Global EV solar modules market projected to grow significantly, dominated by monocrystalline panels and lithium-ion segment

From GlobeNewswire: 2024-07-05 10:00:00

The Global EV Solar Modules Market Size is expected to grow from USD 440.2 million in 2023 to USD 2591.6 million by 2033, with a CAGR of 19.40% during the forecast period. EV solar modules charge electric vehicles using rooftop solar systems, reducing grid reliance and promoting sustainability.

Monocrystalline panels, known for their high efficiency, are projected to dominate the EV solar modules market. With a conversion efficiency of around 20%, monocrystalline panels outperform other varieties in solar power generation.

The lithium-ion segment is expected to lead the EV solar modules market due to its ability to provide longer range and higher energy density, resulting in efficient and long-lasting vehicles. Passenger vehicles are set to hold the largest market share, offering cost-effectiveness and space efficiency for solar module installation.

North America is predicted to dominate the EV solar modules market due to technological innovation, favorable government policies, and growing consumer demand for sustainable energy solutions. Meanwhile, Asia Pacific is expected to see the highest CAGR growth, driven by increased adoption of electric vehicles and solar energy technologies.

Major players in the EV solar modules market include Volkswagen, Canadian Solar, JA Solar, and Trina Solar. The market is segmented by solar panel type, battery type, application (passenger and commercial vehicles), and region to provide detailed insights and forecasts through 2033.



Read more at GlobeNewswire: Global EV Solar Modules Market Size To Worth USD 2591.6