May 23, 2024
EV Solar Modules Market

EV Solar Modules Market is Estimated to Witness High Growth Owing to Increasing Module Efficiency

The EV solar modules market is growing owing to the need for sustainable vehicle charging options and reduced dependence on fossil fuels. EV solar modules are mounted on electric vehicles’ rooftops or other body parts to charge the vehicle battery using solar energy. They have a higher power rating and are more durable than regular solar panels. EV solar modules can increase an electric vehicle’s travel range without relying on charging infrastructure. The module efficiency is increasing with technological advancements such as heterojunction cell technology and passivation layers.

The global EV solar modules market is estimated to be valued at US$ 1,829.8 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 Market 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 companies are investing in R&D to develop high-efficiency solar modules suitable for electric vehicles.

The key opportunities in the EV solar modules market include increasing demand for electric mobility solutions, growing installations of solar carports and charging stations integrated with PV systems, and government initiatives promoting solar-powered electric vehicles. Technological advancements such as heterojunction cell technology, passivation layers, and TOPCon solar cells are increasing the module efficiency and power output.

Market drivers

The primary market driver for EV solar modules is the need for more sustainable electric vehicle charging options. As EV sales increase globally, governments and automakers are focusing on developing affordable charging infrastructure and battery technologies to make electric mobility more feasible. Solar-powered EV charging provides an alternative that reduces dependence on grid electricity. It allows electric vehicles to charge even when not connected to charging stations. Increasing solar module efficiency coupled with descending costs will drive their adoption for electric vehicles over the forecast period.

Current Challenges

The EV solar module market is still in a nascent stage of development and facing many challenges. One of the major challenge is the high upfront cost of installation and manufacturing of these modules. There is a need to drive down the costs to make it affordable for the mass market electric vehicles. Secondly, the efficiency of energy conversion is still low compared to traditional solar panels installed on buildings which makes these modules less attractive. The durability and reliability over long usage is also a concern area that needs further technology improvements. Adoption of standardized designs and processes can help address some of these current challenges and help scale up the market.

SWOT Analysis

Strength: Can provide additional range to EVs without relying solely on charging stations. Also has environmental benefits.
Weakness: High upfront costs, space constraints, low efficiency of energy conversion.
Opportunity: Expected growth in electric vehicles provides major opportunities. Collaboration with automakers can help address challenges.
Threats: Slow adoption due to technology and cost hurdles. Competition from other technologies to provide additional range.

Geographical Regions

In terms of value, the Asia Pacific region currently dominates the global EV solar module market. China has emerged as the largest producer and consumer of electric vehicles worldwide. It also has a strong focus on renewable energy sources. Countries like Japan, South Korea and India have also shown fast growth.

Fastest Growing Region

Europe is expected to witness the fastest growth in demand for EV solar modules over the forecast period. Many European countries have strict emission regulations and are providing incentives for electric vehicles and renewable energy. The availability of adequate solar resources and policy push towards sustainable mobility makes the region attractive for further technology developments and investments.

Note:
1. Source: Coherent Market Insights, Public sources, Desk research.
2. We have leveraged AI tools to mine information and compile it.