by The EV Solar Modules Market refers to the integrated solar photovoltaic (PV) panels and systems installed on electric vehicles to generate additional electric power for propulsion or other purposes while the vehicle is stationary or in motion. EV solar modules serve as an auxiliary power unit and facilitate increased driving range without being plugged into an external power source. The modules are lightweight and flexible, making them suitable for integration into multiple vehicle surfaces including rooftops, hoods, and other body parts.
The Global EV Solar Modules Market is estimated to be valued at US$ 516.6 Mn in 2024 and is expected to exhibit a CAGR of 19% over the forecast period from 2024 To 2031.
Increased concerns regarding greenhouse gas emissions and rising fuel costs have driven the demand for electric vehicles in recent years. Solar modules help extend the driving range of EVs and reduce reliance on public charging infrastructure. The modules are maintenance-free and produce zero emissions, providing sustainable transport solutions. The rising adoption of solar-powered electric buses and vehicles is a major factor expected to drive the growth of the EV solar modules market.
Key Takeaways
Key players: Key players operating in the EV Solar Modules market include Volkswagen, Jinko Solar, Trina Solar, Canadian Solar, JA Solar, Hanwha Q CELLS, LONGi Solar, REC Group, LG Electronics, SunPower, Capsolar, Innolia, and Maxeon Solar Technologies.
Growing demand: Factors such as decreasing solar photovoltaic prices, rising demand for emission-free electric vehicles, growing adoption of clean technologies, and supportive government incentives and policies are fueling demand for EV Solar Modules Market Size across major markets.
Global expansion: Leading manufacturers are expanding their global footprint to leverage opportunities in emerging EV markets such as China, Europe, and Asia Pacific. Partnerships with automakers and fleet operators are helping drive penetration.
Market Key Trends
One of the key trends gaining momentum in the EV Solar Modules Market Size And Trends is the rise of bidirectional charging technologies that allow electric vehicles to supply power back to the electrical grid. This facilitates Vehicle-to-Grid (V2G) integration and supports the expansion of renewable energy use. Companies are innovating with high-efficiency flexible solar panels and lightweight construction methods to maximize energy harvesting from rooftop, hood, and other integrated surfaces. Furthermore, ongoing R&D in high-capacity lithium-ion batteries and battery management systems will allow EVs to store increasingly more energy from solar, enhancing the benefits and driving broader adoption of solar-powered electric mobility solutions.
Porter’s Analysis
Threat of new entrants: high barrier to entry in the solar module production market. Involves huge capital investment.
Bargaining power of buyers: Growing demand for renewable energy reduces buyer’s bargaining power to some extent. However, presence of many solar module manufacturers allows buyers to negotiate on price.
Bargaining power of suppliers: Suppliers of solar raw materials like polysilicon enjoy some bargaining power due to consolidation in the supply base and limited alternatives.
Threat of new substitutes: Threat from other renewable energy sources as well as non-renewable energy sources that can disrupt solar energy market.
Competitive rivalry: Intense competition among major players to gain market share by improving technology and reducing production costs.
Geographical Regions
The Asia Pacific region currently dominates the global EV solar modules market in terms of value, accounting for more than 35% market share. China, Japan, and India have emerged as major markets due to the conducive government policies and investment in renewable energy development.
Europe is projected to witness the fastest growth during the forecast period, with countries like Germany, UK and Netherlands installing more solar rooftop systems in electric vehicles and charging infrastructure. Rising environmental concerns and push for sustainable transportation are driving the adoption of solar energy in EV charging applications.
*Note:
1. Source: Coherent Market Insights, Public Source, Desk Research
2. We have leveraged AI tools to mine information and compile it
About Author - Money Singh
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc. LinkedIn Profile
