Global Solar-powered EV Charging Stations Market Size Set to Grow at CAGR of 7% Touching USD 366 Million by 2029
Global solar-powered EV (electric vehicle) charging stations market is flourishing because of growing concerns regarding greenhouse gas emissions and rising demand for EVs.
Report Ocean, a leading strategic consulting and market research firm, in its recent study, estimated the global solar-powered EV (Electric Vehicle) charging stations market size at USD 202.56 million in 2022. During the forecast period between 2023 and 2029, Report Ocean expects global solar-powered EV charging stations market size to grow at a significant CAGR of 6.84% reaching a value of USD 365.84 million by 2029.
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Major growth drivers for the global solar-powered EV charging stations market include increasing demand for electric vehicles and the need for sustainable energy solutions. Solar-powered EV charging stations offer an effective and sustainable means to energize EVs, utilizing renewable energy sources while mitigating dependence on fossil fuels and curbing carbon emissions. The market’s expansion is further fueled by the high popularity of EVs, government-backed initiatives endorsing renewable energy, and the proliferation of solar-powered charging stations.
Global Solar-powered EV Charging Stations Market – Overview:
The solar-powered EV (electric vehicle) charging stations market refers to the market for charging stations for electric vehicles that use solar energy as a power source. These charging stations harness solar energy through solar panels and convert it into electricity to charge EVs. They are an eco-friendly and sustainable solution for EV charging as they use renewable energy sources and reduce the dependence on non-renewable sources of energy. The market includes various components, such as solar panels, inverters, batteries, charging points, and related software and hardware. The demand for solar-powered EV charging stations is increasing due to the growing adoption of EVs and the need for sustainable energy solutions.
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Impact of COVID-19 on Global Solar-powered EV Charging Stations Market
COVID-19 pandemic had a dual impact on the global solar-powered EV charging stations market. On the one hand, the pandemic caused disruptions in the supply chain, reduced demand for EVs, and delayed new installations of charging infrastructure, which had a negative impact on the market growth. On the other hand, the effects of the pandemic also reignited the increasing focus on sustainability and renewable energy solutions, which created new opportunities for the market. During the pandemic, many countries implemented lockdowns and travel restrictions, which reduced the demand for transportation, including EVs. It resulted in lower demand for charging infrastructure and delayed new installations of charging stations. Additionally, disruptions in the supply chain caused by the pandemic led to delays in the delivery of components and equipment required for solar-powered EV charging stations. However, the pandemic also increased the focus on sustainability and renewable energy solutions as people became more aware of the impact of climate change. It has led to increasing investments in sustainable energy solutions, including solar-powered EV charging stations. The pandemic also accelerated the adoption of remote work and e-commerce, which increased the demand for last-mile delivery services, including EVs. It has created new growth opportunities for the solar-powered EV charging stations market as businesses invest in charging infrastructure for their EV fleets.
Global Solar-powered EV Charging Stations Market – By Level of Charging:
Based on level of charging, the global solar-powered EV charging stations market is divided into Level 1, Level 2, and Level 3 segments. The Level 2 charging segment holds the highest share in the global solar-powered EV charging stations market, as it is the most commonly used charging standard for AC charging stations. Level 2 charging operates at a voltage of 240V and can provide charging speeds of up to 20-25 miles of range per hour, which is suitable for most electric passenger cars. Level 2 charging stations are widely installed in residential areas, workplaces, and public locations such as shopping centers, airports, and hotels, making them easily accessible for EV owners. They are also less expensive to install compared to Level 3 DC fast charging stations, which require higher voltage and amperage. Moreover, Level 2 charging stations can be easily integrated with solar power systems, which allows them to harness renewable energy for EV charging. It is in line with the growing demand for sustainable and eco-friendly charging solutions. As the adoption of EVs continues to grow, the Level 2 charging segment is expected to remain the dominant segment in the global solar-powered EV charging stations market during the period in analysis.
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Competitive Landscape:
Major players operating in the global solar-powered EV charging stations market include: Envision Solar, Tesla, SolarEdge Technologies, SunPower, EVBox, ChargePoint, PairTree, PowerFlex, iSun, KEBA, and EmPower Solar. To further enhance their market share, these companies employ various strategies, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of the Global Solar-powered EV Charging Stations Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in the Global Solar-powered EV Charging Stations Market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.
Table of Content
Chapter 1: Global Solar-powered EV Charging Stations Industry Overview
Chapter 3: Market Dynamics
Chapter 4: Top Company Profiles
Chapter 5: Global Solar-powered EV Charging Stations market Competition, by Players
Chapter 6: Global Market Size by Regions
Chapter 7: Global Market Segment by Application
Chapter 8: Global Solar-powered EV Charging Stations Industry Segment by Type
Chapter 9: Market Chain, Sourcing Strategy, and Downstream Buyers
Chapter 10: Strategies and key policies by Distributors/Suppliers/Traders
Chapter 11: Key Marketing Strategy Analysis, by Market Vendors
Chapter 12: Market Effect Factors Analysis
Chapter 13: Global Solar-powered EV Charging Stations market Size Forecast (2023-2030).
Continue….
Reasons to Buy This Report
(A) The research provides valuable insights for top administration, policymakers, professionals, product advancements, sales managers, and stakeholders in the market. It helps them make informed decisions and strategize effectively.
(B) The report offers comprehensive analysis of Solar-powered EV Charging Stations market revenues on a global, regional, and country level, projecting trends until 2030. This data allows companies to assess their market share, identify growth opportunities, and explore new markets.
(C) The research includes segmentation of the Solar-powered EV Charging Stations market based on types, applications, technologies, and end-uses. This segmentation enables leaders to plan their products and allocate resources based on the expected growth rates of each segment.
(D) Analysis of the Solar-powered EV Charging Stations market benefits investors by providing insights into market scope, position, key drivers, challenges, restraints, expansion opportunities, and potential threats. This information helps them make informed investment decisions.
(E) The report offers a detailed analysis of competitors, their key strategies, and market positioning. This knowledge allows businesses to better understand the competition and plan their own strategies accordingly.
(F) The study helps evaluate Solar-powered EV Charging Stations business predictions by region, key countries, and top companies, providing valuable information for investment planning and decision-making.
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