Solar EV Charging Market Overview
The solar EV charging market was valued at $159.6 million in 2021, and is estimated to reach $330.9 million by 2031, growing at a CAGR of 8.1% from 2022 to 2031.
Some of the major players 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., and ChargePoint, Inc.
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Asia-Pacific region held major share in terms of revenue and is anticipated to grow at a CAGR of 8.4% from 2022 to 2031. Future developments in China solar product industry are projected to drive the growth of the solar EV charging market in the country.
Europe holds the CAGR of 8.2% during the forecast period.
Utilization of solar energy for charging electric vehicles is an evolving idea which has taken ground over the past few years.
Solar PV has proven to be an excellent solution for localized electricity generation, even for large-scale applications.
Over the past ten years, researchers have tried to include solar energy for charging stations to ensure energy autonomy and reduced emissions.
A solar panel harnesses the solar radiation and into electrical energy which is used to charge EV batteries with clean energy. Solar energy is one of the cleanest options for fueling the electric cars. The main advantage for solar EV charging to operate for a long time is the extended life span of solar panels.
Improvement in technology is enabling solar EV charging to create new records in terms of power generation and capacity which is boosting the global EV charging market size in future.
Surge in awareness and promotion of using green energy solution are expected to drive the global solar EV charging market growth in anticipated period.
Solar EV charging has several advantages such as energy-saving, durable, affordable, safe and eco-friendly which is expected to fuel the global solar EV charging market share in near future.
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The demand for solar EV charging is already high in the residential sector as solar EV charging lowers the expense on charging EV battery.
As per the solar EV charging market forecast, global trends indicate that both the EV and solar industry has been witnessing an exponential growth over the recent past. The challenges are coming in the way to make EVs as the mainstream for transportation.
In the near future, there will be a solar EV charging market opportunities such as the growing adoption of EVs in developing countries and improvement in the energy storage systems.
For instance, U.S. has approximately 250,000 EVs and about 500,000 solar rooftops, and both industries are still growing exponentially.
On the basis of charging level, the level 2 segment held the market share of more than 60.0% in 2021 in terms of revenue
On the basis of system, the off grid segment held the market share of around 70.0% in 2021 in terms of revenue
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On the basis of application, the private EV charger segment held three-fourths market share in 2021 in terms of revenue.
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