The Global EV Solar Charging Infrastructure Market is poised to record around 7.89% CAGR during 2023-30, cites MarkNtel Advisors in their recent research report. The growth of the market is likely to be driven primarily by the rapidly expanding EV industry, backed by commitments made by major automotive OEMs to increase their sustainability levels, coupled with increased government support toward promoting the EV adoption to reduce carbon emissions.
Consequently, solar-powered charging infrastructure is gaining traction, owing to its sustainable nature and the lower costs involved. Incentives are being provided by governments of various countries to encourage the use of renewable energy sources, such as the Solar Tax Credit, which permits the claim on the installation cost of solar energy systems, are also fostering the development of solar-based EV charging infrastructure.
Many companies operating in the industry are rigorously researching and developing new ways to solve difficulties and enhance user services. Hence, these breakthroughs, coupled with advancements in solar charging and the ever-evolving EV sector, are projected to accelerate the growth of the Global EV solar charging infrastructure market in the coming years.
Hardware Components to Lead the EV Solar Charging Infrastructure Market
The increasing demand for hardware components like energy storage equipment, solar panels, etc. is contributing to market growth. Governments and private organizations are expanding their solar charging infrastructure to support sustainability, which necessitates a robust solar charging network that involves hardware components as cited above. Thus, to reach out to a bigger consumer base, organizations like SolarEdge Technologies, PairedPower, etc. are developing creative solutions & technologies like transportable solar canopies. Hence, many EV owners are being drawn toward adopting solar charging infrastructure as a result of these improvements in the technology, i.e., fueling the growth of the EV solar charging infrastructure market.
Asia-Pacific to Become a Prominent Market for EV Solar Charging Infrastructure
Asia-Pacific is estimated to generate significant demand for EV solar charging stations in the forecast years, owing to the immense support from governments of China, India, and Japan, among others, for the adoption of both EVs & solar energy through various programs, including the International Solar Alliance. Authorities continue to encourage people to switch to electric mobility and are constructing solar-powered EV charging stations to reduce their carbon footprints. Additionally, fast urbanization, the abundant presence of solar power, and increased consumer awareness of EV benefits are also driving the Asia-Pacific EV Solar Charging Infrastructure Market.
With strategic initiatives, such as mergers, collaborations, and acquisitions, the leading market players, including (Envision Solar International, Inc., SunPower, SolarEdge Technologies, Tesla, ChargePoint, Paired Power, iSun, EmPower Solar, Sunrun, Enteligent, Delta Electronics, ABB Ltd., Schneider Electric, HES Solar, and EVSE Australia) are looking forward to strengthening their market position.
Key Questions Answered in the Research Report: