Solar EV Charging Market to Reach $330.9 Million, Globally, by 2031 at 8.1% CAGR: Allied Market Research

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Mar 10, 2023, 10:30 ET

Inclination toward eco-friendly, cost effective and energy-efficient EV charging solution, advantages of solar EV charging, such as energy independence, easy installation, reliability, durability, affordability, and safety drive the global solar EV charging market.

PORTLAND, Ore., March 10, 2023 /PRNewswire/ -- Allied Market Research published a report, titled, "Solar EV Charging Market by Charging Level (Level 2, Level 3 (DC Fast Charging), Level 1), by System (Off Grid, On Grid), by Application (Private EV Charger, Public EV Charger): Global Opportunity Analysis and Industry Forecast, 2021-2031"According to the report, the global solar EV charging industry was valued at $159.6 million in 2021 and is estimated to generate $330.9 million by 2031, witnessing a CAGR of 8.1% from 2022 to 2031. The report offers a detailed analysis of changing market trends, top segments, key investment pockets, value chain, regional landscape, and competitive scenario.

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Drivers, Restraints, and Opportunities

Inclination toward eco-friendly, cost effective and energy-efficient EV charging solution, and advantages of solar EV charging, such as energy independence, easy installation, reliability, durability, affordability, and safety drive the solar EV charging market. However, solar EV charging has a problem with spacing which is likely to hinder the growth of the market during the forecast period. On the other hand, the growing adoption of EVs in developing countries and improvement in the energy storage systems will present new growth opportunities for the global market in the coming years.

Covid-19 Scenario

The COVID-19 pandemic had a significant impact on the solar EV charging market. The solar energy industry witnessed a significant growth over the past few years as governments worldwide encourage users to adopt solar-powered devices. One of the most preferred subsectors of the solar energy market is off-grid solar energy for EV charging.
China is one of the leading providers of photovoltaic modules in the world. The COVID-19 pandemic led to the drastic slowdown of China's production of solar panel and batteries products. The shutdown of storage and distribution facilities of raw material impacted the solar EV charging.
It was expected that the market would recover quickly post the pandemic, as public and private companies are investing in solar EV charging projects.

The private EV charger segment to dominate the market during the forecast period

Based on application, the private EV charger segment contributed to the largest share of nearly three-fourths of the global solar EV charging market in 2021 and is expected to maintain its dominance during the forecast period. This is owing to the rise in demand for low consumption of electronic products in the residential sector. However, the public EV charger segment is projected to witness the fastest CAGR of 8.4% from 2022 to 2031. Public charging and workplace charging stations can increase the daily useful range of all-electric vehicles and reduce the amount of gasoline consumed by PHEVs.

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The level 2 segment to grab the lion's share during the forecast period

Based on charging level, the level 2 segment grabbed the highest share of more than three-fifths of the solar EV charging market in 2021 and is expected to dominate the market in 2031. The level 3 (DC fast charging) segment, however, would witness the fastest CAGR of 8.4% from 2022 to 2031. The roadside charging station helps in the conversion of more solar energy into power which can be used for charging EVs at a faster rate in peak times. DC fast charging can also be connected to grid power and can work in the hybrid model which is expected to increase the demand for level 3 segment in the global solar EV charging market.

Asia-Pacific to achieve the largest revenue and fastest growth by 2031

Based on region, the market in Asia-Pacific was the largest in 2021, accounting for more than one-third of the global solar EV charging market and is likely to maintain its dominance during the forecast timeframe. The same market is likely to show the fastest CAGR of 8.4% during the forecast period. Solar energy is considered to be the most feasible and environmentally friendly energy option in the region. Ongoing R&D activities toward solar energy storage, collection and transportation technologies as well as accelerated investment across the energy sector along with renewable energy solution are projected to boost the demand for solar EV charging in the region.

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Leading Market Players

iSun, Inc.
Bharat Heavy Electricals Limited
PowerFlex
EmPower Solar
Paired Power
KEBA
Brightfield Transportation Solutions
Zhejiang Benyi New Energy Co., Ltd.
ChargePoint, Inc.
HES Solar

The report analyzes these key players of the global solar EV charging market. These players have adopted various strategies such as expansion, new product launches, partnerships, and others to increase their market penetration and strengthen their position in the industry. The report is helpful in determining the business performance, operating segments, product portfolio, and developments by every market player.

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