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

EV Solar Modules Market Size and Trends

The EV solar modules market is estimated to be valued at USD 516.6 Mn in 2024 and is expected to reach USD 1,829.8 Mn by 2031, growing at a compound annual growth rate (CAGR) of 19.8% from 2024 to 2031.

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The widespread adoption of electric vehicles along with declining costs of solar modules is driving this high growth in the market. Governments across regions are providing various subsidies and campaigns to promote the usage of clean energy in the transportation sector. The EV solar modules market is witnessing rising demand driven by increasing awareness about environmental protection. Manufacturers are investing heavily in research and development to develop more efficient and lightweight solar modules for electric vehicles. They are also focusing on tie-ups with leading EV makers to provide customized solar solutions. Off-grid and commercial vehicle applications remain key target segments for players in this market.

Growing Awareness about Environmental Protection

One of the key drivers for the growth of the EV solar modules market is the growing awareness about environmental protection and sustainability across the world. There is a rising concern about the effects of vehicle emissions and more people are looking to switch to electric vehicles as a solution to curb pollution. Solar modules provide an effective way to power electric vehicles and reduce their dependency on fossil fuels. As people get more educated on the climate crisis, they are willing to invest in clean technologies like solar EV charging infrastructure. Several governments and organizations are also campaigning to promote sustainable transportation and many countries have announced plans to shift entirely too electric mobility in the coming decades in response to the climate change issues. This emphasizes the need for ubiquitous solar charging solutions for EVs on a large scale. Furthermore, innovations are bringing down the costs of solar modules making solar EV charging more economical compared to traditional grid-based systems. Rising environmental consciousness among public as well as support through regulations is expected to drive the demand for solar integration with EVs going forward.

Another key factor augmenting the solar modules market for EVs is the growing deployment of renewable energy infrastructure globally. With advancements in solar panel technology, solar power is emerging as one of the most viable and cost-effective clean energy sources. Many countries are investing heavily in utility-scale solar parks and rooftop solar installations to meet their renewable targets. This widespread availability of solar power provides an opportunity to set up more distributed solar EV charging stations. It allows electric vehicles to tap into the renewable energy generated on-site for charging purposes. Moreover, new business models are coming up where third-party solar installation and EV charging companies are setting up combined solar-powered EV fuelling facilities. They offer solar charging services to commercial clients, workplace EV fleets and public places. The growing renewable energy industry thus creates conducive environment for integrated solar-EV solutions. It ensures round-the-clock power availability for EVs through battery energy storage systems. All these factors are raising the popularity of solar EV charging infrastructure and propelling growth in the solar modules market for electric vehicles applications.