Latin America Solar Vehicle Market Size & Outlook, 2025-2030
The solar vehicle market in Latin America is expected to reach a projected revenue of US$ 154.1 million by 2030. A compound annual growth rate of 27.3% is expected of Latin America solar vehicle market from 2025 to 2030.
Revenue, 2024 (US$M)
$37.3
Forecast, 2030 (US$M)
$154.1
CAGR, 2025 - 2030
27.3%
Report Coverage
Latin America
Related Markets
Latin America solar vehicle market highlights
- The Latin America solar vehicle market generated a revenue of USD 37.3 million in 2024.
- The market is expected to grow at a CAGR of 27.3% from 2025 to 2030.
- In terms of segment, two wheelers was the largest revenue generating type in 2024.
- Passenger Cars is the most lucrative type segment registering the fastest growth during the forecast period.
- Country-wise, Brazil is expected to register the highest CAGR from 2025 to 2030.
Latin America data book summary
| Market revenue in 2024 | USD 37.3 million |
| Market revenue in 2030 | USD 154.1 million |
| Growth rate | 27.3% (CAGR from 2025 to 2030) |
| Largest segment | Two wheelers |
| Fastest growing segment | Passenger Cars |
| Historical data covered | 2019 - 2023 |
| Base year for estimation | 2024 |
| Forecast period covered | 2025 - 2030 |
| Quantitative units | Revenue in USD million |
| Market segmentation | Two Wheelers, Three Wheelers, Passenger Cars, Commercial Cars |
| Key market players worldwide | Lightyear, Sono Motors, Aptera Motors, Kandi Technologies Group, Squad Mobility, Tesla Inc, Hyundai Motor Co, Fisker, Cruise, General Motors Co |
Other key industry trends
- In terms of revenue, Latin America region accounted for 6.6% of the global solar vehicle market in 2024.
- Globally, North America is projected to lead the regional market in terms of revenue in 2030.
- Asia Pacific is the fastest growing regional market and is projected to reach USD 588.5 million by 2030.
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Solar Vehicle Market Scope
Solar vehicle market segmentation & scope
Solar Vehicle Market Companies
| Name | Profile | # Employees | HQ | Website |
|---|---|---|---|---|
| Fisker | View profile | 1001-5000 | Los Angeles, California, United States, North America | https://www.fiskerinc.com |
| Squad Mobility | View profile | 1-10 | Breda, Noord-Brabant, The Netherlands, Europe | https://www.squadmobility.com/ |
| Kandi Technologies Group | View profile | 501-1000 | Jinhua, Zhejiang, China, Asia | http://en.kandivehicle.com |
| Aptera Motors | View profile | 11-50 | Carlsbad, California, United States, North America | https://www.aptera.com |
| Sono Motors | View profile | 251-500 | Munich, Bayern, Germany, Europe | https://www.sonomotors.com |
| Lightyear | View profile | 51-100 | New York, New York, United States, North America | https://lightyear.ai |
| Cruise | View profile | 1001-5000 | San Francisco, California, United States, North America | http://www.getcruise.com |
| Hyundai Motor Co | View profile | 73502 | 12, Heolleung-ro, Seocho-Gu, Seoul, Korea, Republic of | https://www.hyundai.com |
| General Motors Co | View profile | 163000 | 300 Renaissance Center, Detroit, MI, United States, 48265-3000 | https://www.gm.com |
| Tesla Inc | View profile | 140473 | 1 Tesla Road, Austin, TX, United States, 78725 | https://www.tesla.com |
Latin America solar vehicle market size, by country, 2019-2030 (US$M)
Latin America Solar Vehicle Market Outlook Share, 2024 & 2030 (US$M)
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