EV SOLAR MODULES MARKET SIZE AND SHARE ANALYSIS - GROWTH TRENDS AND FORECASTS (2024-2031)

One of the major challenges currently being faced by the EV solar modules market is the high cost of manufacturing involved. Setting up factories and plants to mass produce solar modules for electric vehicles requires huge capital investments. Additionally, the battery and storage technologies needed to store and use the electricity generated from these modules also adds to the overall cost. This high cost poses a significant challenge to widespread adoption in the initial years as consumers may be reluctant to pay higher prices.

 Market Opportunities: Increasing focus on renewable energy

With increasing focus on renewable energy and a push for cleaner transportation globally, the demand for electric vehicles is expected to rise substantially. As EV sales increase, the need for ancillary industries and products like solar modules will also witness a parallel rise.