EV solar modules are a new generation of solar panel technology that is specially designed for electric vehicles. They have flexible form factors that allow seamless integration with curved automobile surfaces like rooftops and hoods. EV solar modules help charge EV batteries directly while the vehicle is parked and also power ancillary features to augment the vehicle's driving range. The growing adoption of electric vehicles worldwide has driven substantial demand for onboard charging solutions like EV solar modules. Government policies and regulations encouraging emissions reduction along with rising environmental awareness among consumers have further boosted the EV solar modules industry.
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.
Key Takeaways
Key players operating in the EV Solar Modules market are Volkswagen, Jinko Solar, Trina
Solar, Canadian Solar, JA Solar, Hanwha Q CELLS, LONGi Solar, REC Group, LG Electronics, SunPower, Capsolar, Innolia, and Maxeon Solar Technologies. The companies have been investing heavily in R&D to develop more efficient and lightweight solar panels customized for electric vehicles.
The growing demand for electric vehicles worldwide is driving substantial growth in the EV Solar Modules Market share as onboard charging solutions like EV solar modules gain popularity. Various studies have indicated that solar panels could add up to 50 additional miles of range per day for EVs depending on weather conditions by directly charging vehicle batteries or powering auxiliary loads.
Leading automakers have also been expanding their EV product portfolio and incorporating renewable energy-based charging solutions to attract more environmentally conscious customers. Additionally, government incentives and regulations in various countries promoting solar energy adoption are encouraging global expansion of the EV solar modules market.
Market Key Trends
One of the key trends in the EV solar modules market is the development of seamlessly integrated solar roof panels. Companies like Volkswagen, Hyundai, and Tesla are working on solar roof designs that combine functional aesthetics with efficient power generation. By replacing traditional static rooftops, integrated solar roofs can deliver more power with minimum added costs and weight. Such innovation is expected to boost EV driving range and support increasing vehicles' battery capacities.
Porter’s Analysis
Threat of new entrants: High capital investment required for manufacturing and technology act as entry barriers.
Bargaining power of buyers: Buyers have medium bargaining power as product offerings are diversified across manufacturers.
Bargaining power of suppliers: Cell and panel manufacturers have medium control over prices as raw material prices are fairly stable.
Threat of new substitutes: Threat is medium as solar energy is gaining popularity but other renewable energy sources also compete for market share.
Competitive rivalry: Intense competition exists among global and local players to gain market share and benefit from significant growth opportunities in the EV market.
Geographical Regions
The EV Solar Modules Market Regions Analysis shows that Asia Pacific currently accounts for the largest share of the global market, both in terms of value and volume. China, Japan, India, South Korea, and Australia are among the key countries driving the demand in this region.
Europe is projected to witness the fastest growth during the forecast period. This can be attributed to supportive government policies and regulations favoring adoption of sustainable energy sources for transportation in countries like Germany, France, UK, Italy, and Netherlands. Initiatives to develop EV charging infrastructure and incentive schemes for purchasing electric vehicles will aid the market expansion.
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About Author:
Alice Mutum is a seasoned senior content editor at Coherent Market Insights, leveraging extensive expertise gained from her previous role as a content writer. With seven years in content development, Alice masterfully employs SEO best practices and cutting-edge digital marketing strategies to craft high-ranking, impactful content. As an editor, she meticulously ensures flawless grammar and punctuation, precise data accuracy, and perfect alignment with audience needs in every research report. Alice's dedication to excellence and her strategic approach to content make her an invaluable asset in the world of market insights.
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