The EV solar modules market comprises solar photovoltaic panels installed on electric vehicles to charge the vehicles' batteries while they are parked. EV solar modules help extend the driving range of EVs without being plugged into the electric grid. They provide a supplemental source of energy for electric vehicles. Adoption of solar-powered electric vehicles is increasing due to their minimal operational costs and zero carbon emissions. Government support in the form of subsidies is also encouraging more consumers to opt for solar electric vehicles.
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. Volkswagen is a leading automobile manufacturer focusing on expanding its electric vehicle portfolio integrated with solar modules. Jinko Solar, Trina Solar, Canadian Solar, and JA Solar are major solar panel suppliers partnering with electric vehicle OEMs to provide customized solar integration solutions.
The increasing focus on renewable energy and the rising fuel costs present significant opportunities for solar electric vehicles in the coming years. Many countries are offering attractive subsidies for electric vehicles with solar integration which is encouraging more consumers to opt for these zero-emmission vehicles.
The key players are actively expanding globally by partnering with electric vehicle manufacturers and dealers in international markets. For instance, REC Group partnered with Lightyear, a Netherlands-based startup, to supply high-efficiency solar panels for Lightyear One, the world's first long-range solar electric vehicle. Such global partnerships will help drive the future adoption of electric vehicles integrated with EV Solar Modules Size.
Market drivers: Growing concerns regarding environmental pollution and depletion of fossil fuels are driving the adoption of clean energy vehicles such as electric vehicles integrated with solar panels. Government support in the form of subsidies and tax rebates for solar electric vehicles is a key driver promoting their sales.
Market restraints: High upfront costs of electric vehicles integrated with solar modules act as a major restraint for widespread adoption. Limited driving range of current EV models from the energy generated through solar also restricts customer acceptance to some extent. Infrastructure challenges such as insufficient public EV charging stations also hinder market growth.
Segment Analysis
Solar PV Modules sub-segment dominates the EV Solar Modules market currently. Majority of electric vehicles available in the market comes equipped with roof mounted or integrated solar panels to supplement the vehicle's battery while parked. This helps increase the driving range per charge. Fast charging networks are still in developing stages globally and drivers prefer utilizing free and renewable energy from sun to charge their EVs, thereby reducing reliance on grid supply. However, with declining prices of battery packs and gradual expansion of public charging networks, dedicated EV solar charging stations sub-segment is expected to witness higher growth during the forecast period. These stations allow drivers to charge their EVs with solar power while parked for longer durations like at workplace.
Global Analysis
The Asia Pacific region currently holds the largest share in the global EV Solar Modules market and is expected to maintain its dominance during the forecast period. This can be attributed to presence of major automobile and solar panel manufacturers in countries like China and availability of supportive government policies for renewable sources of transportation. Meanwhile, European countries are aggressively focusing on transitioning to electric mobility and have set targets to phase out conventional vehicles by 2030-2040 timeframe. Therefore, the demand for electric vehicles and associated solar modules is anticipated to rise steeply in Europe. North America is expected to emerge as the fastest growing regional EV Solar Modules Market Regional Analysis, led by the U.S., due to growing consciousness among consumers about environmental protection and supportive policies by the government.
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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. (https://www.linkedin.com/in/money-singh-590844163)
