by The EV solar modules market involves manufacturing of photovoltaic solar panels that are installed on electric vehicles to charge the batteries while the vehicle is stationary. These modules harvest sunlight and convert it into direct current electricity to charge the battery independently without being plugged into the grid. EV solar modules offer advantages such as reduced range anxiety, longer driving range per charge and utilization of otherwise wasted solar energy. With growing emphasis on adoption of eco-friendly electric vehicles, the need for additional charging options without range limitations is surging.
The Global EV solar modules Market is estimated to be valued at US$ 516.6 Mn in 2024 and is expected to exhibit a CAGR of 19% over the forecast period 2024 To 2031.
Key Takeaways
Key players operating in the EV solar modules are Volkswagen, Jinko Solar, Trina Solar, Canadian Solar, JA Solar, Hanwha Q CELLS, LONGi Solar, REC Group, LG Electronics, SunPower, Capsolar, Innolia, and Maxeon Solar Technologies. These manufacturers are focusing on development of high efficiency panels to maximize energy generation and provide best charging support to EV batteries.
The market provides opportunities for players to tap the undiscovered rural EV Solar Modules Companies and expand offerings for commercial EVs. Growing focus on solarizing mobility also opens up prospects for production of customizable, specialized modules.
Countries across Europe, North America, Latin America and Asia Pacific are focusing on policies and incentives to promote domestic manufacturing of EVs and solar technologies. This will help global expansion of EV solar module market in the coming years.
Market drivers
Increasing focus on renewable energy integration is a key driver accelerating adoption of EV solar modules. With rising oil prices and need to curb dependence on fossil fuels, governments worldwide are heavily promoting usage of clean solar power. Integration of renewable technologies in electric mobility helps address environmental concerns while increasing driving range of EVs. This boosts global demand for solar charging solutions.
PEST Analysis
Political: The governments across various countries are promoting the adoption of electric vehicles and solar energy through various subsidies and tax benefits. This is positively impacting the growth of the EV Solar Modules Market Growth.
Economic: Higher fossil fuel prices and increasing electricity costs from the utility grids are encouraging consumers to switch to affordable electric vehicles integrated with solar roof panels to reduce energy costs. This is fueling demand for EV solar modules.
Social: Rising environmental consciousness among consumers about vehicle emissions and their contribution towards climate change is driving the preference for electric vehicles powered by renewable solar energy.
Technological: Advancements in high-efficiency solar panel technologies and lightweight building materials are enabling the development of thinner, more durable, and efficient solar roof panels for electric vehicles. Manufacturers are also focusing on innovations to enhance the driving range of EVs.
North America and Europe hold a significant share of the global EV solar modules market in terms of value. This can be attributed to the presence of developed economies like the U.S., Germany, and the UK that are aggressively pushing electric vehicle adoption targets and investing heavily in renewable energy infrastructure.
The Asia Pacific region is poised to witness the fastest growth during the forecast period. This can be accredited to the growing consumer market for electric vehicles in major countries like China and India that are undertaking wide-ranging initiatives to replace conventional vehicles with clean mobility solutions and invest in domestic solar panel manufacturing capacities.
*Note:
1. Source: Coherent Market Insights, Public Source, Desk Research
2. We have leveraged AI tools to mine information and compile it
Money Singh
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc. LinkedIn
