EV Solar Module Market is Expected to Flourish at a CAGR of 19% Owing to Rising Demand for Eco-Friendly Vehicles
The EV solar modules market incorporates solar photovoltaic modules that are mounted on electric vehicles' roofs, bonnets, and other body surfaces to charge the vehicles' batteries while they are parked. EV solar modules use solar energy to directly charge the battery of electric vehicles without any integration with the electric grid. This reduces the vehicle owners' dependency on charging stations and minimizes the load on electricity grids. EV solar modules provide a highly sustainable and eco-friendly solution to partial electric vehicle 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 - 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.
Key opportunities - Growing preferences for renewable energy sources, government initiatives and subsidies for solar-powered electric vehicles, and partnerships between automakers and solar companies present key growth opportunities in the market.
Global expansion - Automakers are strategically focusing on geographical expansion plans and new product launches to cater to the growing demand from emerging markets such as Asia Pacific, Latin America, and Middle East & Africa.
Fastest Growing Regional Market
Europe is witnessing fastest growth for EV solar modules market stimulated by stringent emission norms and rising demand for electric cars integrated with renewable energy sources. Presence of leading automakers focusing on developing solar powered EVs and government incentives are assisting higher adoption in the region.
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