As the automotive industry moves toward electrification, it faces a huge challenge of adapting to a market that renders most of its internal combustion engine vehicle products obsolete. The growing environmental concerns have stimulated the global automotive industry's strategic shift toward green/renewable energy sources. Innumerable issues are plaguing the planet, and natural resources (especially fossil fuels) are declining rapidly. This has consequently led the government bodies, environmental agencies, and automobile manufacturers to develop different modes of transport that run on alternate means leading to a cleaner environment. The transportation industry is marching in the right direction. Several industry players are coming forward to combine clean energy such as solar with electric vehicles.

The global solar panel market for electric vehicles and chargers was estimated at $73.4 Million in 2018 and is expected to reach $1,567.8 Million by 2030. The solar panels for electric vehicles and chargers are developed from various types of materials such as monocrystalline PV cells and poly-crystalline PV cells, among others. 

The research study focuses on putting forward a clear picture of the current consumption and future growth potential of different solar-based electric vehicle systems, focusing on the solar-based EV charging systems and solar-based electric vehicles. Numerous leading automotive original equipment manufacturers (OEMs) have partnered with solar panel manufacturers to develop solar technologies in their electric vehicles. As governments across the world are starting to implement plans toward increasing electric vehicle sales and phasing out IC engine vehicles in their countries, the market for solar panels for electric vehicles is also bound to expand.

Level 2 EV Chargers Generate the Highest Demand Amidst the Solar Panel Products for EV Chargers

On the basis of levels of EV chargers, the global solar panel market for electric vehicles and chargers is majorly segmented into three parts – level 1 chargers, level 2 chargers, and level 3 charger. Production and sales of solar panels in level 2 chargers for electric vehicles are anticipated to be higher than that of other type of chargers for electric vehicles, as the number of level 2 chargers are the highest among the charging systems, and more solar panels would be in demand for the manufacturing of the solar EV chargers of EVs. The level 2 segment is expected to lead the market as the installation of electric vehicle chargers are anticipated to increase globally.  

Passenger Vehicles Demand for Solar Panels for Electric Vehicles Expected to be Dominant Over Commercial Vehicles and Two and Three-Wheeler Vehicles

Application for solar panels for electric vehicles are mainly categorized into three types of an EVs − passenger vehicles, commercial vehicles, and electric two-wheelers and three-wheelers. Commercial vehicles considered for this report consists of light electric vehicles, heavy buses, and heavy trucks.

Request A Free Deatiled Sample on Solar Panel Market for Electric Vehicles and Chargers

Production and sales of passenger vehicles is anticipated to be higher than that of commercial vehicles, as more users are rapidly adapting EVs and exchanging their IC engine vehicles for EVs due to its cost efficiency and various government subsidies, among others. Passenger vehicle segment is expected to lead the market as the sales of passenger electric vehicles is anticipated to increase globally.

Monocrystalline Solar Panels Expected to Dominate the Global Solar Panel Market for Electric Vehicles and Chargers 

The prominent types of materials being developed for applications in solar panels in EV are expansion valve, monocrystalline, polycrystalline, and others. Monocrystalline solar panels dominate the market as these types of material are utilized in various applications, such as EV and chargers, as they have higher efficiency, higher lifespan, and high temperature coefficient, among others.

China to Witness Fastest Growth in Global Solar Panel Market for Electric Vehicles and Chargers

The demand for solar panels for electric vehicle and chargers varies according to various geographical regions. Asia-Pacific is currently the largest region in the solar panel for electric vehicles and chargers market. Government regulations, technological advancements, extensive investments for dedicated R&D facilities, and presence of areas with high sunlight are some of the major drivers that are propelling the growth of the market in the region.

Download Our ToC - Click Here!

Competitive Landscape 

To gain market share, major solar panel companies are making various kinds of strategic moves. Some key highlights from our research w.r.t manufacturers of solar panels for EVs and chargers are:

• Electrify America, Beam Global and Empower Solar, amongst others, are some of the leading players globally.
• Hyundai, Lightyear One, and Sono Motors, among others are some of the emerging solar electric vehicle manufacturers.  
• Partnerships, joint ventures, collaborations, and alliances are the most preferred strategy.  
• Apart from product launches, expanding business, and mergers and acquisitions are the other strategies being implemented.
• Most of the players have tie-ups with various electric vehicle charger manufacturers OEMs and Tier 1 suppliers.