Solar EV Charging Market is expected to grow at a CAGR of 10.1% during the forecasted period | Evolve Business Intelligence

Key Highlights:
• The global Solar EV Charging Market size was valued at USD 4.2 billion in 2023 growing at a CAGR of 10.1% from 2023 to 2033.
• North America dominated the market in 2023
• Asia Pacific is expected to grow at the highest CAGR from 2023 to 2033

As per the study initiated by Evolve Business Intelligence, the global Solar EV Charging Market size accounted for USD 4.2 Billion in 2023, growing at a CAGR of 10.1% from 2023 to 2033. Solar Electric Vehicle (EV) charging refers to the integration of solar power with electric vehicle charging infrastructure. This approach involves using solar panels to generate electricity from sunlight, which is then used to charge electric vehicles. This combination of solar energy and electric vehicle technology is considered a sustainable and environmentally friendly solution for transportation.

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The increasing awareness of environmental issues and the desire to reduce carbon emissions are significant drivers for the adoption of clean energy solutions. Solar EV charging aligns to reduce the carbon footprint of transportation. Many governments and municipalities offer incentives, subsidies, and tax credits to promote the adoption of renewable energy and electric vehicles. These incentives can significantly reduce the cost of installing solar EV charging infrastructure. As the popularity of electric vehicles continues to grow, the demand for charging infrastructure also increases. Solar EV charging presents an attractive option for powering these vehicles sustainably.

Key Players
Some of the major Solar EV Charging Market players holding high market shares include HES Solar., Paired Power, EmPower Solar, Brightfield Transportation Solutions., and iSun, Inc. These players use partnership and collaboration as a key strategy to gain significant market share to compete with market leaders. Some of the other major market players include KEBA, Zhejiang Benyi New Energy Co., Ltd., Bharat Heavy Electricals Limited, ChargePoint, Inc., PowerFlex

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Segmental Analysis
Based on charging level, the Solar EV Charging market is segmented into Level 2, Level 3 (DC Fast Charging), and Level 1. The Level 2 segment is the largest in the Solar EV Charging market. This is due to its balance of charging speed and affordability. Level 2 chargers can typically charge an EV battery from 0 to 100% in 2-4 hours.
Based on the System, the Solar EV Charging market is an off-grid, On-grid. The on-grid segment is the largest in the Solar EV Charging market. This is due to the convenience of being connected to the electricity grid, which eliminates the need for batteries. On-grid solar EV chargers can use excess solar energy to charge EVs, or they can draw electricity from the grid when needed.
Based on application, the Solar EV Charging market is Private EV Charger and Public EV Charger. The private EV charger segment is the largest in the Solar EV Charging market. This is due to the growing number of EV owners who are installing chargers at their homes. Private EV chargers are typically more affordable than public chargers and provide more convenience for EV owners.

Key Region/ Countries Covered
• North America (US, Canada, Mexico)
• Europe (Germany, U.K., France, Italy, Spain, Russia, Nordic Countries, BeNeLux, Rest of Europe)
• Asia-Pacific (China, India, Japan, South Korea, Indonesia, Malaysia, Rest of Asia Pacific)
• Middle East and Africa (Saudi Arabia, UAE, Egypt, South Africa, Rest of MEA)
• Latin America (Mexico, Brazil, Argentina, Rest of Latin America)

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