Electric Vehicle Solar Modules Market Will Grow At Highest Pace Owing To Increasing Demand For Sustainable Transportation
The EV solar modules market comprises photovoltaic panels that are installed on electric vehicles to charge the vehicles battery while they are parked. Solar modules capture energy from sunlight and convert it to electricity that can be used to power EVs or charge their batteries. This reduces the vehicles dependence on conventional charging points. Solar modules are lightweight, durable, and require very low maintenance. They provide a supplemental charge to EV batteries and reduce the need for at-home charging.
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. The increasing awareness about environmental protection and sustainable transportation has boosted the demand for electric vehicles. Major automakers are focusing on introducing electric vehicles with integrated solar rooftop panels. Technological advancements have led to the development of more efficient solar modules that can charge electric vehicles faster.
Market Trends
Growing demand for zero-emission mobility: Stringent emission regulations and rising environmental concerns have increased the demand for zero-emission electric vehicles. Solar modules help extend the driving range of EVs and reduce dependency on grid charging.
Introduction of innovative solar panel designs: To boost the on-board charging capability of EVs, solar panel manufacturers are focusing on advanced designs with higher power conversion efficiency and lighter materials. Foldable panels and transparent solar films are some innovations.
Fastest growing region for EV solar modules market
The fastest growing regional market for EV solar modules is expected to be North America between 2024-2031. Factors such as the Inflation Reduction Act with incentives for domestic EV manufacturing, adoption of stricter emission norms, investments by auto giants are directing the transition to electric. Countries like the US and Canada are emerging as hotspots for EV startups and Tesla's dominance will catalyze the accompanying solar industry. Mass production of affordable EVs integrated with solar power can gain widespread popularity here, presenting lucrative opportunities. Rising environmental consciousness and technological advancements will drive the evangelization of solar EVs in the near future.
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