Global Solar Panel for Electric Vehicle and Chargers Market Research Report: Forecast (2023-2028)

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.

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:

1. What are the overall market statistics or estimates (Market Overview, Market Size- by Value, Forecast Numbers, Market Segmentation, and Market Shares) of the Global Solar Panel for Electric Vehicles and Chargers Market?
2. What is the region-wise industry size, growth drivers, and challenges?
3. What are the key innovations, opportunities, current & future trends, and regulations in the Global Solar Panel for Electric Vehicles and Chargers Market? 
4. Who are the key competitors, their key strengths & weaknesses, and how they perform in the Global Solar Panel for Electric Vehicles and Chargers Market based on a competitive benchmarking matrix?
5. What are the key results derived from the market surveys conducted during the Global Solar Panel for Electric Vehicles and Chargers Market study?   

Market Outlook, Segmentation, and Statistics 

• Impact of COVID-19 on Global Solar Panel for Electric Vehicles and Chargers Market
• Market Size & Analysis
  • By Revenue
• Market Share & Analysis
  • By Vehicle Type      
    • Passenger Electric vehicles
    • Commercial Electric vehicles
    • Electric two-wheelers and three-wheelers
  • By Material
    • Monocrystalline PV cells
    • Polycrystalline PV cells
    • Others (Thin film cells)
  • By Charger Type
    • Private EV chargers
    • Public EV chargers
  • By Changing Levels
    • Level 1
    • Level 2
    • Level 3
  • By Installation Type
    • Solar Roof
    • Solar Windows
  • By Number of Cells
    • Less than 60
    • 60-96 Cells
    • Above 96 Cells
  • By Region
    • North America
    • South America
    • Europe
    • Middle East & Africa
    • Asia-Pacific
  • By Competitors
    • Competition Characteristics
    • Market Share & Analysis
    • Competitive Metrix
• Global Solar Panel for Electric Vehicles and Chargers Market Hotspots & Opportunities
• Global Solar Panel for Electric Vehicles and Chargers Market Regulations & Policy
• Key Strategic Imperatives for Success and Growth
• Global Competition Outlook
  • Competition Matrix
  • Company Profile