Global EV Solar Modules Market Size By Solar Panel Type (Monocrystalline, Polycrystalline), By Application (Passenger Vehicles, Commercial Vehicles), By Geographic Scope And Forecast

EV Solar Modules Market Size And Forecast

EV Solar Modules Market size is growing at a moderate pace with substantial growth rates over the last few years and is estimated that the market will grow significantly in the forecasted period i.e. 2023 to 2030.

The increasing production of electric vehicles across the globe is one of the key factors that is driving the growth of the market. Furthermore, increasing environmental awareness is also some of the key factors that are significantly contributed to the growth of the market. The Global EV Solar Modules Market report provides a holistic evaluation of the market. The report offers a comprehensive analysis of key segments, trends, drivers, restraints, competitive landscape, and factors that are playing a substantial role in the market.

Global EV Solar Modules Market Definition

The electric vehicles (EV) Solar Modules refer to the charging the electric vehicles using their own rooftop solar systems. The EV solar module is a system of various individual solar or photovoltaic cells joined together in waterproof packaging. The EV solar module is one of the cost-effective ways to charge the electric car. The solar modules are generally mounted on the roof of the vehicle during the daytime. The photovoltaic cells of the EV solar modules convert solar energy into electricity.

The solar-powered electric vehicles can store solar energy in batteries to allow them to run at night or in the absence of direct sunlight. The EV solar module can help to reduce environmental pollution as well as noise pollution. There are two main benefits to pairing that EV with solar modules including lower charging costs and zero carbon emissions. The components utilized in the making of PVC (Photovoltaic Cells) are usually Silicon, compounds of Nitrogen, Indium, and Gallium. All of these components can hold the sunlight and then converts it into electricity.

Global EV Solar Modules Market Overview

With the increased interest in renewable and sustainable energy systems, the demand for EV solar modules have been increased across the globe. Increasing fuel consumption and limited fossil fuel reserves have resulted in a gradual shift towards renewable and sustainable energy systems. Therefore, the EV solar module is one of the promising technologies which can save electricity to charge the vehicle.

Over the past few years, various governments across the globe are mainly focusing on the utilization of renewable and sustainable energy forms of energy. Solar energy has risen as an economical and viable form of sustainable energy that holds the potential for replacing the traditional source of energy.

With the increased demand for the EV powered by solar modules, many automobile companies are working towards making solar-powered electric vehicles. German company Sono Motors, Dutch company Lightyear, and U.S.-based Aptera Motors are all producing electric vehicles with integrated solar panels. However, challenges in the design of EV solar modules including the big surface area could hinder the growth of the market over the forecast period. In addition to this, less awareness about EV solar modules and the high initial cost associated with EV solar modules could also hamper the growth of the market in the upcoming years.

Market Attractiveness

The image of market attractiveness provided would further help to get information about the region that is majorly leading in the global EV Solar Modules Market. We cover the major impacting factors that are responsible for driving the industry growth in the given region.

Porter’s Five Forces

The image provided would further help to get information about Porter’s five forces framework providing a blueprint for understanding the behavior of competitors and a player’s strategic positioning in the respective industry. The porter’s five forces model can be used to assess the competitive landscape in the global EV Solar Modules Market, gauge the attractiveness of a certain sector, and assess investment possibilities.

Global EV Solar Modules MarketSegmentation Analysis

The Global EV Solar Modules Market is segmented on the basis of Solar Panel Type, Application, and Geography.

EV Solar Modules Market, By Solar Panel Type

• Monocrystalline
• Polycrystalline

Based on Solar Panel Type, the market is segmented into Monocrystalline and Polycrystalline. Monocrystalline solar panel type held the major market share in the global EV Solar Modules Market in 2021. Monocrystalline solar panel types are more efficient than the Polycrystalline solar panel type, as they are cut from single-source silicon. The polycrystalline solar panel type is blended from multiple sources of silicon and therefore slightly more inefficient than the monocrystalline solar panel type.

EV Solar Modules Market, By Application

• Passenger Vehicles
• Commercial Vehicles

Based on Application, the market is segmented into Passenger Vehicles and Commercial Vehicles. The passenger vehicle segment held the largest market share in the year 2021. The rising adoption of EV solar modules in passenger vehicles across the globe is a primary factor that is driving the demand for EV Solar Modules. Furthermore, increasing production of EV passenger vehicles worldwide further propels the market’s growth. The commercial vehicles segment is anticipated to grow at the highest CAGR over the forecast period.

EV Solar Modules Market, By Geography

• North America
• Europe
• Asia Pacific
• Rest of the world

On the basis of Regional Analysis, the Global EV Solar Modules Market is classified into North America, Europe, Asia Pacific, and the Rest of the world. The Europe region accounted for the major market share in the global EV Solar Modules Market. This is mainly due to the high penetration of electric vehicles in the region. According to the IEA report, the highest market share for new electric car sales in 2021 in Europe is Norway (86%), Iceland (72%), Sweden (43%), and the Netherlands (30%), followed by France (19%), Italy (9%) and Spain (8%).

Furthermore, rising government favorable policies and initiatives for the adoption of solar modules for the EV are also driving the growth of the market in Europe. The Asia Pacific region is anticipated to grow at the highest CAGR over the forecast period. China, India, Japan, and South Korea are some of the major countries for the growth of the EV Solar Modules Market. China is by far the leader in terms of the production and sales of electric vehicles in the region. Rising favorable government regulation for electric vehicles in India is boosting the market’s growth in the region.

Key Players

The “Global EV Solar Modules Market” study report will provide valuable insight with an emphasis on the global market. The major players in the market are Capsolar, Innolia, Maxeon Solar Technologies Ltd., SPI Energy Co., Ltd., Solarever, and Sharp Corporation.

Our market analysis also entails a section solely dedicated to such major players wherein our analysts provide an insight into the financial statements of all the major players, along with product benchmarking and SWOT analysis. The competitive landscape section also includes key development strategies, market share, and market ranking analysis of the above-mentioned players globally.

Key Developments

• In July 2022, Capsolar, a Canadian startup, announced the development of flexible solar modules “CAPSolar’s SM–550 solar module”, which can be adapted to any type of low-speed electric vehicle with no extra modification and custom work. The module weighs in at 30 kg. and has a size of 2,100 mm x 1,320 mm x 25 mm, with a power conversion efficiency of 21.3%.
• In October 2022, Aptera Motors Corp, U.S. based solar electric vehicle (EV) start-up selected Singapore-based solar cell and panel maker Maxeon Solar Technologies Ltd to be the cell supplier for its solar production program.

Ace Matrix Analysis

The Ace Matrix provided in the report would help to understand how the major key players involved in this industry are performing as we provide a ranking for these companies based on various factors such as service features & innovations, scalability, innovation of services, industry coverage, industry reach, and growth roadmap. Based on these factors, we rank the companies into four categories as Active, Cutting Edge, Emerging, and Innovators.

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Reasons to Purchase this Report

We'll dive deep, looking at the market from all angles – not just the money side, but also things like customer behavior. You'll get clear numbers (in USD Billion) for every part of the market, big and small. We'll point out which areas and regions are set to explode in growth and which are already leading the pack. We'll break down how each region uses the product/service and what's influencing the market there. See how the big players stack up against each other in the competitive landscape, including their latest moves like new product launches, partnerships, and acquisitions over the last five years. Plus, you’ll get detailed company profiles with overviews, insights, product comparisons, and even SWOT analyses. We'll give you a clear picture of where the industry is now and where it's headed, considering all the latest trends, opportunities, and hurdles in both new and established markets. Expect a thorough analysis using Porter's five forces to understand the market's underlying power dynamics. We'll also walk you through the Value Chain and explore the market dynamics, highlighting growth opportunities for the future. And to top it off, you'll receive 6 months of analyst support after the purchase to help you navigate the data.

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