New York, United States, July 05, 2024 (GLOBE NEWSWIRE) -- The Global EV Solar Modules Market Size is Expected to Grow from USD 440.2 Million in 2023 to USD 2591.6 Million by 2033, at a CAGR of 19.40% during the forecast period 2023-2033.
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The term "electric vehicle (EV) solar modules" refers to the charging of electric vehicles using rooftop solar systems. The electricity generated can be used to charge EV batteries directly, reducing reliance on grid power and boosting sustainable energy practices. EV solar modules are part of a larger trend of integrating renewable energy sources into transportation infrastructure to reduce carbon footprints and increase energy efficiency. The EV solar module can help to minimize both environmental and noise pollution. EVs with solar panels have significant benefits, including decreased charging costs and zero carbon emissions. Several factors are driving the growth of the EV solar module market, including an increasing need for energy-efficient alternatives to fossil fuels due to limited supplies and rising costs, growing environmental awareness, which leads to a demand for cleaner transportation options, and advancements in solar technology, which makes vehicles more durable, flexible, and efficient. Government support for eco-friendly vehicles, such as electric and solar-powered vehicles, fosters the growth of the global EV solar module market. However, challenges include the low efficiency of solar panels on vehicles, design considerations, technology limits, high manufacturing costs, and regulatory barriers. The limited sales of solar-powered vehicles in cold places arise from reduced energy output by solar panels in low temperatures, which also hinders market growth.
Browse key industry insights spread across 240 pages with 110 Market data tables and figures & charts from the report on the "Global EV Solar Modules Market Size, Share, and COVID-19 Impact Analysis, By Solar Panel Type (Monocrystalline and Polycrystalline), By Battery Type (Lithium-Ion, Lead-Acid, and Lead-Carbon), By Application (Passenger Vehicles and Commercial Vehicles), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033."
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The monocrystalline segment is predicted to hold the largest market share through the forecast period.
Based on the solar panel type, the EV solar modules market is classified into monocrystalline and polycrystalline. Among these, the monocrystalline segment is predicted to hold the largest market share through the forecast period. Monocrystalline panels are made from a single silicon crystal, resulting in a homogenous structure that allows more sunlight to be absorbed and turned into power more efficiently. The cleanliness and precision of the crystal lattice allow monocrystalline panels to achieve conversion efficiencies of around 20%, which are several percentage points higher than other varieties.
The lithium-ion segment is anticipated to hold the highest market share during the projected timeframe.
Based on the battery type, the EV solar modules market is divided into lithium-ion, lead-acid, and lead-carbon. Among these, the lithium-ion segment is anticipated to hold the highest market share during the projected timeframe. Lithium-ion batteries have lately acquired popularity in EVs due to their ability to deliver longer range, and they are expected to increase at the fastest rate. Lithium-ion (Li-Ion) batteries are lightweight and have a higher energy density, resulting in a vehicle with greater efficiency and range.
The passenger vehicles segment is anticipated to hold the greatest share of the EV solar modules market during the projected timeframe.
Based on the application, the EV solar modules market is categorized into passenger vehicles and commercial vehicles. Among these, the passenger vehicles segment is anticipated to hold the greatest share of the EV solar modules market during the projected timeframe. Several categories contributed to the expansion of the passenger vehicle segment, including the cost-effectiveness and space efficiency of installing solar modules on smaller roof areas of passenger cars as opposed to bigger commercial vehicles such as lorries and buses. Individual drivers gain from decreased operating costs and improved fuel efficiency, while the immobile nature of parked passenger vehicles maximizes solar energy collecting.
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North America is estimated to hold the largest share of the EV solar modules market over the forecast period.
North America is estimated to hold the largest share of the EV solar modules market over the forecast period. North America is anticipated to lead the EV solar modules market due to its technological innovation, favorable government policies, growing consumer demand for sustainable energy solutions, strong infrastructural development, and the presence of important industry players.
Asia Pacific is predicted to have the highest CAGR growth in the EV solar modules market over the forecast period. Several factors contribute to Asia Pacific's expected high growth in the EV solar modules business, including the rising adoption of electric vehicles (EVs) and solar energy technologies. Countries such as China, Japan, South Korea, and India have ambitious plans to expand electric vehicle infrastructure and encourage renewable energy sources.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major key players in the EV solar modules market include Volkswagen, Canadian Solar, JA Solar, Trina Solar, SunPower, Capsolar, Maxeon Solar Technology, Innolia, LONGI Solar, Jinko Solar, REC Group, Sharp Corporation, Soalrever, and others.
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Market Segment
This study forecasts revenue at global, regional, and country levels from 2023 to 2033. Spherical Insights has segmented the EV solar modules market based on the below-mentioned segments:
Global EV Solar Modules Market, By Solar Panel Type
- Monocrystalline
- Polycrystalline
Global EV Solar Modules Market, By Battery Type
- Lithium-ion
- Lead-Acid
- Lead-Carbon
Global EV Solar Modules Market, By Application
- Passenger Vehicles
- Commercial Vehicles
Global EV Solar Modules Market, By Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of the Middle East & Africa
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