WILMINGTON, DE / ACCESSWIRE / May 4, 2023 / Transparency Market Research Inc. – The Solar-Powered EV Charging Stations Market is projected to reach US$ 370.4 million by 2031 from US$ 204.6 million in 2022. The global market is expected to grow at a CAGR of 7.7% between 2023 and 2031.
The National Highways Authority of India (NHAI) is proposing to power charging stations for electric vehicles (EVs) wherever feasible by using solar energy, the Ministry of Road Transport and Highways (MoRTH) revealed.
According to the ministry, NHAI will install EV charging stations on a revenue-sharing basis near its buildings and toll plazas. In addition to promoting clean/green energy and protecting the environment, this could also be a moneymaker for NHAI. For such charging stations, NHAI hopes to use solar energy if possible as a source of electricity.
The government is also making efforts to strengthen the charging ecosystem in response to the increase in sales of electric vehicles. The EV report for 2022 indicates that Delhi currently has more than 2,300 charging stations and more than 200 stations for battery swaps.
The number of EVs sold in March was close to 15% of the total. A total of 141% more electric vehicles were sold in the Delhi of the country in 2022 as compared to the previous year. Within the next 10 years, the government in India, wants 30% of all vehicles to be electric.
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Key Findings of Market Report
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With the growing demand for passenger cars and sales, solar-powered EV charging stations are expected to be in high demand.
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Solar-powered EV charging stations are expected to become more prevalent across the nation as government policies promote electric vehicle adoption.
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The AC charging station market is expected to grow significantly in the next few years.
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Government policies and the installation of EV solar stations in public are driving the market’s growth.
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As manufacturers adopt solar-powered stations for EV cars in parking lots, off-grid solar charging will become more common.
Global Solar-powered EV Charging Stations: Growth Drivers
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Solar-powered electric vehicle charging stations are growing in popularity due to the rising demand for an eco-friendly environment and lower transportation costs.
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Smart infrastructure development and rising oil prices in different regions have fueled EV sales growth. Investing in research and development and installing more solar panels in various countries is likely to probably grow the market.
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A growing market for EV rental bikes with charging stations is leading the way in the development of solar-powered EV charging stations. Increasing consumer awareness of health benefits and reduced carbon footprints in the environment is driving market demand.
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Future years will see growth for wireless charging stations in the coming years. User-friendly interfaces, quick charging speeds, and improved safety features will contribute to market growth.
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Global Solar-powered EV Charging Stations: Regional Landscape
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Increasing government regulations and the demand for clean energy is likely to drive demand for solar-powered charging stations for electric vehicles in Europe.
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Germany is actively promoting and adopting electric vehicles, and various stations are under consideration for installation.
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With China being one of the largest markets for electric vehicles, solar-powered stations are in high demand across the country.
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With time, solar-powered charging infrastructure will be deployed more widely in developing regions, expanding its use around the world.
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Solar-power station installations in the United States are leading the way.
Global Solar-Powered EV Charging Stations Market: Key Players
Market expansion and innovation are driven by several key players in the solar-powered EV charging station market. For their product portfolios to expand, most businesses invest heavily in research.
SolarEdge Technologies, Tesla, Envision Solar, SunPower, EVBox, ChargePoint, PairTree, PowerFlex, iSun, KEBA, and EmPower Solar are some of the prominent players in the solar industry. The solar-powered EV charging stations report analyzes each player based on company profiles, financials, marketing strategies, product portfolios, and business segments.
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In April 2023, Power Discoms integrated rooftop solar chargers into their electric vehicle charging ecosystem to make it greener. South Extension-II and Bhikaji Cama Place have been equipped with solar EV charging stations, and five more will be launched soon by the power discom. Stations like these cater to electric vehicles (EVs) with two, three, and four wheels.
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In May 2023, Yotta Energy a startup from Austin, Texas, has done well in the field of solar since it was founded in 2017. As of September 2022, its newest product offers off-grid electric vehicle charging across the United States. EV chargers with solar power are available as a Yotta REV, a deployable product
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Global Solar-Powered EV Charging Stations Market: Segmentation
Level of Charging
Vehicle Type
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Passenger Car
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Commercial Vehicle
Charger Type
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AC Charging Station
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DC Charging Station
Connectivity
Application
Region
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North America
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Latin America
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Europe
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Asia Pacific
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Middle East & Africa
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