by several countries to people who purchase solar- or electric-powered vehicles, which can reduce the overall cost of ownership. In an effort to reduce production costs and raise the consumer affordability of electric and solar-powered vehicles, governments from various nations offer subsidies to automakers.

List of top 15 Startups in Solar-Powered Cars Industry

Below table showcases the top 15 Solar Powered Cars industry startup companies with their logo, founding year and total funding (USD).

Recent Market Development for Solar Powered Cars

·?????? January 2022 - One of the pioneers in solar technology, Sono Motors, wants to use its patented Sono Solar Technology to expand its solar company and reduce emissions from fossil fuels by entering the refrigerated trailer market.

·?????? In November 2021, The first commercial solar vehicle in the world from Aptera has three new exterior (Black, White, and Silver) and interior (Vida, Coast, and Codex) options. The company has begun developing beta vehicles with larger cabins and optimized aerodynamics and efficiency.

·?????? In April 2021, To provide specially created tires for the future Lightyear One solar automobile, Bridgestone teamed up with the Dutch startup Lightyear. Tires from the Turanza Eco EV series are being used, which are known to improve efficiency and lessen the environmental impact of the car.

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Conclusion: The benefits of solar vehicles are their ease of use and lower maintenance needs compared to traditional vehicles. Car manufacturers are now required to utilize technology that is less destructive to the environment due to the growing trend of vehicle automation and the rise in demand for fuel-efficient sources as an alternative. Since tailpipes emit hazardous compounds like chlorofluorocarbons and other noxious materials, emissions from internal combustion engines of cars harm the environment far more severely. Thus, it is anticipated that the use of internal combustion engines in automobiles will be significantly reduced with the advent of solar cars, resulting in less environmental pollution. According to the UnivDatos Market Insights analysis, the rising government support for ecofriendly vehicles and initiative to reduce greenhouse gas emission will drive the global scenario of the solar cars and as per their “Global Solar Powered Car Market” reports, the global market size was valued at USD 121.4 million in 2022. The market is projected reach USD million by 2030, exhibiting a CAGR of 33.4% during the forecast period.