Solar Panel Market for Electric Vehicles and Chargers is expected to reach $1.56 billion by 2029

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. These solar panels act as an additional source of energy in vehicles and charging systems. This report considers electric passenger vehicles, electric commercial vehicles, electric two-wheelers and three-wheelers, and EV charging systems for estimations and forecast. According to a premium market intelligence report by BIS Research, the global solar panel market for electric vehicles and chargers market is expected to reach $1.56 billion by 2029.

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.

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.

The global solar panel market for electric vehicles and chargers analyzed by BIS Research is expected to show decent growth in the coming years. 

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. These solar panels act as an additional source of energy in vehicles and charging systems. This report considers electric passenger vehicles, electric commercial vehicles, electric two-wheelers and three-wheelers, and EV charging systems for estimations and forecast. 

To reduce the load on the electric grid for EV charging systems, off-grid chargers powered by solar energy are utilized. These solar panels are able to help electric charging systems in a hybrid manner or be completely off-grid chargers for charging electric vehicles. In electric vehicles, these types of solar panels are utilized to power either ancillary systems in a vehicle or provide energy to the battery system of the electric vehicles. The research study focuses on putting forward a clear picture of the current consumption and future growth potential of the global solar panel market for electric vehicles and chargers.

Solar-Based Charging as an Alternative Option for Electric Vehicles

One of the main concerns with the implementation of EV is the long time needed for charging battery packs. The reason behind this is the limited maximum charging rate of the charge point from which the supply is provided. The integration of solar with EVs allows a faster charge time due to its ability to combine instantaneous solar production with AC power from the grid at the same time. SolarEdge's Inverter-Integrated EV Charger is one such example that shows a speedier charging rate, about 6x faster than the standard Level 1 EV charger during optimal solar conditions. Solar-Based electric vehicles are considered the best solution to move toward a zero-emission environment. Recently, Magenta Power based in Delhi has set up India's first solar-based charging station for electric vehicles has provided an excellent way to ensure transportation both cost-efficient and emissions-free.

Vehicle-to-grid is a technique that has the potential to change the way of charging. V2G is a technology that enables energy to be pushed back to the power grid from the battery of an electric vehicle. With vehicle-to-grid technology, a vehicle battery can be charged and discharged. It is also known as the smart charging technique. It helps to nullify the factor of climate change by allowing the energy system to balance more and more renewable energy. It also reduces the demand on electricity networks, as well as allowing EV drivers to use greener and cheaper electricity and achieve net-zero.

Key Companies Profiled in the Solar Panel Market for Electric Vehicles and Chargers – A Global and Regional Analysis: 2019-2030 

The key market players in the global solar panel market for electric vehicles and chargers include Electrify America, Beam Global, and Empower Solar, among others.

Key Questions Answered in this Report:

•   How is the solar panel market for electric vehicles and chargers evolving with new technologies and products in the global market?

•   What is the competitive positioning of various market leaders catering to the demand for the global solar panel market for electric vehicles and chargers?

•   Which regions and countries are leading in terms of consumption of solar panels for electric vehicles and chargers, and which among those are expected to witness the highest demand growth from 2020 to 2030?

•   What are the key trends, drivers, restraints, and opportunities for the global solar panel market industry players for electric vehicles and chargers?

•   What are the buyer’s attributes, major challenges, and drivers of the global solar panel market for electric vehicles and chargers in the countries?

•   What are the key development strategies implemented by the key players to sustain in the competitive market? 

•   How does the supply chain function in the global solar panel market for electric vehicles and chargers? 

•   Which application type segment is estimated to witness the maximum demand growth in the global solar panel market for electric vehicles and chargers during 2020-2030? 

•   Which are the key product types which may experience high demand during the forecasted period, 2020-2030? 

•   What are the key offerings of the prominent manufacturers in the global solar panel market for electric vehicles and chargers?

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