Global Solar EV Module Market Value of $2,591.6

New York, United States, July 05, 2024 (GLOBE NEWSWIRE) — The global electric vehicle solar module market is expected to grow from USD 440.2 million in 2023 to USD 2,591.6 million in 2033, at a compound annual growth rate (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 generated electricity can be used to directly charge EV batteries, reducing dependence on grid power and promoting sustainable energy practices. EV solar modules are part of a broader trend of integrating renewable energy sources with transportation infrastructure to reduce carbon footprint and increase energy efficiency. EV solar module can help minimize environmental pollution and noise. Electric vehicles with solar panels have significant benefits, including lower charging costs and zero carbon dioxide emissions. Several factors are driving the growth of the EV solar module market, including the increasing demand for energy-efficient alternatives to fossil fuels due to limited supplies and rising costs, growing environmental awareness leading to demand for cleaner transportation options, and advancements in solar technology making vehicles more durable, flexible, and efficient. Government support for eco-friendly vehicles such as electric and solar-powered vehicles is supporting the growth of the global EV solar module market. However, challenges include low efficiency of solar panels in vehicles, design considerations, technological limitations, high production costs, and regulatory barriers. Limited sales of solar-powered vehicles in cold places is due to reduced energy production by solar panels at low temperatures, which also hinders market growth.

Browse key industry insights across 240 pages of 110 tables and charts of market data from the report:Global EV Solar Module Market Analysis of the size, share and impact of COVID-19 by solar panel type (monocrystalline and polycrystalline), battery type (lithium-ion, lead-acid and lead-carbon), application (passenger cars and commercial vehicles) and region (North America, Europe, Asia Pacific, Latin America, Middle East and Africa), analysis and forecast for 2023-2033.

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Monocrystalline This segment is expected to hold the largest market share throughout the forecast period.

Based on the type of solar panel, the EV solar module market is classified into monocrystalline and polycrystalline. Of these, the monocrystalline segment is expected to hold the largest market share during the forecast period. Monocrystalline panels are made of a single crystal of silicon, resulting in a uniform structure that allows for the absorption of more sunlight and more efficient conversion of it into energy. The purity and precision of the crystal lattice allow monocrystalline panels to achieve a conversion efficiency of around 20%, which is several percentage points higher than other varieties.

The lithium-ion segment is expected to hold the largest market share during the forecast period.

Based on battery type, the EV solar module market is segmented into lithium-ion, lead-acid, and lead-carbon. Out of these, the lithium-ion segment is expected to hold the largest market share during the forecast period. Lithium-ion batteries have recently gained popularity in electric vehicles due to their ability to provide longer range and are expected to grow at the fastest rate. Lithium-ion (Li-Ion) batteries are lightweight and have higher energy density, resulting in a vehicle with higher efficiency and range.

Passenger cars This segment is expected to hold the largest share in the electric vehicle photovoltaic module market over the forecast period.

Based on application, the EV solar module market is classified into passenger vehicles and commercial vehicles. Out of these, the passenger vehicle segment is expected to hold the largest share of the EV solar module market during the forecast period. Several categories have 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 larger commercial vehicles such as trucks and buses. Individual drivers benefit from reduced operating costs and increased fuel efficiency, while the stationary nature of parked passenger vehicles maximizes solar energy collection.

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It is estimated that North America will have the largest share in the solar module market for electric vehicles during the forecast period..

North America is expected to hold the largest share of the solar EV module market during the forecast period. North America is expected to lead the solar EV module market due to technological innovation, favorable government policies, growing consumer demand for sustainable energy solutions, strong infrastructure development, and the presence of important industry players.

Asia Pacific is expected to witness the highest CAGR growth in the solar EV module market during the forecast period. Several factors are contributing to the expected high growth in Asia Pacific for the solar EV module industry, including the growing adoption of electric vehicles (EVs) and solar energy technologies. Countries such as China, Japan, South Korea, and India have ambitious plans to expand EV infrastructure and promote renewable energy sources.

Competition analysis:

The report offers a proper analysis of the key organizations/companies involved in the global market along with comparative assessment primarily based on their product offerings, business overview, geographical presence, company strategies, segment market share, and SWOT analysis. The report also includes a detailed analysis focusing on the current news and events of the companies including product developments, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This helps in assessing the overall competition in the market. The 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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Segment of the market

This study projects revenues at the global, regional, and country levels from 2023 to 2033. Spherical Insights segments the EV PV module market based on the following segments:

Global EV Solar Module Market by Solar Panel Type

• Monocrystalline
• Polycrystalline

Global EV Solar Module Market by Battery Type

• Lithium-ion
• Lead-acid
• Lead-carbon

Global EV Solar Module Market by Application

• Passenger cars
• Advertising vehicles

Global EV Solar Module Market by Regional Analysis

• North America
• Europe
  • Germany
  • Great Britain
  • France
  • Italy
  • Spain
  • Russia
  • Rest of Europe
• Asia and Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Rest of Asia Pacific
• South America
  • Brazil
  • Argentina
  • Rest of South America
• Middle East and Africa
  • UAE
  • Saudi Arabia
  • runny nose
  • South Africa
  • Rest of Middle East and Africa

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