Market Overview:

MarkNtel Advisors has released a new report that highlights the strong growth trajectory of the EV Solar Charging Infrastructure Market, The Global EV Solar Charging Infrastructure Market is projected to grow at a CAGR of around 7.89% during the forecast period, i.e., 2023-28. Various factors are attributed to the growth of the market like growth in automobile production, growing focus on lightweight & sustainable materials, rising demand for luxury & customized interiors, increasing focus on safety standards, and the adoption of Advanced Driver Assistance Systems (ADAS). The report provides valuable insights into the drivers, trends, and challenges shaping the future of the EV Solar Charging Infrastructure Market. It offers an in-depth look at the key players, geographical performance, and the segments leading the charge in market share.

Industry Outlook & Forecasts:

• Forecast Period: 2023-2028
• CAGR (2023-2028): 7.89%

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Global EV Solar Charging Infrastructure Market Segmentation Breakdown:

The EV Solar Charging Infrastructure Market explores the industry by emphasizing the growth parameters and categorizes including geographical segmentation, to offer a comprehensive understanding of the market dynamic.  The further bifurcations are as follows:

• By Components
  • By Hardware- Market Size & Forecast 2020-2030, (USD Million)
    • Solar Panels
    • Energy Storage Systems
    • EV Equipment (Chargers, Charging Controllers, Connectors, etc.)
  • By Software
    • Billing
    • Monitoring
    • Others (Maintenance, Energy Management, etc.)

Of both, the hardware segment is witnessing a substantial increase in demand as hardware related to the solar charging infrastructure such as solar panels, energy storage equipment, etc. being an important part of the whole charging system is experiencing an increase in demand by EV consumers.

• By Type of Vehicles
  • Passenger Electric Vehicles- Market Size & Forecast 2020-2030, (USD Million)
  • Commercial Electric Vehicles- Market Size & Forecast 2020-2030, (USD Million)
• By Charger Type
  • Public EV Charger- Market Size & Forecast 2020-2030, (USD Million)
  • Private EV Charger- Market Size & Forecast 2020-2030, (USD Million)

Among these, public EV chargers are witnessing a steadily growing demand owing to increased government support in many countries toward building resilient EV charging infrastructures.

Geographical Growth Insights:

By Region

• North America
• South America
• Europe
• Middle East & Africa
• Asia-Pacific

Of all countries globally, Asia-Pacific is a rapidly increasing EV Solar Charging Infrastructure Market, owing to the active government support in countries like India, China, etc., toward increasing the adoption of both EVs and solar energy through various initiatives, such as the International Solar Alliance.

MarkNtel Advisors Highlights Key Market Drivers for EV Solar Charging Infrastructure Market:

Sustainable Transition of the Energy Sector- Climate change has necessitated the adoption of sustainable practices among almost all of the carbon emission sectors such as automotive, energy, building & construction, etc. The energy sector being one of the biggest users of fossil fuels has become the prime target of national governments from different regions of the world for reducing their carbon footprints. For instance,

In 2021, according to IEA, the biggest increase in CO2 emissions by sector took place in electricity and heat production, where total emissions by the sector reached nearly 900 Mt. This accounted for around 46% of the global increase in emissions because of the increase in the use of fossil fuels to meet electricity demand growth.

Thus, governments are shifting toward the adoption of renewable energy such as solar, wind, hydro, etc. to facilitate the transition of their energy sectors. EV charging also being one of the users of energy, thus shifting towards the use of solar-powered infrastructure to support decarbonization. Further, increasing the knowledge of consumers about the importance of eco-friendly solutions and their environmental responsibility would continue to support the adoption of solar-based EV infrastructure by global consumers in the upcoming years.

A Comprehensive Analysis of Leading Companies in Global EV Solar Charging Infrastructure Market

• Envision Solar International, Inc.
• SunPower
• SolarEdge Technologies
• Tesla
• ChargePoint
• Paired Power
• iSun
• EmPower Solar
• Sunrun
• Enteligent
• Delta Electronics
• ABB Ltd.
• Schneider Electric
• HES Solar
• EVSE Australia
• Others

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Global EV Solar Charging Infrastructure Market Recent Developments

• In2023, Power discom BSES set up two solar charging stations for EVs at South Extension and Bhikaji Cama Place, India that cater to two, three, & four-wheeled EVs.  The rooftop solar powered EV charging stations use renewable energy to charge EVs during daytime, but at night or on cloudy days, the chargers use grid power like any other charging station.
• In 2022, PairedPowerannounced the launch of PairTree, a transportable solar canopy, designed to provide EV charging services without the dependence on grid connection. This was done as a part of company’s initiative to expand its EV solar charging stations across the US.

Global EV Solar Charging Infrastructure Market Growth Opportunity:

Surging Advancements in Battery Technology- The usage of batteries in off-grid EV solar charging infrastructure for the storage of energy produced by panels of solar arrays is becoming popular as it reduces the dependency on the grid for charging. Battery technology is witnessing continuous advancements to enhance the properties of the overall system. Companies operating in the field of battery technology are involved in continuous research & development to come up with new and better solutions. Thus, improvements in this technology would generate opportunities for the EV solar charging in terms of fast charging time, increased battery capacity, lower cost, etc.

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MarkNtel Advisors is a leading consulting, data analytics, and market research firm that provides an extensive range of strategic reports on diverse industry verticals. We being a qualitative & quantitative research company, strive to deliver data to a substantial & varied client base, including multinational corporations, financial institutions, governments, and individuals, among others.

We have our existence across the market for many years and have conducted multi-industry research across 80+ countries, spreading our reach across numerous regions like America, Asia-Pacific, Europe, the Middle East & Africa, etc., and many countries across the regional scale, namely, the US, India, the Netherlands, Saudi Arabia, the UAE, Brazil, and several others.

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