Market Overview
Solar panels in electric vehicles (EVs) primarily provide power to ancillary systems or a vehicle's battery.
According to MarkNtel Advisors’ research report, “Global Solar Panel for Electric Vehicles and Chargers Market, 2023,” the market is likely to grow at a CAGR of around 35% during 2023-28. It attributes to low prices associated with solar charging and surging research and development activities for developing more advanced electric vehicles. Further, burgeoning concerns regarding environmental pollution also fuel the demand for solar panels in electric vehicle charging. Besides, a solar panel for EVs is considered an energy-efficient source for charging, thereby fueling the growth of the Solar Panel for Electric Vehicles and Chargers Market.
| Report Coverage | Details |
|---|---|
| Study Period | Historical Data: 2018-21 |
| Base Year: 2022 | |
| Forecast Period: 2023-28 | |
| CAGR (2023-2028) | 35% |
| Regions Covered | North America: USA, Canada, Mexico |
| Europe: Germany, UK, France | |
| Asia-Pacific: China, India, Japan, South Korea, Australia | |
| South America: Brazil | |
| Key Companies Profiled | Electrify America, Beam Global, Ovo Energy Ltd., ChargedEv, MyEnergi Ltd., WallBox Chargers, S.L., Empower Solar, Power-Sonic, Hanergy the Film Power, Wiocor Ltd., Lightyear One, Sono Motors GmbH, Vivint Solar, Toyota Motor Corporation, Off-Grid Installer Limited |
| Unit Denominations | USD Million/Billion |
Impact of COVID-19
The sudden outbreak of the COVID-19 pandemic has adversely affected the Global Solar Panel for Electric Vehicles and Chargers Market due to the lockdown imposed and restrictions on cross-border trade, disrupting the supply chain. Further, the temporary shutdown of large-scale manufacturing units and assembly plants throughout the world has negatively affected the production of solar panels.
The imposition of lockdown and stringent restriction rules undertaken by the government negatively influenced the overall growth of the automotive industry. However, as the government has started relaxing norms for resuming business activities, the Global Solar Panel for Electric Vehicles and Chargers Market is very likely to witness substantial growth in the forecast period.
Market Segmentation
Passenger Electric Vehicles Accounted for the Largest Market Share
Based on the Vehicle Type, the market segments into Passenger Electric vehicles, Commercial Electric vehicles, and Electric two-wheelers& three-wheelers. Among these segments, the Passenger Electric vehicles acquired the largest share in the Global Solar Panel for Electric Vehicles and Chargers Market in the past few years.
It owes to changing consumer lifestyles and their burgeoning purchase power, which aids the sales of premium passenger electric cars. Additionally, the efficiency of the solar-powered electric car is very high, thereby fueling the segment growth and driving the overall market, cites MarkNtel Advisors in their research report, “Global Solar Panel for Electric Vehicles and Chargers Market, 2023.”
Level 2 Dominated the Market
Based on Changing Levels, the market bifurcates into Level 1, Level 2, and Level 3. Of these levels, Level 2 captured a significant share in the Global Solar Panel for Electric Vehicles and Chargers Market in the previous few years. The segment growth owes to the surging government focus on public & semi-public charging stations for providing services like overnight charging. In addition to this, rising consumer preference to use Level 2 chargers as private charging stations at their home is another prime factor propelling the segment growth.
Regional Landscape
Asia-Pacific Region Attained the Highest Market Share
Geographically, Asia-Pacific held the largest share in the Global Solar Panel for Electric Vehicles and Chargers Market in the previous few years. It owes to the burgeoning demand for electric vehicles in the emerging countries of the region. Additionally, the mounting purchasing power of the middle-class populace further aids the sales of EVs in Asa-Pacific, which, in turn, fuels the demand for solar panels for charging the vehicle.
Further, the availability of economic labor is beneficial to expand the automobile industry in the region, thereby helping in propelling the growth of the Solar Panel for Electric Vehicles and Chargers Market.
Market Driver
Low Charging Cost Boost the Market Growth
One of the most crucial factors driving the Solar Panel for Electric Vehicles and Chargers Market is the surging prices of petroleum products. Consumers from various emerging countries are adversely affected by the high cost of petrol. Therefore, the demand for a solar-powered electric vehicle is significantly rising across the globe. Additionally, solar panels are the energy-efficient source of charging, thereby positively influencing the market growth.
Competitive Landscape
According to MarkNtel Advisors, the major leading players in the Global Solar Panel for Electric Vehicles and Chargers Market are Electrify America, Beam Global, Ovo Energy Ltd., ChargedEv, MyEnergi Ltd., WallBox Chargers, S.L., Empower Solar, Power-Sonic, Hanergy the Film Power, Wiocor Ltd., Lightyear One, Sono Motors GmbH, Vivint Solar, Toyota Motor Corporation, and Off-Grid Installer Limited.
Key Questions Answered in the Market Research Report:
Market Outlook, Segmentation, and Statistics
Frequently Asked Questions
A. The Solar Panel for Electric Vehicles and Chargers Market is forecast to grow at a CAGR of 35% during 2023-28.
A. Electrify America, Beam Global, Ovo Energy Ltd., ChargedEv, MyEnergi Ltd., WallBox Chargers, S.L., Empower Solar, Power-Sonic, Hanergy the Film Power, Wiocor Ltd., Lightyear One, Sono Motors GmbH, Vivint Solar, Toyota Motor Corporation, and Off-Grid Installer Limited are few of the leading players of the Global Solar Panel for Electric Vehicles and Chargers Market .
A. Passenger electric Vehicle is likely to attain the highest CAGR during the forecast period and maintain their significant market share.
A. Asia Pacific continues to grow at the highest CAGR during 2023-28, thereby presenting immense opportunities to market players of the Solar Panel for Electric Vehicles and Chargers Market.
A. Surging demand for solar-based charging as an alternative to EVs, a cleaner option for fueling EVs, and government incentives for encouraging environment-friendly vehicles are primary factors propelling the market growth.
A. The outbreak of the COVID-19 pandemic adversely affected the Solar Panel for Electric Vehicles and Chargers Market due to the lockdown imposed, restrictions on cross-border trade that disrupted the supply chain, and the temporary shutdown of manufacturing units reducing the production capacity of EVs.
