EV Solar Modules Market Size, Growth, Report By 2030

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Table of Content

The global EV solar modules market from 2022 to 2030, provides a comprehensive overview of the industry, market segmentation based on a variety of criteria, and the current vendor landscape.

A solar cell assembly forms the solar module, which is a component of solar vehicles. A waterproof container contains solar cells that are linked and sealed. By using the photovoltaic effect, solar cells transform solar energy into electric energy. The energy generated by solar cells is stored in batteries in the form of direct current. Since solar energy is environmentally beneficial and renewable, its use will increase in the next years.

Regional Snapshots:

The biggest market share was held by the Asia-Pacific in the ev solar modules market during the forecast period.  The majority of automobile sales, including those of electric vehicles, are in Asia Pacific. Because of nations like China and Japan, the APAC region is expected to see an increase in the installation of electric vehicle charging stations. The implementation of regulations to minimize greenhouse gas emissions by India and South Korea will hasten the emergence of electric vehicles and, as a result, boost sales of solar modules.

The government is also taking action by lowering taxes on this kind of vehicle and providing tax relief to manufacturing companies that work in the renewable energy industry in an effort to boost the expansion of the use of this kind of energy. Solar panels lessen power loss that happens when electricity is transferred from the grid to the car, which lessens the reliance of an electric vehicle on the electric grid. Due to this, the section for the Asia Pacific region predicted important markets for solar modules for electric vehicles.

EV Solar Modules Market Report Scope:

Report Highlights:

• According to solar panel type, the monocrystalline category will hold a bigger market share over the next few years, and the quantity of money made from using this product will increase significantly in the following year. Demand and preference for monocrystalline solar panels are anticipated to increase due to their high efficiency and high silicon purity. This market's growth is anticipated to be aided by monocrystalline solar panels' capacity to resist higher temperatures than polycrystalline solar panels. Another reason influencing the rise in the use of monocrystalline solar panels in solar-powered vehicles is their high power output and longer lifespan.
• On the basis of battery type, the lithium-ion segment has the biggest market share in the ev solar modules market during the forecast period. As manufacturers of sophisticated solar vehicles increasingly use lithium-ion batteries in their manufacturing processes, the lithium-ion sector accounted for the greatest revenue share in the global market for solar vehicles in 2021. Lithium-ion batteries are preferred and used in solar-powered cars because to its high energy density, outstanding high-temperature performance, excellent specific energy (140Wh/kg), and low self-discharge rate. Rising R&D efforts for the creation and manufacturing of more affordable lithium-ion batteries are anticipated to support market expansions overall.
• On the basis of end user, the passenger vehicles segment has the biggest market share in the ev solar modules market during the forecast period. This is ascribed to the population's increased use of passenger automobiles as a result of rising disposable income, growing environmental awareness, shifting demographics, and rising desire for environmentally friendly personal commuting options. Additionally, the segment is expanding as electric powered passenger cars become more and more popular around the world. Due to the growing public knowledge of the advantages of using renewable sources of energy as vehicle fuel, the passenger sector will continue to dominate during the projected period.

Market Dynamics:

Drivers:

The global market for solar vehicles is expanding as a result of technological developments and the increasing acceptance of cutting-edge technology in the automotive sector. The adoption of solar vehicles across all worldwide markets is a result of the increased reliance on biofuels and the rising air pollution due to carbon emissions. The automotive industry is very large, and the widespread use of vehicles by the public has raised worries about the depletion of non-renewable energy sources. Therefore, a key factor driving the global market for solar vehicles is the growing need to switch to renewable sources of energy and fuel.

The development of the solar vehicle market has been aided by government programs to reduce carbon footprint and increased investments in the study and development of renewable and eco-friendly energy sources. The global market for solar vehicles is anticipated to expand as a result of the rapid increase in popularity of solar or electric vehicles among consumers around the world.

The adoption of solar vehicles has increased as a result of the expanding popularity of self-charging vehicles. One significant aspect that boosts market demand is the increased need for emission-free vehicles. Most commonly used goods and services become more expensive as a result of inflation brought on by rising gasoline prices. The demand for solar vehicles is increasing as a result of the growing need for affordable, sustainable fuel sources.

Additionally, the growth of commercial and passenger solar vehicles has been facilitated by the development of fuel-efficient automobiles. The development of alternative fuel vehicles like public buses and other public transit vehicles is receiving increased government funding, which is accelerating the rise of solar vehicles. The strict government laws governing car emissions are having a favorable market impact and are anticipated to accelerate the adoption of solar vehicles throughout the world.

Restraints:

Purchasing solar-powered vehicles is expensive. Its adoption is therefore restricted to low- and middle-income nations. Due to their high cost and lack of affordability, customers in low- and middle-income nations, and particularly middle-class consumers, are predicted to oppose the adoption of expensive solar vehicles.

Opportunities:

Due to the existence of multiple significant market competitors, the solar module electrical vehicle market is fragmented. In the upcoming years, it is anticipated that their different development methods, including the introduction of new products, acquisitions, and joint ventures, will considerably fuel market expansion.

Challenges:

Future market growth may be hampered by design issues such as the requirement for a sizable solar panel surface area on the roof, poor design practicality such as the lack of safety features, and limited energy storage capacity.

Recent Developments:

• In May 2021- In order to assess the technical and financial viability of incorporating Sono Solar technology into MAN's eTGE electric transporter, Sono Motors and MAN Trucks collaborated. With the use of solar energy, SONO Motors has created the solar-powered electric vehicle "Sion," which can add 150 miles to its weekly range. Sono Motors has centered its entire business around clean mobility, affordability, and sustainability in addition to SEVs.

Major Key Players:

• Volkswagen
• Toyota
• GM
• Sono Motors
• Cruise Car
• Ford
• Mahindra
• Nissan
• Hanergy
• Solar Electric Vehicle Company

Market Segmentation:

By Solar Panel Type

• Monocrystalline
• Polycrystalline

By Battery Type

• Lithium-ion
• Lead-Acid
• Lead carbon

By End User

• Passenger Vehicles
• Commercial Vehicles

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