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A53650 | Pages: 305 | Charts: 46 | Tables: 128 |
The global solar EV charging market was valued at $159.6 million in 2021, and is projected to reach $330.9 million by 2031, growing at a CAGR of 8.1% from 2022 to 2031.
Solar EV charging includes the solar panel which converts the solar energy into power which is further used to charge the EV batteries. The four main components of the electric vehicle supply equipment (EVSE) market include hardware, software, installers, and charge point operators (CPOs). As per solar EV charging analysis, CPOs (which build, operate, and maintain EV charging stations) is estimated to hold more penetration value in the market. Solar EV charging is affordable, attractive, and a low-maintenance solution for private and public applications.
The report includes the study of the solar EV charging market with respect to the growth prospects and restraints based on the regional analysis. The solar EV charging market analysis includes Porter’s five forces analysis of solar EV charging industry to determine the impact of suppliers, competitors, new entrants, substitutes, and buyers on the market growth. In addition, solar EV charging helps in reducing the dependency of fossil fuels and lower the carbon footprints in environment which is expected to drive the global solar EV charging market growth in the coming years.
Energy independence, easy installation, reliability, and waterproofing elements are some factors driving the solar EV charging market size during the forecast period. Solar EV charging can meet unique performance parameters by automotive industry such as temperature maintenance, fast charging, clean energy, power storage and distribution and unique features like wireless charging which helps boost the solar EV charging market share in automotive charging stations.
Solar EV charging has a bright future as solar EV charging solution will help in creating a cleaner and more sustainable world. Solar EV charging infrastructure is projected to become widespread and convenient as more consumers adopt EVs. This is anticipated to easily transit to clean and sustainable transportation.
The gradually growing requirement of energy for running EVs and the limited resource of traditional energy sources are challenging for both developed and developing countries. Solar energy is a clean, cost-effective, and environment-friendly solution to provide households with access to lighting and charging of EVs. There is an increase in the awareness related to clean energy in the developing nations. This is projected to boost the global solar EV charging market trends in near future. A wide variety of off-grid solar EV charging, ranging from large installations powering to small (two wheelers) EVs are gaining popularity in low- and middle-income countries. There will be a solar EV charging market opportunities in the coming year such as prices for various types of solar panels have dropped over the previous six years and are predicted to fall even more.
The widespread adoption of EV is mainly dependent on the availability of a dependable and convenient charging infrastructure in the country. Solar EV charging stations must be widely available, accessible, and reliable for EVs owner of the EVs to feel confident to charge vehicles on the go. In addition, charging stations must be compatible with a variety of EV models, to lessen the strain on EV owners and enable them to utilize EVs as their principal means of transportation. This helps boost the growth of the solar EV charging market.
As per solar EV charging market forecast, there is an increase in the inclination toward the EVs in all the regions, which increases the demand for EV charging points. The accelerated expansion of the charging infrastructure will be required to serve the needs of a new generation of EV owners. There is an increase in the demand for solar EV fasting charging solutions in the market. Charging an EV using rooftop solar can be relatively easy, which increases the demand for private solar EV charging in the market. Private solar EV charging is dependent on several variables, which include solar system size and energy storage capability. Large solar systems are required to charge EVs with solar.
Governments and private organizations must collaborate to invest in research and development and provide incentives for the deployment of clean energy and charging systems to support solar EV charging market growth infrastructure. Government is investing in the public solar EV charging to lower the impact of carbon emission in the environment. Numerous state and municipal governments are either investing directly in or subsidizing solar EV charging infrastructure development within their jurisdictions. New schemes help high authorities to offsetting the installation cost of public solar EV charging on roadside and in parking lot.
Solar EV charging is sourced by clean energy and helps reduce the detrimental effect of EV charging on the electrical grid. Installing solar EV charging systems in public and private spaces has become profitable. Solar EV charging is also cost-effective in nature, as there is no associated electrical power bill with this type of charging. Installing solar EV charging ends up being cheaper than purchasing power from the grid, in the U.S. Decline in solar PV prices over the past few years as well as substantial policy measures by the government help boost the growth of the solar EV charging market.
The infrastructure for fossil fuel can be created and scaled up in a much easier way as compared to solar EV charging. Solar EV charging infrastructure takes more time and space and is unable to function as a standalone unit. Solar EV charging has predetermined energy capacity and is connected to another source of power. There is a rise in demand for EVs, and private solar EV charging stations are struggling to keep up with the power demand. More solar panels are required to convert a big amount of solar energy into electricity. Solar panels are mounted on top of the public solar EV charging station for power conversion. Batteries are positioned near to public solar EV charging unit, which requires space and safety. Moreover, solar EV charging has a problem with spacing, which restrains the global solar EV charging market expansion.
Solar EV charging uses decomposable or green batteries which are lightweight and compact in size owing to technological development in the batteries. The EVs charging pins of the EVs have undergone technological upgrades which enable faster and longer-lasting battery charging. Automotive industry is investing in solar energy harvesting which can be stored in batteries with minimal loss which is projected to open new market opportunities for solar EV charging.
The need for solar EV charging has increased due to developments in the global EV automotive industry. There has been a surge in the investigation of new renewable energy sources over the past five years, despite the pandemic period. The report further outlines the details about the revenue generated through the sale of solar EV charging across North America, Europe, Asia-Pacific, and LAMEA. Major players operating in the solar EV charging market include iSun, Inc., Bharat Heavy Electricals Limited, Zhejiang Benyi New Energy Co., Ltd. , PowerFlex, EmPower Solar, HES Solar., Paired Power, KEBA, Brightfield Transportation Solutions., ChargePoint, Inc.
The solar EV charging market is segmented into application, charging level, and system.
[CHARGINGLEVELGRAPH]
By charging level, the market is classified into Level 1, Level 2, and Level 3 (DC fast charging). In 2021, the level 2 segment dominated the global solar EV charging market as level 2 is safe and can reduce the charging time. However, there is an increase in the CAGR of the level 3 (DC fast charging) segment at a higher rate as EVs the owners of EVs are inclined toward faster charging solution which can charge the EVs battery for longer duration.
[SYSTEMGRAPH]
By system, the market is classified into on-grid and off-grid. In 2021, the off-grid segment dominated the global solar EV charging market as off-grid systems can expand the power generation capacity which helps in fulfilling the energy needs over the time. The off-grid system is 100% self-sustaining and not connected in any way to local grid’s power system or utility which drives its demand in the market.
[APPLICATIONGRAPH]
By application, the market is classified into public EV charger and private EV charger. In 2021, the private EV charger segment dominated the global solar EV charging market as the private sector has more solar panels which can generate the power and charge the EVs at a lower rate. There is an increase in the CAGR of the public EV charger segment with rise in investment in roadside standalone solar charging. This, in turn, drives the demand for public EV charger in the market.
[REGIONGRAPH]
By region, the market is studied across North America, Europe, Asia-Pacific, and LAMEA. In 2021, Asia-Pacific dominated the solar EV charging market owing to increased production of solar panel products and higher adoption of EVs in the developing countries. In China, India, and Japan, large companies have already entered the production of EVs and are also expanding the production capacity. This is expected to be one of the key factors that drives the growth of the market during the forecast period.
The conflict between Russia and Ukraine has a significant impact on the energy sector. Russia's invasion of Ukraine has created shock waves in global energy markets, leading to price volatility, supply shortages, and security issues. War has led to a rise in the price of producing batteries and solar panel products as well as serious supply chain issues. War can significantly decrease the renewable energy transition in Europe. The Russia-Ukraine war has a major impact on the global solar EV charging industry.
The booming world economy has caused exponential population growth and high energy demand which is becoming difficult to fulfil. Some of the non-renewable sources are depleting which are used to produce power. Solar EV charging reduces the dependence on the fossil fuels and gases. The EV charging sector is shifting toward green energy sources for power production. Several companies are investing in business expansion, production capacity, and agreement in the solar EV charging market. For Example,
Key Market Segments
Key Market Players