The global solar EV charging market is set to experience a huge growth owing to inherent advantages of solar EV charging.
Wilmington, Delaware, Nov. 15, 2023 (GLOBE NEWSWIRE) — Allied Market Research published a report, “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“. As per the report, the global solar EV charging market is projected to garner a revenue of $330.9 million by 2031. The market accounted for $159.6 million in 2021 and will rise at a CAGR of 8.1% during the 2022-2031 period. The report provides a complete picture of the evolving market trends, major investment pockets, and the competitive landscape of the industry.
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Growth Drivers and Market Restraints
The growth of the global solar EV charging market can be attributed to the inherent advantages of solar EV charging including affordability and reliability. On the other hand, issues of spacing associated with solar EV charging might hamper the growth of the market. Nevertheless, rising adoption of EVs in developing economies will create numerous growth opportunities in the market.
The private EV charger segment to witness substantial growth in analysis period
By application, the private EV charger segment accounted for the highest market share in 2021 and is set to witness huge significant growth in the analysis period. Growing consumption of consumer electronics in the residential sector might help the market to race ahead. On the other hand, the public EV charger segment is anticipated to have the highest CAGR of 8.4% during the forecast timeframe. Since public charging stations aid in enhancing the daily useful range of all-electric vehicles, they are widely in demand which will push the growth rate of the market higher.
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The level 2 segment to dominate the market by 2031
By charging level, the level 2 segment generated the highest revenue in 2021 and will continue its golden run in the forecast timeframe. The level 3 (DC fast charging) segment, on the other hand, is set to experience the highest CAGR of 8.4% during the 2022-2031 period. Roadside charging stations help in converting solar energy into power at a faster rate. This advantage of level 3 (DC fast charging) is projected to play a huge role in the growth of the industry.
Asia-Pacific to achieve the largest revenue and fastest growth by 2031
By region, the Asia-Pacific solar EV charging market generated the maximum revenue in 2021. The same region is anticipated to have the highest CAGR of 8.4% in the analysis timeframe. Rising investments in renewable energy solutions might strengthen the position of this industry in this part of the world.
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Major Companies in the Industry
- iSun, Inc.
- Paired Power
- Zhejiang Benyi New Energy Co., Ltd.
- Bharat Heavy Electricals Limited
- ChargePoint, Inc.
- Brightfield Transportation Solutions
- HES Solar
- EmPower Solar
Apart from studying the companies, the report also analyzes the different types of strategic alliances that these companies have entered into. Partnerships, collaborations, and acquisitions that have widened the scope of the industry have also been covered in this report.
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